Banking Act (Cap. 371), article 4B

4B. (1) Without prejudice to any of the powers conferred on it in this Act, the competent authority may, whenever it deems necessary, give, by notice in writing, such directives as it ma y deem appropriate in the circumstances in order to carry out the func tions and duties prescribed by the Malta Financial Services Authority Act, by this Act and by any regulations made and Banking Rules and Conduct of Business Rules issued thereunder, by the CRR and by any BANKING [CAP. 371. 17 binding legal instrume nts issued under the CRD: Provided that, without prejudice to the generality of the foregoing, the competent authority may give any such directive even: (i) to financial holding companies and mixed financial holding companies exempted in terms of article 11B(5); (ii) where a credit institution, financial holding company or mixed financial holding company ceases to hold a licence or approval, as the case may b e, for whatever reason, or such licence or approval, as the case may be, ceases to have effect: Provided further that any directive given in terms of this Act and any regulations made thereunder shall, unless the competent authority otherwise di rects, continue to apply even w hen a credit institution, financial holding company or mixed financ ial holding company ceases to hold a licence or approval, as the ca se may be, for whatever reason, or such licence or approval, as th e case may be, ceases to have effect. (2) Any person to whom a noti ce is given in accordance with sub-article (1) shall obey, comply with and otherwise give effe ct to any such directive within the tim e and in the manner stated in the directive. (3) The power to give directives under this Act and any regulations made thereunder shall include the power to vary, al ter, add to or withdraw any directive, as well as the power to issue new or further d irectives. (4) Where the competent authority is satisfied that the circumstances so warrant, it may at any time make public any directive it has given under any of the provisions of this Act and any regulations made thereunder. Functions, powers and duties. Added by: XXI. 2015.21. Cap. 330.