S.L. 371.9 Art. 27Assessment of Compensation Contribution and Management Expenses Contribution. Cap. 371. Cap. 330. Cap. 12. Cap. 12.

(1) The Scheme shall assess at least once in every financial year the Compensation Contribution for each member in respect of the relevant financial year in accordance with the

Compensation Contribution method.

(2) The Scheme shall give notice to each member about the amount of its Compensation Contribution, the risk factor established in the determination of that contribution and the amount of its Management Expenses Contribution in respect of any relevant financial year. The obligation of the member towards the Scheme in respect of its Compensation Contribution for any relevant financial year shall be deemed to arise on the date of such notice.

(3) A member which is aggrieved by any such assessment may request the Scheme to reconsider such assessment.

(4) A request for reconsideration shall be made within thirty days from notification of the assessment and may not be made concurrently with an appeal.

(5) The request for reconsideration shall include a written document stating precisely the reasons for such a request, and the manner in which it considers that the assessment should be amended.

(6) On receipt of a request for reconsideration, the Scheme may require the member making the request to furnish such information as the Scheme may deem necessary.

(7) In the event that the Scheme accedes to the request for reconsideration or otherwise the member agrees with the Scheme as to the amount of the contribution or any relevant risk factors, the assessment shall be amended accordingly, and notice of the amount of contribution payable or the risk factors established shall be notified upon such member.

(8) If no agreement is reached, the Scheme shall assess the amount of the contribution payable and any relevant risk factors in writing, and give notice thereof to the member:

Provided always that in the event of any member who has applied for a reconsideration, failing to agree with the Scheme on such assessment, its right of appeal against the assessment, shall remain unimpaired.

(9) A member may not appeal against an assessment of the contribution or any relevant risk factors unless it has first exhausted its right to a reconsideration of such assessment.

(10) An appeal shall be filed against the Scheme and made to the Financial Services Tribunal in accordance with article 10 of the Banking Act, within thirty days of service of the notice to the member of the notice of the assessment referred to in sub-regulation (8). In those instances where the appeal is contesting the risk factor established in the determination of the contribution, the appeal shall also be filed against the competent authority. The request for an appeal shall include a written document stating precisely the reasons for such a request, and the manner in which it considers that the assessment should be amended. The Financial Services Tribunal shall have all the powers conferred upon it by article 21 of the Malta Financial Services Authority Act.

(11) An appeal on a question of law only from a decision of the Financial Services Tribunal shall lie to the Court of Appeal in its superior jurisdiction. An appeal shall be made by not later than twenty days from the date of the decision of the Financial Services Tribunal. In the determination of such an appeal, the Court of Appeal shall be constituted in terms of article 41(9) of the Code of Organization and Civil Procedure. An appeal from a partial decision of the Financial Services Tribunal may only be filed together with an appeal from the final decision of the Financial Services Tribunal.

(12) Where an assessment as referred to in sub-regulation (1) has not been appealed, or where such assessment has been agreed in accordance with sub-regulation (7), or where such assessment has been appealed, within fifteen days of the date when the decision of the Financial Services Tribunal or the Court of Appeal has become a res judicata, the assessment as contained in the notice of the Scheme or as reduced or increased by the decision of the Tribunal or the Court of Appeal shall be due to the Scheme.

(13) Upon the service of a copy of the notice or of the decision, as the case may be, by means of a judicial act on the member indicated in the notice or decision, the said notice or decision shall constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the Code of Organization and Civil

Procedure.