S.L. 376.8 Art. 35Obligation to cooperate.

(1)Without prejudice to any powers and duties of co-

operation arising under the Banking Act and the Financial

Institutions Act, the competent authority shall:

(a) cooperate closely with European regulatory authorities for the purpose of carrying out their duties under the Payment Accounts Directive;

(b) render assistance to European regulatory authorities, and in particular, exchange information with such authorities and cooperate in any investigation or supervisory activities;

(c) without undue delay, supply European regulatory authorities designated as the single contact point for the purposes of the Payment Accounts Directive, with the information required for the purpose of carrying out their duties as set out in the measures adopted pursuant to the Payment Accounts Directive:

Provided that when exchanging information with European regulatory authorities in accordance with these regulations, the competent authority may indicate, at the time of communication, that the information being exchanged must not be disclosed without its express agreement.

(2) Without prejudice to any powers and duties of co-operation arising under the Banking Act and the Financial Institutions Act, where the competent authority receives information from a European regulatory authority, and where such an authority indicates to the competent authority, at the time of communication, that such information must not be disclosed without its express agreement, the competent authority shall not disclose any such information without the express agreement of the European regulatory authority providing the information. In such case, the competent authority may exchange such information solely for the purposes for which the European regulatory authority disclosing the information gave its agreement.

(3) Without prejudice to sub-regulation (2) and to any powers and duties of co-operation arising under the Banking Act and the

Financial Institutions Act, the competent authority may transmit information received in accordance with sub-regulation (2) to other European regulatory authorities:

Provided that, the competent authority shall not, except in duly justified circumstances, transmit the information received in accordance with sub-regulation (2):

(a) to other bodies or natural or legal persons without the express agreement of the authority which disclosed the information;

(b) for purposes other than those for which the authority disclosing the information gave its consent: Provided further that, where the competent authority, in duly justified circumstances, transmits information received in accordance with sub-regulation (2) to other bodies or natural or legal persons without the express agreement of the European regulatory authority disclosing the information, or for purposes other than those for which the European regulatory authority disclosing the information gave its consent, the competent authority shall immediately inform the contact point that supplied the information.

(4) The competent authority may refuse to act on a request for cooperation in carrying out an investigation or supervisory activity, or to exchange information as provided for in sub-regulations (1) to (3), only where:

(a) such an investigation, on-the-spot verification, supervisory activity or exchange of information might adversely affect the sovereignty, security or public policy of Malta;

(b) judicial proceedings have already been initiated in Malta in respect of the same actions and the same persons;

(c) final judgement in respect of the same persons and the same actions has already been delivered in Malta.

(5) In the event of refusal in terms of sub-regulation (4), the competent authority shall notify the requesting authority accordingly whilst providing as detailed information as possible.