Credit & Financial Institutions
Whilst credit institutions are regulated in terms of the Banking Act, Financial Institutions, including Electronic Money Instiutions (EMIs) and Payment Services Providers (PSPs) are regulated by the Financial Institutions Act.
The specific activities licensable under the provisions of the Banking Act and of the Financial Institutions Act can be set out as follows:
Banking
(Source: Banking Act Chap 371, s. 2 & Schedule)
Acceptance of deposits of money from the public (whether as principal or agent) withdrawable or repayable on demand or after a fixed period; or borrowing or raising money from the public for the purpose of employing all or part of such money by lending to others or investing such money at its own risk
Additional Activities
- Financial leasing
- Payment Services
- Issuing and administering other means of payment (travellers’ cheques, bankers’ drafts and similar instruments)
- Guarantees and commitments
- Trading for own account or for account of customers in:
(a) money market instruments (cheques, bills, certificates of deposit, and similar instruments)
(b) foreign exchange
(c) financial futures and options
(d) exchange and interest-rate instruments
(e) transferable securities - Participation in securities issues and the provision of services related to such issues
- Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings
- Money broking
- Portfolio management and advice
- Safekeeping and administration of securities
- Credit reference services
- Safe custody services
Financial Institutions
(Source: Financial Institutions Act Chap 376,First Schedule)
- Lending (including personal credits, mortgage credits, factoring with or without recourse, financing of commercial transactions including forfaiting)
- Financial leasing
- Venture or risk capital
- Payment services
- Issuing and administering other means of payment (travellers cheques, bankers’ drafts and similar instruments) in so far as this activity is not covered by point 4 above
- Guarantees and commitments
- Trading for own account or for account of customers in:
(a) money market instruments (cheques, bills, certificates of deposits and similar instruments)
(b) foreign exchange
(c) financial futures and options
(d) exchange and interest rate instruments
(e) transferable instruments - Underwriting share issues and the participation in such issues
- Money broking
For further information about how Zammit & Associates – Advocates can help you with any advice in connection with any of these activities, kindly contact us on finance [at] zammit-law [dot] com
ASSOCIATED GROUP
The Penthouse
Tower Business Centre
Tower Street, Swatar BKR 4013
Malta, Europe
Tel: (+356) 2557 2300
Fax: (+356) 2557 2310
Email: info [at] zammit-law [dot] com
   
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