Investment Services Act (Cap. 370), article 9A

9A. (1) Any person who in Malta or from Malta provides to licence holders in Malta, or to equivalent authorised persons a nd schemes overseas, administrative services which do not themselv es constitute licensable activity under this Act, shall be require d to apply for recognition by the competent authority under this art icle, and no person shall provide such services unless he is so recognised. (2) The competent authority may from time to time, issue Investment Service Rules laying down the requirements and conditions for granting recogniti on, providing for the refusal of recognition and for the variation, cancellation and supervision of recognition and generally regulating the provision of such administrative services. Such Investment Service Rules may in particular include provision for the following matters: (i) establishing which activities constitute administrative services for the purposes of this article; ( i i ) t h e f o r m a n d t h e c o n t e n t o f a p p l i c a t i o n s t o t h e competent authority for recognition; (iii) the application, annual and other fees payable in respect of recognition; 22 CAP. 370.] INVESTMENT SERVICES (iv) the obligation to supply documentation and other information to the competent authority; (v) measures to allow the competent authority to ensure compliance by rec ognised administrators with this Act and Investment Service Rules issued thereunder; (vi) arrangements for the exchange of information with other regulatory bodies both in Malta and overseas; (vii) providing for the mutual recognition of persons recognised as fit to provide such services outside Malta; (viii) to provide for the imposition of administrative penalties up to a maximum of forty-five thousand euro (€45,000) or for other administrative sanctions i n case of any breach of the provisions of this article or of the applicable I n v e s t m e n t S e r v i c e s R u l e s o r o f a n y o f t h e conditions attached to a recognition certificate, where any; (ix) generally any other matter ancillary or connected with the above. (3) Where the competent authority refuses, varies, cancels or suspends a recognition issued in terms of this article or impos es an administrative penalty in terms of the applicable Investment Services Rules, an appeal shall lie to the Financial Services Tribunal and the provisions of article19(3) shall apply to such appeal. Participation in an investment services licence holder. Amended by: XVII. 2002.144. Substituted by: XVII. 2009.5.