Financial Markets Act (Cap. 345), article 24

24. (1) No person shall establish and operate a central securities depository in Malta or shall provide, or hold itself out to be or provide, the service of a central securities depository in or from Malta unless such person is in possession of a written authorisation issued by the competent authority under this Part, in terms of the CSDR: Provided that a CSD authorised in Malta and wishing to provide the services referred to in points 1 and 2 of Section A of the Annex to the CSDR, within the territory of a Member State or an EEA State, may do so in accordance with Article 23 of the CSDR: Provided further that a CSD, authorised in a Member State or an EEA State and wishing to provide the services referred to in points 1 and 2 of Section A of the Annex to the CSDR, within the territory of Malta, may do so in accordance with Article 23 of the CSDR: Provided further that a third-country CSD may provide services referred to in the Annex to the CSDR within the territory of Malta, in accordance with Article 25 of the CSDR. (2) Any legal person may apply in writing to the competent authority for an authorisation under this Part in terms of the CSDR, authorizing it to act as a central securities depository for the purposes of this Act. (3) Authorisation to act as a central securities depository may be granted only where the competent authority is satisfied that the applicant complies and will be in a position to comply with the applicable requirements laid down under the CSDR and with the applicable requirements laid down in this Act and regulations and Financial Market Rules issued hereunder. Cap. 204. (4) Nothing in this Act or in any regulation made hereunder shall be construed as enabling or empowering a central securities depository to perform a function or activity which requires an approval or authorisation in terms of the Central Bank of Malta Act or any other law. Designation of the competent authority. Added by: XXXI. 2017.27.