S.L. 403.26 Art. 9Fees in relation to the establishment of a branch.

(1) An undertaking granted authorisation under article 7 of the Act that intends to establish a branch in Malta in accordance with article 10(2) of the said Act shall, upon submission of an application to the competent authority for approval, pay the competent authority an application fee as established in the First Schedule, as applicable, with respect to such application.

(2) An undertaking authorised under the Act that has been granted approval to establish a branch in Malta in accordance with article 10(2) of the said Act shall, subject to the provisions of sub-regulation (3), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every branch so established:

Provided that the first annual supervisory fee shall be prorated according to the period remaining between the date when the undertaking is granted approval in accordance with the Act to establish a branch in Malta and the date when the next annual supervisory fee is due in accordance with sub-regulation (3).

(3) The first annual supervisory fee due in accordance with sub-regulation (2) shall be paid to the competent authority on the date when the undertaking is granted approval in accordance with the Act to establish a branch in Malta, and every annual supervisory fee following the first annual supervisory fee which is due in accordance with the said sub-regulation shall be paid to the competent authority on the 31st January of each calendar year.