S.L. 371.10 Art. 6BFees due by third- country credit institutions.

(1) A third-country credit institution that intends to transact the business of banking in or from Malta in accordance with article 5(1) of the Act through the establishment of a branch in Malta shall, upon submission of an application to the competent authority for a licence to do so, pay to the competent authority an application fee as established in the First Schedule with respect to such application.

(2) A third-country credit institution that has been granted a licence to transact the business of banking in or from Malta in accordance with article 5(1) of the Act through the establishment of a branch in Malta shall, subject to the provisions of regulations (3) to (5), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable:

Provided that in any case, the annual supervisory fee shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable, and it shall not exceed the maximum annual supervisory fee established in the said Schedule, as applicable.

(3) Notwithstanding the provisions of sub-regulation (2), the first annual supervisory fee due to the competent authority shall be the minimum annual supervisory fee established in the Second Schedule, as applicable, prorated according to the period remaining between the date when the third-country credit institution is granted a licence to transact the business of banking in or from Malta through the establishment of a branch in Malta and the end of the calendar year in which such licence was granted.

(4) The first annual supervisory fee due in accordance with the provisions of sub-regulation (3) shall be paid to the competent authority on the date when the third-country credit institution is granted a licence to transact the business of banking in or from Malta through the establishment of a branch in Malta.

(5) Every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulation (2) shall be paid to the competent authority in two (2) instalments on the 1st January and 1st July of each year:

Provided that the instalment due on the 1st January shall be fifty per-cent (50%) of the annual supervisory fee due by the third-country credit institution for the previous year in accordance with sub-regulation (2) and the instalment due on the 1st July shall be the remaining balance of the annual supervisory fee due by the third-country credit institution for that year in accordance with sub-regulation (2).