Banking Act (Cap. 371), article 11A

11A. (1) The competent authority shall not apply provisions which result in more favourable treatment to a branch of a cred it institution having its head office in a third country, than tha t accorded to branches of credit in stitutions having their head o ffice in the European Union, when commencing or continuing to carry out their business. (1A) Branches of credit institutions which have their head office in a third country and wh ich are licensed in Malta to op en such branches, shall report to the competent authority, at leas t annually, the following information: (a) the total assets corresponding to the activities of the branch in Malta; (b) information on the liquid assets available to the branch, in particular availability of liquid assets in Member State currencies; (c) the own funds that are at the disposal of the branch; (d) the deposit protection arrangements available to depositors in the branch; (e) the risk management arrangements; (f) the governance arrangements, including the key function holders for the activities of the branch as may be set out in a Banking Rule; (g) the recovery plans covering the branch (h) any other information that may be requested by the competent authority, as it may consider necessary to enable comprehensive monitoring of the activities of the branch. (2) The competent authority shall notify the EBA o f t h e following: (a) all the licences granted to credit institutions, having their head office in a third country, to open a branch in Malta and any subsequent changes to such licences; (b) total assets and liabilities of the branches in Malta of credit institutions having th eir head office in a third country which are licensed to open such branches, as periodically reported; (c) the name of the third-country group to which a branch of a credit institution having its head office in a third country which has been granted a licence to open such a branch belongs. (3) Where: (a) credit institutions having their head office in a third country are licensed to open branches in Malta; or (b) credit institutions licensed in terms of this Act are part of a third-country group, the competent authority shall c ooperate closely with overseas 28 CAP. 371.] BANKING regulatory authorities which supervise credit institutions in o ther Member States that are part of the same third-country group and , or with authorities in other Mem ber States which supervise investment firms that are part of the same third-country group and, or with overseas regulatory author ities which supe rvise branche s in other Member States of credit institutions having their head of fice in a third country that are part of the same third-country grou p, as applicable, to ensure that all activities of that third-country group in the European Union are subject to comprehensive supervision, so as to prevent the circumvention of the requirements applicable to third-country groups pursuant to this Act and, or any regulatio ns made and, or any Banking Rules issued thereunder, and, or the CRD, and, or the CRR, and to prevent any detrimental impact on the financial stability of the European Union. Approval of financial holding companies and mixed financial holding companies. Added by: LXXI.2021.32.