S.L. 378.10 Art. 22Enforcement and monitoring.

(1) Without prejudice to the responsibilities and obligations of European regulatory authorities in accordance with the MCD, it shall be the responsibility of the competent authorities to:

(a) monitor the working and effectiveness of these regulations and to take such measures as may be deemed necessary in order to ensure compliance with these regulations; and

(b) supervise creditors and credit intermediaries in terms of these regulations, and ensure that there is compliance by them with the obligations identified under these regulations: Provided that the allocation of tasks between the competent authorities and the European regulatory authorities in accordance with Article 34 of the MCD shall be without prejudice to Member States’ competences in relation to fields not covered by the MCD in conformity with their obligations under European Union law.

(2) For the purposes of sub-regulation (1), the MFSA may:

(a) require a credit intermediary to take the necessary measures at an early stage to address relevant problems in circumstances where the credit intermediary does not meet the requirements of these regulations or any Credit Intermediaries’ Rules issued thereunder, or where the MFSA has evidence that the credit intermediary is likely to breach these regulations or any Credit Intermediaries’ Rules issued thereunder, within the following twelve months; and

(b) require a credit intermediary to submit any information as the MFSA may determine, or as the MFSA may from time to time require, in such form and at such time or times or at such intervals or in respect of such period or periods as may be prescribed by the MFSA.

(3) Credit intermediaries shall submit to the MFSA any information which it may reasonably require in the exercise of its duties under these regulations and any Credit Intermediaries’ Rules issued thereunder, and the MFSA may enquire into and ask for clarification of any information so submitted.

(4) The MFSA may also authorise an officer, employee, agent or inspector of the MFSA, on producing evidence of his authority, to require any credit intermediary to provide him forthwith with such information, or to produce to him forthwith such documents, as he may specify, being such information or documents as the MFSA may reasonably require for the performance of its functions under these regulations or any Credit Intermediaries’ Rules made thereunder: Provided that any such officer, employee, agent or inspector shall have the power to require the production of those documents from any person who appears to be in possession of them.

(5) The power under this regulation to require an intermediary or any other person to produce any documents includes the power -

(a) if the documents are produced, to take copies of them or extracts from them and to require that credit intermediary or person, or any other person who is a present or past officer of, or is or was at any time employed by or acting as an employee of, the credit intermediary in question, to provide an explanation of any of them; and

(b) if the documents are not produced, to require the person who was required to produce them to state, to the best of his knowledge and belief, where they are.

(6) Without prejudice to articles 4(2) and 17 of the Malta Financial Services Authority Act, the MFSA may provide any information submitted by a credit intermediary to the MFSA or to any of its officers, servants or agents, to the Director General without such an act being considered as a breach of any confidentiality or professional secrecy obligations in terms of national law.