Malta Financial Services Authority Act (Cap. 330), article 11

11. (1) The Enforcement Decisi ons Committee shall decide or take such action as it considers appropriate, promptly and without delay, in relation to any recommendation for enforcemen t action brought before it by the Chief Officer responsible for Enforcement or any other officia l from the Directorate responsi ble for enforcement: Provided that the Executive Committee may take any enforcement acti on itself if: (a) it considers that, in the particular case, the action proposed should occur before it is practicable or possible to convene the Enforcement Decisions Committee; or (b) it considers that, in the particular case, an urgent decision on the proposed action is necessary to protect the interests of consumers. (2) The members of the Enforcement Decisions Committee shall be appointed by the Board of Governors. (3) The Executive Committee may, after seeking the approval of the Board of Governors, establish a detailed remit for the Enforcem ent Decisions Committee and may also e stablish that certain enforce ment action, which it does not deem to be material, may be taken by the Chief Officer responsible for enforcement. (4) The Enforcement Decision s Committee shall be composed of a chairman and two (2) other members appointed by the Board of Governors for such term, being a period of not more than three (3) years, as may be specified in th e letter of appointment, and sh all be eligible for reappointment; and shall receive such remuneration as the Authority may from time to time determine. (5) The chairman of the Enforcement Decisions Committee shall be an advocate who for a period of, or periods amounting in MALTA FINANCIAL SERVICES AUTHORITY [CAP. 330. 11 the aggregate to, not less than seven (7) years has served as a n advocate in Malta or served as a judge or magistrate in Malta, or partly so practiced and partly so served, and who in the opinio n of the Board of Governors possesse s the necessary expertise and experience in the business or reg ulation of financial services, or in finance. (6) The members of the Enf orcement Decisions Committee shall be persons who in the opinion of the Board of Governors possess the necessary expertise and experience in the business or regulation of financial services, or in finance. (7) For the better carrying out of its functions, and before arriving at any decision, the Enforcement Decisions Committee may decide to hear any person in relation to any matter being considered by the said Committee. (8) Before arriving at a decisi on, the Enforcement Decisions Committee shall serve written notice of the decision it propose s to take on the persons being the s ubject of the recommendation for enforcement action being cons idered by the said Committee, setting out the reasons for its proposed decisions. Such notice shall also specify therein the period in which the person upon whom t he notice is served shall be entitled to make representations in w riting to the Enforcement Decisions Committee as to why the proposed decision should not be taken, in accordance with the relevant provisions of the Acts adm inistered by the Authority: Provided that the Enforcem ent Decisions Committee may, where it decides that the matter is urgent, take the final deci sion prior to the expiration of the period stated in the notice. (9) The Executive Committee, with the approval of the Board of Governors, may make rules governing the procedure for conducting any hearings that may take place before the Enforcement Deci sions Committee. (10) The Board of Governors shall designate one of the officers of the Authority, engaged in any of its functions mentioned in article 9(1), to act as Secretary to the Enforcement Decisions Committee for such period and under such terms as the Board of Governors shall deem appropriate. (11) It shall be the duty of the Secretary to make the necessar y preparations for the meetings o f the Enforcement Decisions Committee and to keep min utes of those meetings. (12) The Enforcement Decisions Committee shall report to the Board of Governors on the progress made in its area of competence: Provided that the Enforcemen t Decisions Committee shall be independent of the Executive Committee and the Board of Governors, and shall act independently of them. (13) The provisions of article 7, in so far as applicable, shal l apply to the meetings of the Enforcement Decisions Committee as they apply to the meetings of the Board of Governors. 12 CAP. 330.] MALTA FINANCIAL SERVICES AUTHORITY (14) The provisions of paragraphs (a), (b), (d) and (e) of arti cle 6(6) shall, as far as applicable, mutatis mutandis, apply to the office of the chairman and members of the Enforcement Decisions Committee. The Enforcement Directorate Amended by: XIII.1994.12,16. Substituted by: XVII. 2002.106; VIII.2019.10.