S.L. 371.11 Art. 8On-the-spot checking and inspection of branches established in Malta. Annualsupervision fee.

(1) Where a European credit institution carries out its activities in Malta through a branch in exercise of a European passport right, the European regulatory authority of the home

Member State may, after notifying the competent authority, carry out, itself or through the intermediary of persons appointed for that purpose, on-the-spot checks of the information referred to in regulation 16 and inspections of such branches.

(2) Where it considers it relevant for reasons of stability of the financial system in Malta, the competent authority may also carry out, on a case-by-case basis, on-the-spot checks and inspections of the activities carried out by branches of European credit institutions authorised in other Member States, which are established in Malta, and require information from a branch about its activities and for supervisory purposes. Before carrying out such checks and inspections, the competent authority shall consult the European regulatory authority of the home Member State concerned.

(3) After such checks and inspections, the competent authority shall communicate to the European regulatory authority of the home Member State, the information obtained and findings that are relevant for the risk assessment of the European credit institution or the stability of the financial system in Malta.

(4) On-the-spot checks and inspections of branches carried out in Malta shall be conducted in accordance with Maltese law.

(5) Information received or obtained by means of an on-the-spot check or inspection referred to in this regulation, shall not be disclosed under article 25(9) and (10) of the Act, except with the express consent of the European regulatory authority which disclosed the information.

9. Deleted by Legal Notice 365 of 2024.

Part II - Exercise of European passport rights by Maltese credit institutions