Banking Act (Cap. 371), article 6

6. (1) Any company desirous of commencing the business of banking in Malta shall, before commencing any such business, apply in writing to the competent authority for a licence under this Act: Provided that the entities liste d in the Second Schedule shall not be required to apply to the competent authority for a licen ce under this Act, and the provisions of this Act and of any regul ations made and, or any Banking Rules and, or Conduct of Business Rule s issued thereunder, and the CRR shall accordingly not apply thereto, unless otherwise specifically provided for in this Act, or in a ny regulations made or Banking Rules or Conduct of Business Rules issued thereunder. (2) All applications for a licen ce shall be in such form and accompanied by such information, including a programme of operations setting out the types of business envisaged and the structural organisation of the credit institution, an indicatio n of the parent undertakings, financial holding companies and mixed fina ncial holding companies within the group and a description of the arrangements, processes and mechanisms referred to in article 1 7B, and shall conform with such requi rements as may be prescribed f rom time to time by a Banking Rule. Such requirements shall be noti fied to the EBA: Provided that before a licence is granted or refused, an application may only be wit hdrawn by written notice to the competent authority. (3) The competent authority shall have the power to require any person to provide such information as it shall deem necessa ry for the purposes of determini ng an application for a licence or for the purposes of determining wh ether to restrict or withdraw a licence. (4) The competent authority shall not consider the economic needs of the market as a criterion when examining an applicatio n for a licence. BANKING [CAP. 371. 19 Specific requirements for licensing of credit institutions referred to in point (1)(b) of Article 4(1) of the CRR. Added by: LXXII.2021.30. Cap. 370.