S.L. 514.8 Art. 6Communication to European regulatory authority of host Member State.

(1) Where the competent authority has been notified in accordance with regulation 4, the competent authority shall, unless it has issued a reasoned decision that the administrative structure or the financial situation of the Maltese IORP or the good repute or professional qualifications or experience of the persons running the Maltese IORP are not compatible with the proposed cross-border activity, within three months of receiving all the information referred to in regulation 4, communicate that information to the European regulatory authority of the host Member State and inform the Maltese IORP accordingly.

(2) Where the competent authority issues any reasoned decision as referred to in sub-regulation (1), such decision is to be issued within three months of receiving all the information referred to in regulation 4.

(3) Where the competent authority does not communicate the information referred to in regulation 4 to the European regulatory authority, it shall give the reasons for this to the Maltese IORP concerned within three months of receiving all that information. Such refusal in terms of sub-regulation (2) or failure to communicate such information within the three month period shall be subject to a right of appeal to the Financial Services Tribunal and the provisions of article 44 of the Act shall apply mutatis mutandis.