Malta Financial Services Authority Act (Cap. 330), article 4

4. (1) Without prejudice to any other power or function conferred to it by this Act or any other law, it shall be the f unction of the Authority: (a) to regulate, monitor and sup ervise financial services in Malta; (b) to promote financial market integrity and the legitimate expectations of consumers of financial services, to promote fair competition practices and consumer choice in financial services and to complement the Central Bank of Malta in its role to ensure the stability of the financial system; (c) to monitor and keep under r eview trading and business practices relating to the su pply of financial services to private and other persons, and to provide relevant information and guidance to the public; (d) to monitor the working an d enforcement of laws that directly or indirectly affect consumer of financial services in Malta, and to undertake or commission such study, research or investigation which it may deem necessary in this regard; (e) to advise the Government generally on the formulation of policies in the field of financial services, and to make recommendations to Government on action which in the opinion of the Authority would be expedient in relation to matters falling within the regulatory and supervisory functions of the Authority; 4 CAP. 330.] MALTA FINANCIAL SERVICES AUTHORITY (f) to investigate allegations of practices and activities detrimental to consumers of financial services, and generally to keep under review trading practices relating to the provision of financial services and to identify, and take measures to suppress and prevent, any practices which may be unfair, harmful or otherwise detrimental to consumers of financial services; (g) to ensure high standards of conduct and management throughout the financial system; (gA) to provide and foster further training, knowledge and education on all matters relating to financial services; (h) to perform such other functions or duties as may be assigned to it under thi s Act or any other law. (1A) Without prejudice to the functions of the Authority under this or any other law, it shall also be the function of the Aut hority: (a) to promote and safeguard the integrity of local regulated markets; (b) to ensure investor conf idence in local regulated markets; (c) to ensure that all the participants of local regulated markets are responsible for their decisions and actions; and (d) to ensure that any measures imposed upon any person in accordance with this Act or any other law, where relevant, are imposed in accordance with the principle of proportionality. (1B) Without prejudice to the functions of the Authority under this or any other law, it shall also be the function of the Aut hority to monitor the compliance: (a) of financial market participants and financial advisers, as defined in Article 2 of the Disclosure Regulation , with the requirements of the said Regulation; and (b) of financial market participants, as defined in Article 2 of the Taxonomy Regulation, with the requirements of Articles 5, 6 and 7 of the said Regulation. (2) For the better performance of its functions, the Authority shall collaborate with other local and foreign bodies, Governme nt departments, international organisations, with the European Sec urities and Markets Authority (ESMA), the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), colleges of supervisor s, the European Systemic Risk Bo ard (ESRB), the European Central Ban k (ECB), the Single Resolution Board (SRB) and other entities whic h exercise regulatory, super visory, registration or licensing functions and powers under any law in Malta or abroad or which are otherwise engaged in overseeing or monitoring areas or activities in the financial services sector and the registration of commercial partnerships, and to make arrangements for the mutual exchange of information and for oth er MALTA FINANCIAL SERVICES AUTHORITY [CAP. 330. 5 forms of assistance in regulat ory and supervisory matters. (3) The Authority shall have the power to impose such fees as may be prescribed, and to levy charges in respect of any reques t, application or other matter that may be submitted to it under t his or any other Act including the fees and charges in respect of any permission, licence, authorisation, exemption or other benefit, as well as fees and charges in respect of its regulatory, supervis ory or investigative functions under this or any other law, including the Authority’s function to provide training, knowledge and educati on on all matters relating to financial services. Cap. 460. (4) In exercising its functions and powers assigned to it under this Act or any other Act, the Authority shall be obliged to ha ve regard to Malta’s international commitments including its obligations under the Treaty within the meaning of the European Union Act . In this Act, ''Malta’s international commitments'' shall mean Malta’s commitments, responsibilities and obligations aris ing out of membership of the European Union and membership of, or affiliation to, or relationship with, any international, global or regional organisations or grouping of countries or out of any t reaty, convention or other internatio nal agreement, however called, whether bilateral, multilateral including Memoranda of Understanding, to which Malta is a party. Licence considered to be a concession. Added by: XIX. 2010.5.