S.L. 376.7 Art. 6Supervision of a European financial institution exercising a European right.

(1) Where Malta is the host Member State, the competent authority may require European financial institutions having agents or branches in Malta to report periodically to the competent authority on the activities carried out in Malta.

(2) The reports referred to in sub-regulation (1) shall be required for information or statistical purposes and, as far as the agents and branches conduct their activities under the right of establishment, to monitor compliance with articles 11A and 11B of the Act.

(3) The power of the competent authority to require periodic reports under sub-regulation (1) shall be exercised in close cooperation with the Central Bank where reports as referred to in the said sub-regulation are required to monitor compliance with articles 11A and 11B of the Act.

(4) The information which European financial institutions shall provide in the periodic reports required by the competent authority in terms of sub-regulation (1) and the form and frequency of such reports shall be prescribed in a Financial Institutions Rule.

(5) The competent authority shall provide the European regulatory authority of the home 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 European 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 all relevant information and, on its own initiative, all essential information, including on the compliance with the conditions under Article 11(3) of the Payment Services Directive.

(6) The competent authority shall cooperate closely with the Central Bank in order to ensure and monitor effective compliance with articles 11A and 11B of the Act by agents and branches conducted under a right of establishment and, in the event of an infringement or suspected infringement of articles 11A and 11B of the Act by an agent or a branch conducted under the right of establishment, the competent authority in close cooperation with the Central Bank shall take all appropriate measures to ensure such compliance.

(7) Without prejudice to any provisions on anti-money laundering and combatting the funding of terrorism, and to facilitate supervision by the competent authority, the Central Bank and the European regulatory authority of the home Member State, the competent authority may, in cooperation with the Central Bank, require European financial institutions operating in Malta through agents under the right of establishment, the head office of which is situated in another Member State, to appoint a central contact point in Malta to ensure adequate communication and information reporting on compliance with articles 11A and 11B of the Act and the provisions of Titles III and IV of the Payment Services Directive as transposed in a directive issued by the Central Bank under the Central Bank of Malta Act, including by providing the competent authority with documents and information upon request.

(8) The competent authority shall, upon the appointment of a central contact point by a European financial institution in terms of sub-regulation (7), notify the Central Bank of such appointment.

(9) A central contact point appointed by a European financial institution pursuant to sub-regulation (7) shall provide the competent authority with any documents and, or information required by the competent authority.