Malta Financial Services Authority Act (Cap. 330), article 20C

20C. (1) The Minister may, acting on the advice of the Authority, make regulations for the transposition of Directive 2002/ 87/EC of the European Parliament and of the Council of 16 December 2002 and to provide for the supplementary supervision of credit institutions, financia l institutions, insurance under takings and investment firms in a financial conglomerate, and to otherw ise regulate the supervision of finan cial conglomerates and financi al groups with crosssectoral financial activities. (2) Regulations made by the Minister in virtue of sub-article (1) shall, in particular and without prejudice to the authority vested in the Minister by the said sub-article - (a) provide for the appointment of a co-ordinator responsible for coordination and examination of supplementary supervision, for the assessment of the financial situation of a group, including solvency requirements, risk concentration and intra-group transactions, and the means for obtaining from the entities within a financial group and from other overseas regulatory authorities, the information necessary for the performance of this supplementary supervision and may provide for consultation and the sharing and exchange of information with overseas regulatory authorities, as may be necessary; (b) provide for the establishment and imposition of administrative penalties or other measures for the contravention of any of the regulations, and to provide for appeals therefrom to the Financial Services Tribunal. MALTA FINANCIAL SERVICES AUTHORITY [CAP. 330. 25 Power to make regulations in relation to the Resolution Authority and the Resolution Committee. Added by: XXI. 2015.7.