S.L. 376.10 Art. 3Competent authority. Cap. 330.

(1) The competent authority established by article 3 of the Malta Financial Services Authority Act shall be the designated competent authority in Malta responsible for the implementation of the Consumer Credit Directive, insofar as applicable to creditors and credit intermediaries defined herein.

(2) The competent authority shall, with respect to credit agreements marketed, distributed or sold in or from Malta, monitor the compliance of creditors and credit intermediaries with the provisions of these regulations and any Credit Intermediaries Rules and Financial Institutions Rules made thereunder.

(3) For the better implementation of the Consumer Credit Directive, the competent authority may exercise any of the powers assigned to it under the Act and may from time to time, issue and publish Credit Intermediaries Rules and Financial Institutions Rules, and such rules shall be binding on creditors and other persons as may be specified therein.

(4) The competent authority shall promote measures that support the education of consumers in relation to responsible borrowing and debt management, in relation to credit agreements. Such measures may include providing consumers with clear and general information on the credit granting process in order to guide them, in particular those who take out, particularly by means of digital tools, consumer credit for the first time.