S.L. 371.11 Art. 4Exercise of European passport rights by European credit institutions services.

(1) A European credit institution which is seeking to provide services by carrying out its activities in Malta in exercise of a European passport right shall be exempt from the provisions of -article 5(1) of the Act. The activities that may be carried out in

Malta by such a European credit institution in exercise of a European passport right shall be limited to the activities it is authorised to undertake in the home Member State.

(2) A European credit institution may exercise a European passport right to provide services by carrying out its activities in Malta in accordance with sub-regulation (1) provided -

(a) the European credit institution has given the European regulatory authority of the home Member State a services passport notification to provide services in Malta in accordance with Article 39(1) of the CRD; and

(b) the competent authority has received such notification from the European regulatory authority of the home Member State.

(3) When the competent authority receives the services passport notification referred to in sub-regulation (2)(b), the competent authority shall, where appropriate, notify the European credit institution of any applicable conditions.

(4) In the event of a change in any of the particulars communicated to the European regulatory authority in the services passport notification referred to in sub-regulation (2), the European credit institution shall give written notice of that change to the competent authority before implementing any such change.

(5) Any measures taken by the competent authority in relation to a European credit institution exercising the freedom to provide services, shall not allow discriminatory or restrictive treatment on the basis that such credit institution is authorised in another Member State.