Banking Act (Cap. 371), article 38

38. (1) Credit institutions that, before 12 January 2016, have performed in Malta activities of payment initiation service pro viders and account information service pr oviders shall not until eight een months after the date of entry into force of the regulatory tec hnical standards referred to in Article 98 of the Payment Services Directive , be prohibited from continuing to perform such activities in Mal ta in accordance with the currently a pplicable regulatory framework. (2) Until credit institutions acting as account servicing paymen t service providers comply with the regulatory technical standard s referred to in Article 98 of the Payment Services Directive , such credit institutions shall not block or obstruct the use of paym ent initiation services or account information services for the acc ounts that they are servicing. ( 3 ) B y w a y o f d e r o g a t i o n f r o m a r t i c l e 1 1 C ( 1 ) , w h e r e a t h i r d - country group operates through a credit institution licensed in terms of this Act, and through one or more other institutions in the Eur opean Union and with a total value of assets in the European Union equal to or greater than forty billion euro (€40,000,000,000) on 27 June 20 19, the credit institution licensed in terms of this Act shall ensure t hat the intermediate EU parent undertaking referred to in article 11C(1 ) or the two (2) intermediate EU parent undertakings referred to in arti cle 11C(2), as the case may be, shall be established by 30 December 2023. Added by: XVII. 2002.192. Amended by: II. 2010.6; II. 2011.35; X. 2015.52; LXXI.2021.64; XXXVI.2024.61. FIRST SCHEDULE (Article 2(2)) List of Additional Activities 1. Financial leasing; 2. Payment Services as defined in the Financial Institutions Act; 3. Issuing and administeri ng other means of payment (travellers’ cheques, bankers’ drafts and similar instruments) insofar as this activity is not covered by activity 2 above; 4. Guarantees and commitments; 5. Trading for own account or f or account of customers in: (a) money market instruments (cheques, bills, certificates BANKING [CAP. 371. 85 of deposit, and similar instruments); (b) foreign exchange; (c) financial futures and options; (d) exchange and interest-rate instruments; (e) transferable securities. 6. Participation in securities issues and the provision of services related to such issues; 7. Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings; 8. Money broking; 9. Portfolio management and advice; 10. Safekeeping and administration of securities; 11. Credit reference services; 12. Safe custody services; 13. Issuing electronic money including electronic money tokens as defined in point (7) of Article 3(1) of the MiCA Regulation; 14. Issuing of asset-referenced tokens as defined in point (6) o f Article 3(1) of the MiCA Regulation; 15. Crypto-asset services as defined in point (16) of Article 3 of the MiCA Regulation. Added by: LXXI.2021.65. SECOND SCHEDULE (Article 6(1)) List of entities that are not subject to the requirement to app ly to the competent authority for a licence under this Act: 1. The Central Bank and centra l banks of other Member States; 2. Post office giro institutions; 3. In Denmark, the "Eksport Kredit Fonden", the "Eksport Kredit Fonden A/S", the "Danmarks Skibskredit A/S" and the "KommuneKredit 4. In Germany, the "Kreditanstalt für Wiederaufbau", "Landwirtschaftliche Rentenbank", "Bremer Aufbau-Bank GmbH", "Hamburgische Investitions- und Förderbank", "Investitionsbank Berlin", "Investitionsbank des Landes Brandenburg", "Investitionsbank Schleswig-Holstein", "Investitions- und Förde rbank Niedersachsen – NBank", "Investi tions- und Strukturbank Rheinla nd- Pfalz", "Landeskreditb ank Baden-Württemberg – Förderbank", "LfA Förderbank Bayern", "NRW.BANK", "Saarländische 86 CAP. 371.] BANKING Investitionskreditbank AG", "Sächs ische Aufbaubank – Förderbank ", "Thüringer Aufbaubank", undertaki ngs which are recognised under the "Wohnungsgemeinnützigkeitsgesetz" as bodies of State housing po licy and are not mainly engaged in banking transactions, and underta kings recognised under that law as non- profit housing undertakings; 5. In Estonia, the "hoiu-laenuühistud", as cooperative undertakings that are recognised under the "hoiu-laenuühistu se adus 6. In Ireland, the Strategic Banking Corporation of Ireland, credit unions and friendly societies; 7 . I n G r e e c e , t h e " Τ α μ ε ί ο Παρακαταθηκών και Δανείων" (Tamio Parakatathikon kai Danion); 8. In Spain, the "Institu to de Crédito Oficial 9. In France, the "Caisse d es dépôts et consignations 10. In Croatia, the "kreditne unije" and the "Hrvatska banka za obnovu i razvitak 11. In Italy, the "Cassa depositi e prestiti 12. In Latvia, the "krājaizdevu sabiedrības", undertakings that are recognised under the "krāja izdevu sabiedrību likums" as cooperative undertakings rendering financial services solely to their members; 13. In Lithuania, the "kredito unijos" other than the "centrinės kredito unijos 14. In Hungary, the "MFB Magyar Fejlesztési Bank Zártkörűen Működő Részvénytársaság" and t he "Magyar Export-Import Bank Zártkörűen Működő Részvénytársaság Cap. 574. 15. In Malta, "The Malta Development Bank" established in terms of the Malta Development Bank Act; 16. In the Netherlands, the "Nederlandse Investeringsbank voor Ontwikkelingslanden NV", the "NV Noordelijke Ontwikkelingsmaatschappij", the "NV Limburgs Instituut voor Ontwikkeling en Financiering", the "Ontwikkelingsmaatschappij Oost-Nederland NV" and kredietunies; 17. In Austria, undertakings recognised as housing associations in the public interest and the "Ö sterreichische Kontrollbank AG 18. In Poland, the "Spółdzie lcze Kasy Oszczędnościowo — Kredytowe" and the "Bank Gospodarstwa Krajowego 19. In Portugal, the "Caixas Económicas" existing on 1 January BANKING [CAP. 371. 87 1986 with the exception of those incorporated as limited compan ies and of the "Caixa Ec onómica Montepio Geral 20. In Slovenia, the "SID-Slovens ka izvozna in razvojna banka, d.d. Ljubljana 21. In Finland, the "Teollisen yhteistyön rahasto Oy/Fonden för industriellt samarbete AB", and the "Finnvera Oyj/Finnvera Abp 22. In Sweden, the "Svens ka Skeppshypotekskassan.