S.L. 376.7 Art. 9Application for the exercise of a European right by Maltese financial institutions - services.

(1) A Maltese financial institution may exercise a

European right to provide payment services and, or issue and, or distribute and, or redeem electronic money in another Member State under the freedom to provide services if it satisfies the conditions set out in this regulation:

Provided that this regulation shall not apply to a Maltese financial institution seeking to provide payment services and, or distribute and, or redeem electronic money in another Member State through an agent and, or a distributor, as applicable.

(2) A Maltese Financial Institution wishing to provide payment services and, or issue and, or distribute and, or redeem electronic money, for the first time, in another Member State in the exercise of a European right shall give notice of its intention to provide payment services and, or to issue and, or distribute and, or redeem electronic money in another Member State, which notice shall be provided in English or in another language accepted by both the competent authority and the European regulatory authority and shall contain the following information:

(i) the name and address of the Maltese financial institution;

(ii) the licence number or registration number of the Maltese financial institution, as applicable;

(iii) the Member State in which the Maltese financial institution intends to provide payment services and, or issue and, or distribute and, or redeem electronic money;

(iv) the payment services which the Maltese financial institution intends to provide in such other Member INSTITUTIONS

State and whether it intends to issue and, or distribute and, or redeem electronic money in such other Member State;

(v) where the Maltese financial institution intends to outsource operational functions of payment services and, or of the issuance and, or distribution and, or redemption of electronic money to other entities in a host Member State, the operational functions of payment services and, or of the issuance and, or distribution and, or redemption of electronic money which it will be outsourcing to other entities in that host Member State; and

(vi) any other information which may be required in terms of Article 14(1) of the Commission Delegated Regulation.

(3) Within one month of receipt of all of the information referred to in sub-regulation (2), the competent authority shall send to the European regulatory authority the said information by means of the template set out in Annex V to the Commission Delegated Regulation.

(4) Where the European regulatory authority receives all the information referred to in sub-regulation (2) from the competent authority in accordance with sub-regulation (3), it shall, in terms of Article 28(2) of the Payment Services Directive, within one month of receipt of the said information, assess that information and provide the competent authority with relevant information in connection with the intended provision of payment services and, or issuance and, or distribution and, or redemption of electronic money by the relevant Maltese financial institution in the exercise of a European right.

(5) Where the competent authority does not agree with the assessment of the European regulatory authority, it shall provide the latter with the reasons for its decision.

(6) If the assessment of the competent authority, particularly in light of the information received from the European regulatory authority of the host Member State is not favourable, the competent authority shall refuse to publish the information in the register referred to in Article 8D of the Act or shall withdraw the registration if already made.

(7) Within three months of receipt of all of the information referred to in sub-regulation (2), the competent authority shall communicate its decision to the European regulatory authority and to the Maltese financial institution.

(8) Upon communication to the European regulatory authority of its decision in terms of sub-regulation (7), the competent authority shall publish the information referred to in sub-regulation (2)(i) to (iv) in the public register established and maintained by the competent authority in accordance with article 8D of the Act.

(9) The Maltese financial institution shall notify the competent authority, without undue delay, of the date from which it commences its activities in the relevant host Member State.

(10) The competent authority shall inform the European regulatory authority of the host Member State of the notification received from the Maltese financial institution pursuant to sub-regulation (9) by means of the template set out in Annex V to the Commission Delegation Regulation.

(11) The Maltese financial institution shall communicate to the competent authority, without undue delay, any relevant change regarding the information communicated in accordance with sub-regulation (2) including entities to which activities are outsourced in the host Member States in which it operates and, in such cases, the provisions of sub-regulations (3) to (10) shall apply.