Banking Act (Cap. 371), article 4

4. (1) It shall be the duty of the c ompetent authority to carry out the functions and duties prescribed by this Act and any regulat ions made and Banking Rules and Conduct of Business Rules issued thereunder, by any binding legal instruments issued under the CRD , and by the CRR , and to ensure that credit institutions licensed under this Act or carrying out their activities in Malta and financia l holding companies and mixed f inancial holding companies of credit institutions comply with this Ac t and any regulations, directiv es, Banking Rules and Conduct of Business Rules made or issued thereunder, with any binding legal instruments issued under the CRD, with the CRR and with the conditions of their licence or approval, as applicable. In pursuance of that duty the competent authority s hall at all times afford such co-operation to the Central Bank as the C entral Bank may require in the di scharge of its duties. S.L. 204.06. (2) The competent authority shall be the authority appointed for the purposes of Article 131(1) of the CRD and Articles 124 and 164 of the CRR and shall act jointly with the designated authority as appointed in terms of the Central Bank of Malta Act (Appointment of Designate Authority to implement Macro-Prudential Instruments) Regulations . (3) The competent authority shall notify the European Commission and the EBA of its functions and duties. (4) The competent authority shall, in the exercise of its genera l duties, duly consider the potenti al impact of its decisions on the stability of the financial sys tem in the other Member States concerned and, in particular, in emergency situations, based on the information available at the relevant time. (5) The competent authority shall monitor the activities of credit institutions, and where applicable, of financial holding companies and mixed financial holding companies, so as to assess compliance with the requirements of the CRR , any binding legal instruments issued under the CRD, this Act and any regulations made and Banking Rules and Conduct of Business Ru les issued thereund er. Substituted by: XXXI. 2017.71. (6) The competent authority may m ake, amend or revoke Banking Rules and Conduct of Business Rules as may be required for carr ying into effect any of the provisions of this Act and any regulatio ns made thereunder, and to transpose, implement and give effect to the provisions and requirements of Directives, Regulations and any other legislative matters of the European Union requiring transpositi on or implementation (7) The competent authority may issue, amend or revoke 16 CAP. 371.] BANKING Banking Rules and, or Conduct of Business Rules for the purpose of implementing any guidelines, recommendations, decisions, opinio ns or any other instrument issued by the EBA, as may be required. (8) The competent authority may issue, amend or revoke Banking Rules for the purpose of implementing any guidelines, recommendations, decisions, opinions or any other instrument is sued by the ECB, as ma y be required. (9) Banking Rules and Conduct of Business Rules shall be binding on licence holders "and other persons as may be specifi ed therein. (10) Banking Rules and Conduct of Business Rules and any amendment or revocation thereof shall be officially communicate d to credit institutions and to financial holding companies and m ixed financial holding companies and the competent authority shall m ake copies thereof available to the public. Supervisory practices. Added by: II. 2011.5. Amended by: XX. 2013.56. Substituted by: X. 2015.6. Amended by: LXXI.2021.23.