S.L. 371.9 Art. 19Depositor information.

(1) Credit institutions shall make available to actual and intending depositors the information necessary for the identification of the Scheme or other deposit guarantee schemes of which the institution and its branches are members within the European Union. Credit institutions shall inform actual and intending depositors of the applicable exclusions from protection under these regulations or the Directive.

(2) Before entering into a contract on deposit-taking, members shall provide depositors with the information referred to in sub-regulation (1). The depositors shall acknowledge the receipt of that information. The template set out in the Schedule shall be used for that purpose.

(3) Confirmation that the deposits are eligible deposits shall be provided by members to depositors on their statements of account. Such statements of account shall include a reference to the information sheet set out in the Schedule. The website of the Scheme shall be indicated on the information sheet. The information sheet set out in the Schedule shall be provided to the depositor at least once annually.

(4) The information provided for in sub-regulation (1) shall be made available in the manner prescribed by these regulations in the language that was agreed by the depositor and the member when the account was opened or in an official language of Malta.

(5) Credit institutions shall limit the use in advertising of the information referred to in sub-regulations (1), (2) and (3) to a factual reference to the DGS guaranteeing the product to which the advertisement refers and to any additional information required at law. Such information may extend to the factual description of the functioning of the DGS but shall not contain a reference to unlimited coverage of deposits.

(6) In the case of a merger, conversion of subsidiaries into branches or similar operations, the credit institution undergoing such operation shall inform its depositors of such operation at least one month before the operation takes legal effect unless the competent authority allows a shorter deadline on the grounds of commercial secrecy or financial stability.

(7) The credit institution referred to in sub-regulation (6) shall give its depositors a three-month period following notification of the merger or conversion or similar operation to withdraw or transfer to another credit institution, without incurring any penalty, their eligible deposits including all accrued interest and benefits in so far as they exceed the coverage level pursuant to regulation 28 at the time of the operation.

(8) If a credit institution withdraws or is excluded from the DGS of which it is a member, the credit institution shall inform its depositors within one month of such withdrawal or exclusion.

(9) If a depositor uses internet banking, the information required to be disclosed by the credit institution in terms of this regulation may be communicated by electronic means. Where the depositor so requests, it shall be communicated on paper.

(10) The competent authority may from time to time, and in addition, specify such other information that members are to provide to depositors regarding the Scheme and its operations, as well as the manner and form in which such information shall be provided.

(11) The website of the Scheme shall contain the necessary information for depositors, in particular information concerning the provisions regarding the process for and conditions of deposit guarantee as envisaged under these regulations.