S.L. 378.10 Art. 18BCredit intermediaries tied to only one creditor.

(1) Tied credit intermediaries specified in paragraph (a)

of the definition "tied credit intermediary" in regulation 2, may be admitted by the MFSA through the creditor on whose behalf the tied credit intermediary is exclusively acting.

(2) In the cases referred to in sub-regulation (1), the creditor shall remain fully and unconditionally responsible for any action or omission on the part of the tied credit intermediary that is acting on behalf of the creditor in areas regulated by the provisions of these regulations.

(3) The creditor shall ensure that the tied credit intermediaries referred to in this regulation comply with at least the professional requirements set out in regulation 18A(7) and (8).

(4) Without prejudice to regulations 22F and 22G, creditors shall monitor the activities of tied credit intermediaries specified in paragraph (a) of the definition "tied credit intermediary" in regulation 2 in order to ensure that they comply with the provisions of these regulations. In particular, the creditor shall be responsible for monitoring compliance with the knowledge and competence requirements of the tied credit intermediary and its staff.