S.L. 376.7 Art. 12Supervision of Maltese financial institutions exercising a European Right.

The competent authority shall provide the European regulatory authority of the host Member State with all essential and, or relevant information, in particular in the case of infringements or suspected infringements by an agent or a branch of a Maltese financial institution, and where such infringements occurred in the context of the freedom to provide services. In that regard, the competent authority shall communicate to the European regulatory authority, upon request, all relevant information and, on their own initiative, all essential information, including on the compliance with the conditions under Article 11(3) of the Payment Services Directive:

Provided that in order to carry out the controls and take the necessary steps provided for in articles 11A and 11B of the Act, in respect of the agent or branch of a Maltese financial institution located in the territory of another Member State, the competent authority shall also cooperate closely with the Central Bank and the European regulatory authority of the host Member State.