S.L. 378.10 Art. 3ACompetent authorities.

(1) The competent authorities for the purposes of these regulations shall be the MFSA and the Director General:

Provided that the single contact point for the purposes of the provisions of these regulations transposing the MCD, and to receive requests for exchange of information or cooperation pursuant to Article 36(1) of the MCD shall be the MFSA.

(2) The MFSA and the Director General shall, for the purposes of ensuring the application and enforcement of these regulations:

(a) cooperate with one another whenever necessary in order to carry out their duties under these regulations, including for the purposes of cooperating with the EBA as required under these regulations; and

(b) collaborate closely in order to discharge their duties effectively:

Provided that with regard to this sub-regulation and to any other reference in these regulations to the application and enforcement of these regulations by the Director General, this shall be without prejudice to the competences assigned to the Civil Court by the Act and by the Malta Competition and Consumer Affairs Authority Act, and to the judicial proceedings established in the Act

(3) The competent authorities, all persons who work or who have worked for the competent authorities, as well as auditors and experts instructed by the competent authorities, shall be bound by the obligation of professional secrecy.

(4) Without prejudice to the cases covered by criminal law or by these regulations, the competent authorities, all persons who work or who have worked for the competent authorities, as well as auditors and experts instructed by the competent authorities shall, unless such information is in summary or aggregate form, not divulge any confidential information which they may receive in the course of their duties to any person or authority whatsoever:

Provided that this sub-regulation shall not prevent the competent authorities from exchanging or transmitting confidential information in accordance with national and European Union law.

(5) The MFSA shall inform the European Commission and the EBA of the designation of the MFSA and the Director General, in terms of Article 5(4) of the MCD, and any changes thereto, indicating any division of the respective duties between the MFSA and the Director General:

Provided that such notification shall be made as soon as possible and at the latest on the coming into force of these regulations.

(6) The competent authorities shall exercise their powers directly in conformity with national law.