S.L. 376.7 Art. 7On-siteinspections by the European regulatory authority.

(1) The competent authority shall cooperate with the

European regulatory authority in order to carry out the controls and take the necessary steps to ensure continued compliance in respect of an agent or branch located in Malta of a European financial institution.

(2) By way of cooperation in accordance with sub-regulation (1), the competent authority shall, in terms of Article 29(1) of the Payment Services Directive, receive written notification from the European regulatory authority whenever the latter intends to carry out an on-site inspection in the territory of Malta.

(3) Notwithstanding the provisions of sub-regulation (2), the competent authority may be requested by the European regulatory authority to carry out on-site inspections of the European financial institution concerned on behalf of such European regulatory authority.