S.L. 376.8 Art. 1Citation and scope.

(1) The title of these regulations is the Credit Institutions and Financial Institutions (Payment Accounts) Regulations.

(2) The purpose of these regulations is to implement the Payment Accounts Directive.

(3) These regulations lay down rules concerning the transparency and comparability of fees charged to consumers on their payment accounts held in Malta,rules concerning the switching of payment accounts within Malta and rules to facilitate cross-border payment account-opening for consumers.

(4) These regulations also define a framework for the rules and conditions according to which Malta is required to guarantee a right for consumers to open and use payment accounts with basic features in Malta.

(5) Parts 2 and 3 of these regulations shall apply to payment service providers, whereas Part 4 of these regulations shall apply to credit institutions.

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(6) These regulations apply to payment accounts through which consumers are able at least to:

(a) place funds in a payment account;

(b) withdraw cash from a payment account; and

(c) execute and receive payment transactions, including credit transfers, to and from a third party. §

(7) The opening and use of a payment account with basic features pursuant to these regulations shall be in conformity with any anti-money laundering and combating the funding of terrorism obligation arising from applicable law.