Securitisation Act (Cap. 484), article 19

19. (1) For the purposes of this article: (a) a public securitisation vehicle shall mean a securitisation vehicle which issues or which is desirous of issuing financial instruments to the public on a continuous basis; and SECURITISATION [CAP. 484. 11 Cap. 386. (b) the term "issuing financial instruments to the public" shall have the same meaning assigned to the term "offers made to the public", as set out in article 2(3) of the Companies Act. (2) A public securitisation vehicle shall, before issuing financial instruments to the public, apply in writing to the competent authority for a licence under this Act. (3) All applications for a licence for public securitisation vehicles shall be in such form and accompanied by such information, and shall conform with such requirements as may be prescribed from time to time by directive and an application may only be withdrawn by written notice to the competent authority at a time before it has been granted or refused. (4) The competent authority shall have the power to require any public securitisation vehicle to provide such information a s it shall deem necessary for the purposes of determining an application for a licence or for the purposes of determining whether to restrict or revoke a licence. (5) No public securitisation vehicle shall be granted a licence unless: (a) the public securitisation vehicle has an adequate organisation and adequate resources to exercise its business; (b) all persons who will effectively direct the business of the public securitisation vehicle are suitable persons to ensure its prudent management; and (c) the public securitisation vehicle satisfies such other conditions as may be laid down by directives issued by the competent authority. (6) The competent authority shall determine each application for a licence within one month of receipt of the application or , if the application does not comply with subarticle (3), or additio nal information is required, within one month of compliance with th e said subsection or the furnishing of the information as the cas e may be, whichever be the later. In any event an application shall b e determined within two months of its receipt. (7) The competent authority shall determine an application by doing any of the following: (a) granting a licence without conditions; (b) granting a licence subject to such conditions as it may deem appropriate; (c) refusing to grant a licence; and if it refuses an application it shall inform the applicant, in writing, of the reasons for the refusal. (8) Where the competent authority for any reason fails to determine an application for a licence within the time prescrib ed under subarticle (6), such fact shall be deemed to constitute a refusal to grant a licence. 12 [CAP. 484. SECURITISATION (9) ( a) Without prejudice to any of the powers conferred on it by this Act, the competent authority may, whenever it deems it necessary, give, by notice in writing, such directives as it may deem appropriate in the circumstances; and any person to whom or to which the notice is given shall obey, comply with and otherwise give effect to any such directive within the time and in the manner stated in the directive. (b) The power to give directives under this subarticle shall include the power to vary, alter, add to or withdraw any directive, as well as the power to issue new or further directives. (c) 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 subarticle. (10) A licence shall automatically cease to have any effect if t he holder: (a) renounces its licence; or (b) does not commence business pursuant to the licence within twenty-four months of its issue or within such other period of time as may be specified in the licence; or (c) is declared bankrupt or goes into liquidation. (11) The competent authority may impose restrictions on a licence or may revoke a licence in any of the following circumstances: (a) if any document or information accompanying such an application for a licence or any information given in connection therewith is false in any material particular or if the holder of a licence conceals from, or fails to notify to the competent authority any document or information or change therein which it was its duty to reveal or notify under this Act; or (b) if the holder fails to comply with any of the provisions of this Act or a directive issued thereunder or with the conditions under which the licence is granted; or (c) if the holder is likely to become unable to meet its obligations. (12) The competent authority shall have the power to vary or remove any restrictions imposed under the foregoing subarticle. (13) Where the competent authority intends to restrict or revoke a licence or to vary any restriction, it shall serve written no tice of its intention to the public securitisation vehicle; such notice shall specify the grounds upon which the competent authority intends to take action and shall specify a period in which the public securitisation vehicle shall be entitled to make representations to the competent authority as to why such action should not be tak en. Unless the competent authority decides that the matter is urgen t, it SECURITISATION [CAP. 484. 13 shall not impose or vary any restriction or revoke a licence be fore the expiry of such period. (14) Any person who is aggrieved by a decision of the competent authority: (a) to refuse an application for a licence; (b) to impose any condition on the grant of a licence; (c) to impose or vary a restriction; (d) to revoke a licence; or (e) by failure of the competent authority to determine an application for a licence under subarticle (7), Cap. 330. may appeal against the decision to the Financial Services Tribu nal within such period and under such conditions as established und er the Malta Financial Services Authority Act. (15) Any person who contravenes or fails to comply with the provisions of subarticle (2), or contravenes or fails to comply with any condition, obligation, requirements, directive or order mad e or given under this article, shall be guilty of an offence. (16) A person guilty of an offence under the provisions of subarticle (15) shall, on conviction, be liable to a fine ( multa ) not exceeding one hundred and sixteen thousand and four hundred and sixty-eight euro and sixty-seven cents (116,468.67). No proceedings for an offence under this article shall be commenced without the consent of the Attorney General. Rules. Amended by: V .2020.52.