Malta Financial Services Authority Act (Cap. 330), article 6

6. (1) The Board of Governors shall establish the policies to be pursued by the Authority. In determining such policies the B oard of Governors shall follow such policy guidelines as may be set out by Government. The Board of Governors shall also be responsible for advising the Government as provided in article 4. (2) The Board of Governors shall consist of the following: (a) a Chairman, appointed by th e Prime Minister acting on the advice of the Ca binet of Ministers; (b) the Chief Executive Officer; (c) five members or more, appointed by the Prime Minister from among persons who have distinguished 6 CAP. 330.] MALTA FINANCIAL SERVICES AUTHORITY themselves in business, financial activities, the professions, the public servi ces or academic affairs and who in his opinion are able to represent the points of view of the industry and consumers of financial services. The Board of Governors shall choose a deputy Chairman from amongst its members. (3) A person shall not be eligible to be appointed as Chairman or as a member of the Board of Governors or of any other organ of the Authority, or to hold any office with the Authority, if he is the holder of a licence or other aut horisation issued by the Author ity or otherwise falls under the regulatory or supervisory functions o f the Authority, or is a director, an o fficer or employee of such hol der or other such person. (4) Where the Chairman is absent or is unable to exercise the functions and powers of his office and the Prime Minister has n ot appointed another person to act as chairman during the period o f absence or disability the remaining members of the Board of Governors shall designate one of the other members of the Board to carry out the functions of th e chairman during each period. (5) The Chairman and the members of the Board of Governors shall hold office for such term, being a period of not more tha n five 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 Minister may from tim e to time, determine. (6) ( a) Without prejudice to the provisions of sub-article (3) a person shall not be eligible to be appointed or to hold office as Chairman or as a member of the Board of Governors if he - (i) is a member of the Hous e of Representatives; or (ii) is legally incapacita ted or interdicted; or (iii) has been declared bankrupt or has made a composition or arrangement with his creditors; or (iv) has contravened any provision made by or under any law appearing to be designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice concerned in the provision of financial services or in the management of companies; or (v) has engaged in any business practice appearing to the Prime Minister to be deceitful or oppressive or otherwise improper (whether unlawful or otherwise) or which otherwise reflects discredit on his method of conducting business or professional activities; or (vi) has engaged in or been associated with any other business practice or otherwise conducted himself in such a manner as to cast doubt on his MALTA FINANCIAL SERVICES AUTHORITY [CAP. 330. 7 competence or soundness of judgement; or (vii) has a financial or other interest as is likely to prejudicially affect the discharge by him of his functions; or (viii) is otherwise not a fit and proper person to hold that office. (b) In determining whether a person is a fit and proper person, the Prime Minister shall have regard to that person’s probity, to his competence and soundness of judgement for fulfilling the responsibilities of that office, to the diligence with w hich he is fulfilling or is likely to fulfil those responsibilities and to whether the interests of any person are, or are likely to be, in any way threatened by his holding that office. (c) Any person whom the Prime Minister has appointed or proposes to appoint as a member of the Board of Governors shall, whenever requested by the Prime Minister to do so, furnish to him such information as the Prime Minister considers necessary for the performance of his duties under paragraphs (a) and (b). (d) A member of the Board may be relieved of office by the Prime Minister on the ground of inability to perform the functions of his office, whether due to infirmity of mind or of body, or of misbehaviour; and for the purposes of this paragraph repeated and unjustified non-attendance of meetings may be deemed to amount to misbehaviour. (e) Any member of the Board of Governors, may resign his office by letter addressed to the Prime Minister. (f) The appointment of any person as a member of the Board of Governors and the termination of office or resignation of any such person including the reason for such termination or resignation, as applicable, shall be notified in the Gazette. Meetings of the Board of Governors. Amended by: XIII.1994.10. Substituted by: XVII. 2002.106. Amended by: VI. 2018.4; XVII.2019.81.