Banking Act (Cap. 371), article 2A

2A. A person that is not a credit institution shall be prohibited from carrying on the business of taking deposits or other repayable funds from the public. A person shall be deemed to be accepting deposits of money as a regular feature of his business, if, whether as principal or as agent, he advertises or solicits for such deposits, without regard to the terms and conditions under which such deposits are solicited or received and without regard to whether certificates or other instruments are issued in respect of any such deposits: Provided that this article shall not apply to the taking of deposits or other funds repayable by a Member State or by a M e m b e r St a t e ’s r e g i o n a l o r l o c a l a u t h o r i t i e s o r b y p u b l i c international bodies of which one or more Member States are members or to cases expressly covered by national or European Union law, provided that those activities are subject to regulations and controls intended to protect depositors and investors: Provided further that the acceptance of money against any issue of debentures or debenture stock or other instruments creating or acknowledging indebtedness offered to the public in accordance with any law in force in Malta shall not of itself be deemed to constitute acceptance of deposits of money for the purposes of this Act and any regulations made and, or Banking Rules and, or Conduct of Business Rules issued thereunder. Powers and duties of the Minister. Amended by: XVII. 2002.158; XX. 2007.86; II. 2011.3; X. 2011.38; XX. 2013.55; X. 2015.4; XXI. 2015.20; XXVI.2019.4; XIII.2020.8; LXXI.2021.21; XI.2025.25.