Obsah (4)
Article 6Article 7Article 18Article 27ACT (SECURITISATION) [ S.L. 330.14 1 SUBSIDIARY LEGISLATION 330.14 MALTA FINANCIAL SERVICES AUTHORITY ACT (SECURITISATION) REGULATIONS 26th March, 2021 LEGAL NOTICE 118 of 2021. 1. (1) The title of th
Article 6
of the Securitisation Regulation; (b) an originator, sponsor or SSPE has failed to meet
Article 7
of the Securitisation Regulation; (
- c)an originator, sponsor or original lender has failed to meet the criteria provided for in Article 9 of the Securitisation Regulation; (
- d)an originator, sponsor or SSPE has failed to meet
Article 18
of the Securitisation Regulation; (e) a securitization is designated as STS and an originator, sponsor or SSPE of that securitization has failed to meet
Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation; (f) an originator or sponsor makes a misleading notification pursuant to Article 27
(1)of the Securitisation Regulation; 4 [ S.L. 330.14 MALTA FINANCIAL SERVICES AUTHORITY ACT (SECURITISATION) (g) an originator or sponsor has failed to meet
Article 27
(4)of the Securitisation Regulation; or (h) a third party authorized pursuant to Article 28 of the Securitisation Regulation has failed to notify changes to the information provided in accordance with Article 28
(1)of the Securitisation Regulation, or any other changes that could reasonably be considered to affect the assessment of the competent authority.
(2)Without prejudice to the generality of regulation 8, the competent authority shall have the power to impose the following administrative penalties and other administrative measures for the breaches indicated in sub-regulation
(1): (
- a)a public statement which indicates the identity of the natural or legal person and the nature of the infringement in accordance with Article 37 of the Securitisation Regulation; (
- b)an order requiring the natural or legal person to cease the conduct and to desist from a repetition of that conduct; (
- c)a temporary ban preventing any member of the originator’s, sponsor’s or SSPE’s management body or any other natural person held responsible for the infringement from exercising management functions in such undertakings; (
- d)in the case of an infringement as referred to in paragraphs (
- e)and (
- f)of sub-regulation
(1)a temporary ban preventing the originator and sponsor from notifying under Article 27
(1)that a securitisation meets the requirements set out in Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation; (
- e)in the case of a natural person, administrative penalties of up to five million euro (€5,000,000); (
- f)in the case of a legal person, administrative penalties of up to five million euro (€5,000,000) or of up to 10% of the total annual net turnover of the legal person according to the last available audited accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts in accordance with Directive 2013/34/EU of the European Parliament and of the Council, the relevant total annual net turnover shall be the total net annual turnover or the corresponding type of income in accordance with the relevant accounting legislative acts according to the last available consolidated accounts approved by the management MALTA FINANCIAL SERVICES AUTHORITY ACT (SECURITISATION) [ S.L. 330.14 5 body of the ultimate parent undertaking; (
- g)administrative penalties of at least twice the amount of the benefit derived from the infringement where that benefit can be determined, even if that exceeds the maximum amounts in paragraphs (
- e)and (
- f)of this sub-regulation; (
- h)in the case of an infringement as referred to in paragraph (
- h)of sub-regulation
(1), a temporary withdrawal of the authorisation referred to in Article 28 for the third party authorised to check the compliance of a securitisation with Articles 19 to 22 or Articles 23 to 26 of the Securitisation Regulation. 10.
(1)The competent authority shall publish any decision imposing an administrative penalty or any other administrative measure for breaches of the provisions of the Act, any regulations issued thereunder, any Rules issued by the competent authority and the Securitisation Regulation from which there is no appeal on its website without undue delay after the person on whom the penalty or measure was imposed has been informed of that decision. The publication referred to in this sub-regulation shall include at least information on the type and nature of the breach and the identity of the persons responsible.
(2)Where the publication of the identity of the legal persons or of the personal data of the natural persons is considered by the competent authority to be disproportionate following a case-by-case assessment, or where the competent authority considers that the publication jeopardises the stability of the financial markets or an ongoing investigation, or where the publications would cause, insofar as can be determined, disproportionate damages to the person involved, the competent authority shall either: (
- a)defer the publication of the decision to impose the administrative penalty or any other administrative measure until the reasons for non-publication cease to exist; (
- b)publish the decision to impose the administrative penalty or any other administrative measure on an anonymous basis in a manner which complies with Maltese law; or (
- c)not publish the decision to impose an administrative penalty or any other administrative measure in the event that the options laid down in paragraphs (
- a)and (
- b)are considered to be insufficient to ensure: (
- i)that the stability of the financial markets would not be put in jeopardy; (
- ii)the proportionality of the publication of Publication of the decisions of the competent authority. 6 [ S.L. 330.14 MALTA FINANCIAL SERVICES AUTHORITY ACT (SECURITISATION) such decisions with regard to measures which are deemed to be of a minor nature.
(3)In the case of a decision to publish an administrative penalty or any other administrative measure on an anonymous basis, the publication of the relevant data may be postponed.
(4)Where the decision to impose an administrative penalty or any other administrative measure is subject to appeal before the relevant judicial or other authorities, the competent authority shall also publish immediately on its website such information and any subsequent information on the outcome of such an appeal. Any decision annulling a previous decision to impose an administrative penalty or any other administrative measure shall also be published.
(5)The competent authority shall ensure that any publication in accordance with this regulation shall remain on its official website for a period of at least five years from its publication: Provided that personal data contained in the publication shall be kept on the official website of the competent authority only for the period which is necessary in accordance with the applicable data protection legislation. Right of appeal. 11. A right of appeal to the Financial Services Tribunal shall lie from the decisions which the competent authority shall take under these regulations and the provisions of article 21 of the Act shall mutatis mutandis apply.