S.L. 378.10 Art. 6Knowledge and competence requirements for staff.

(1) Creditors and credit intermediaries shall require their staff to possess and to keep up-to-date an appropriate level of knowledge and competence in relation to the manufacturing, the offering or granting of credit agreements, the carrying out of credit intermediation activities in terms of the definition "credit intermediary" in regulation 2, or the provision of advisory services.

(2) Where the conclusion of a credit agreement includes an ancillary service, creditors and credit intermediaries shall also require their staff to possess and to keep up-to-date an appropriate level of knowledge and competence in relation to that ancillary service.

(3) Where Malta is the home Member State, the MFSA shall be responsible for establishing the minimum knowledge and competence requirements for staff of Maltese creditors and of Maltese credit intermediaries, in accordance with the principles set out in the Third Schedule: Provided that where a Maltese creditor, or a Maltese credit intermediary, provides its services within the territory of one or more other Member States through the establishment of a branch, the authority responsible for establishing the minimum knowledge and competence requirements applicable to the staff of such branch, shall, in accordance with paragraph (i) of Article 9(3) of the MCD, be the European regulatory authority of the host Member State: Provided further that where a Maltese creditor, or a Maltese credit intermediary, provides its services within the territory of one or more other Member States under the freedom to provide services, the European regulatory authority of the host Member State may, in accordance with paragraph (ii) of Article 9(3) of the MCD, establish the minimum knowledge and competence requirements referred to in paragraph 1(b), (c), (e) and (f) of the Third Schedule.

(4) Where Malta is the host Member State, and a European creditor or a European credit intermediary provides its services within the territory of Malta:

(a) through the establishment of a branch, the MFSA shall be responsible for establishing the minimum knowledge and competence requirements applicable to the staff of such a branch in accordance with the Third Schedule;

(b) under the freedom to provide services, the MFSA may establish the minimum knowledge and competence requirements for those requirements referred to in paragraph 1(b), (c), (e) and (f) of the Third Schedule.

(5) The MFSA shall supervise creditors and credit intermediaries authorised to provide their services in Malta in order to ensure compliance with the requirements of sub-regulations (1) to (4): Provided that for the purposes of this sub-regulation, the MFSA shall have the power to require such creditors and credit intermediaries to provide such evidence as the MFSA may deem necessary.

(6) Where Malta is the home Member State, for the effective supervision of Maltese creditors and Maltese credit intermediaries providing their services within the territory of other Member States under the freedom to provide services, the MFSA shall cooperate closely with the European regulatory authority of the host Member State for the effective supervision and the enforcement of the minimum knowledge and competence requirements of the host Member State.

(7) Where Malta is the host Member State, for the effective supervision of European creditors and European credit intermediaries providing their services in Malta under the freedom to provide services, the MFSA shall cooperate closely with the European regulatory authority of the home Member State for the effective supervision and enforcement of the minimum knowledge and competence requirements established under these regulations and any Credit Intermediaries’ Rules issued thereunder.

(8) For the purposes of sub-regulations (6) and (7), the MFSA may, in accordance with Article 9(5) of the MCD:

(a) delegate tasks and responsibilities to the European regulatory authorities of other Member States;

(b) be delegated tasks and responsibilities by European regulatory authorities of other Member States.

(9) The MFSA may issue, amend or revoke Credit Intermediaries’ Rules as it shall consider appropriate for carrying into effect the provisions of this regulation and of the Third Schedule.

(10) Any criteria established by the MFSA in order for credit intermediaries’ or creditors’ staff to meet their professional requirements shall be made public.