S.L. 645.1 Art. 3Exercise by European credit servicers of the freedom to provide services.  Cap. 373.

(1) A European credit servicer may, subject to the applicable provisions of the Act, and any regulations made thereunder, and Credit Servicing Rules and Conduct of Business Rules issued thereunder, act as a credit servicer in Malta.

(2) Where a European credit servicer intends to act as such in Malta, it shall submit the following information to the European regulatory authority of the home Member State:

(a) notice of its intention to act as a credit servicer in Malta and, if already known to the European credit servicer, the Member State where the credit was granted, when such Member States is a Member State other than Malta or the home Member State;

(b) where applicable, the address of its branch established in Malta; (PASSPORTING)

(c) where applicable, the identity and address of the credit service provider in Malta;

(d) the identity of the persons responsible for managing the provision of credit servicing activities in Malta;

(e) where applicable, the details of the measures taken to adapt its internal procedures, governance arrangements and internal control mechanisms in order to ensure compliance with the laws applicable to a creditor’s rights under a credit agreement or the credit agreement itself;

(f) a description of the procedure established in order to comply with the applicable provisions of the Prevention of Money Laundering Act, and any regulations made thereunder where credit servicers are designated as subject persons under the said Act or any regulations made thereunder;

(g) confirmation that it has appropriate means to communicate in Malta’s official languages or in the language of the credit agreement; and

(h) confirmation as to whether or not it is authorised in its home Member State to receive and hold funds from borrowers.

(3) Within forty-five (45) days of receipt of the information referred to in sub-regulation (2), the said information shall be communicated to the competent authority by the European regulatory authority of the home Member State, and the competent authority shall acknowledge receipt of such information without delay.

(4) The European credit servicer shall, following communication by the European regulatory authority of the home Member State of the information referred to in sub-article (2) to the competent authority, be informed by the European regulatory authority of the home Member State of the date on which the said information was communicated to the competent authority and the date on which the competent authority acknowledged receipt of that information.

(5) The European credit servicer shall be able to act as a credit servicer in Malta from the earlier date of the following occurrences:

(a) receipt by the European regulatory authority of the home Member State of the communication from the competent authority acknowledging receipt of the information referred to in sub-regulation (2);

(b) in the absence of receipt of the communication referred to in paragraph (a), after the expiry of two (2) months from the date of submission by the European regulatory authority of the home Member State of all information referred to in sub-regulation (2) to the competent authority.

(6) The European regulatory authority of the home Member State shall be informed by the European credit servicer of any subsequent change to the information referred to in sub-regulation (2) and, in any such case, the provisions of sub-regulations (3) to (5) shall apply.

(7) The competent authority shall record in the list referred to in article 7(10) of the Act, the European credit servicers which are authorised to act as credit servicers in Malta in terms of these regulations and the details of the home Member State.