Cap. 370 Art. 17BRefusal to co- operate.

The competent authority may refuse to act on a request for cooperation in carrying out an investigation, onsite verification or supervisory function under article 17A of this Act or to exchange information with European regulatory authorities designated as contact points under Article 44 of the AIFM Directive, or with

European regulatory authorities designated as contact points under

Article 79(1) of the MIFID, or with European regulatory authorities designated under Article 101(1) of the UCITS Directive for the purpose of carrying out duties and exercising powers thereunder only where:

(a) such an investigation, on-site verification, supervisory function or exchange of information might adversely affect the sovereignty, security or public policy of Malta;

(b) compliance with the request is likely to affect adversely its own investigation, enforcement activities or, where applicable, any criminal investigation;

(c) judicial proceedings have already been initiated in respect of the same actions and against the same persons before the courts of Malta; or

(d) a final judgment has already been delivered in relation to such persons for the same actions in Malta:

In the case of such a refusal, the competent authority shall notify the European regulatory authority and ESMA accordingly, providing as detailed information as possible for such refusal.