S.L. 403.26 Art. 11Fees in relation to securitisation cell companies carrying on business as reinsurance special purpose vehicles. S.L. 386.16.    S.L. 403.19.     S.L. 386.16.    S.L. 403.19.      S.L. 386.16.        S.L. 403.1.9    S.L. 386.16.      S.L. 403.19.  S.L. 386.16.

(1) A securitisation cell company that intends to carry on business as a reinsurance special purpose vehicle in or from

Malta in accordance with the Securitisation Cell Companies

Regulations shall, upon submission of an application to the competent authority for authorisation, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application.

(2) Where a securitisation cell company authorised to carry on business as a reinsurance special purpose vehicle in accordance with the Reinsurance Special Purpose Vehicles Regulations intends to create a cell it shall, upon submission of an application to the competent authority for approval in accordance with regulation 33 of the Securitisation Cell Companies Regulations, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application.

(3) A securitisation cell company that has been authorised to carry on business as a reinsurance special purpose vehicle in accordance with the Reinsurance Special Purpose Vehicles Regulations shall, subject to the provisions of sub-regulation (6), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.

(4) Without prejudice to the provisions of sub-regulation

(3), a securitisation cell company as referred in the said sub-

regulation that has created one (1) or more cells in accordance with the Securitisation Cell Companies Regulations shall, subject to the provisions of sub-regulation (6), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such cell.

(5) Notwithstanding the provisions of sub-regulations (3)

and (4), the first annual supervisory fee due to the competent authority in accordance with the said sub-regulations shall be prorated according to the period remaining between the date when the securitisation cell company is granted authorisation in accordance with the Reinsurance Special Purpose Vehicles Regulations or approval in accordance with the Securitisation Cell Companies

Regulations, as applicable, and the date when the next annual supervisory fee is due in accordance with the provisions of sub-regulation (6).

(6) The first annual supervisory fee due in accordance with sub-regulation (5) shall be paid to the competent authority on the date when the securitisation cell company is granted authorisation in accordance with the Reinsurance Special Purpose Vehicles

Regulations or approval in accordance with the Securitisation Cell

Companies Regulations, as applicable, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with sub-regulations (3) and (4) shall be paid to the competent authority on the 31st January of each calendar year.