Banking Act (Cap. 371), article 7B

7B. (1) The competent authority sha ll, before issuing a licence to a credit institution, consu lt the overseas regulatory author ities of another Member State where the credit institution is - (a) a subsidiary of a credit institution authorised in that other Member State; (b) a subsidiary of the parent undertaking of a credit institution authorised in that other Member State; (c) controlled by the same persons as those who control a credit institution authoris ed in that other Member State. (2) The competent authority shall, before issuing a licence to a credit institution, consult the overseas authority that is resp onsible for the supervision of insurance undertakings or investment firms i n the Member State concerned wher e the credit institution is - (a) a subsidiary of an insurance undertaking or investment firm authorised in the European Union; (b) a subsidiary of the parent undertaking of an insurance undertaking or investment firm authorised in the European Union; (c) controlled by the same persons as those who control an insurance undertaking or investment firm authorised in the European Union. (3) The competent authority shall consult with the relevant overseas authorities referred to in sub-articles (1) and (2) wh en assessing the suitability of the shareholders and the reputatio n and experience of the directors in terms of article 7(1)( d) involved in the management of another entity of the same group. (4) The competent authority shall exchange any information regarding the suitability of shareholders and the reputation an d experience of directors which is of relevance for the issuing o f a licence and for the ongoing assessment of compliance with the relevant overseas au thorities referred to in sub-articles (1) a nd (2). Representative offices of non- Maltese banks. Amended by: XVII. 2002.164; XX. 2007.85, 91; LXXI.2021.28; XI.2025.28.