S.L. 378.10 Art. 22HObligation to cooperate.

(1) The MFSA shall cooperate with European regulatory authorities whenever necessary for the purpose of carrying out its duties under the provisions of the MCD, making use of its powers, whether set out in these regulation or in any other law.

(2) The MFSA shall render assistance to European regulatory authorities and shall, in particular, exchange information and cooperate in any investigation or supervisory activities:

Provided that in order to facilitate such assistance, the MFSA shall take the necessary administrative and organisational measures: Provided further that where a European regulatory authority requests the cooperation of the MFSA, in particular the exchange of information, and the MFSA rejects the request or does not act upon it within a reasonable time, the European regulatory authority concerned may, in accordance with Article 37 of the MCD, refer the situation to the EBA and request the EBA’s assistance in accordance with Article 19 of Regulation (EU) No 1093/2010.

(3) The MFSA shall communicate to the European Commission and to the other Member States its name and contact details as the authority which, in accordance with regulation 3A(1), has been designated as the single contact point for the purposes of the MCD and to receive requests for exchange of information or cooperation pursuant to Article 36(1) of the MCD.

(4) The MFSA shall without undue delay supply European regulatory authorities with the information required for the purposes of carrying out their duties set out in the measures adopted pursuant to the MCD.

(5) The MFSA may, when exchanging information with European regulatory authorities, indicate at the time of communication that such information must not be disclosed without its express agreement: Provided that in such case, such information may, in accordance with Article 36(3) of the MCD be exchanged solely for the purposes for which the MFSA gave its agreement: Provided further that the European regulatory authority receiving this information from the MFSA may, in accordance with Article 36(3) of the MCD, transmit such information received to other authorities designated as competent in its Member State in accordance with Article 5 of the MCD, solely for the purposes for which the MFSA gave its agreement, and shall not, in accordance with Article 36(3) of the MCD, transmit the information to other bodies or natural or legal persons without the express agreement of the MFSA, except in duly justified circumstances: Provided further that in the event of such circumstances, the European regulatory authority shall, in accordance with Article 36(3) of the MCD, immediately inform the MFSA.

(6) Where the MFSA receives information from a European regulatory authority and at the time of the communication the European regulatory authority concerned indicates that such information must not be disclosed without its express agreement, the MFSA may only exchange such information solely for the purposes for which the European regulatory authority concerned gave its agreement: Provided that the MFSA may transmit the information received to the Director General solely for the purposes for which the European regulatory authority concerned gave its agreement, and shall not transmit the information to other bodies or natural or legal persons without the express agreement of the European regulatory authority concerned, except in duly justified circumstances: Provided further that in the event of such circumstances, the MFSA shall immediately inform the European regulatory authority that supplied the information.

(7) The MFSA 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 Article 36(3) of the MCD 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 respect of the same actions and the same persons before Maltese authorities;

(c) final judgement has already been delivered in Malta, addressed in respect of the same persons and the same actions: Provided that in the event of such a refusal, the MFSA shall notify the requesting European regulatory authority accordingly, providing as detailed information as possible.

(8) For the purposes of this regulation, the Director General and the MFSA shall collaborate closely and shall cooperate whenever necessary, including by exchanging all the necessary information in order for the competent authorities to be able to fulfil their respective duties, responsibilities and obligations.

22 I. (1) Where a request for cooperation, in particular the exchange of information, by the MFSA to a European regulatory authority has been rejected or has not been acted upon within a reasonable time by the European regulatory authority concerned, the MFSA may refer the situation to the EBA and request the

EBA’s assistance in accordance with Article 19 of Regulation (EU)

No 1093/2010.

(2) Any binding decision made by the EBA in accordance with Article 19 of Regulation (EU) No 1093/2010 further to a request by the MFSA in accordance with sub-regulation (1), or a request by a European regulatory authority made in accordance with Article 37 of the MCD, shall be binding on the competent authorities and, in accordance with Article 37 of the MCD, on the European regulatory authority concerned and on any other authorities designated as competent in the Member State concerned in accordance with Article 5 of the MCD, regardless of whether such authorities are members of the EBA or not.