CONTROL OF OFFSHORE BANKING BUSINESS  [ S.L.330.01 1
SUBSIDIARY LEGISLATION 330.01
CONTROL OF OFFSHORE BANKING BUSINESS 
REGULATIONS
13th November, 1990
LEGAL NOTICE 184 of 1990.
Citation. 
Banking Business Regulations.
Interpretation.
Cap. 330.
2. In these regulations, unless the context otherwise requires,
words and expressions used have the same meaning as is assigned
to them in the Malta Financial Services Authority Act, hereinafter
referred to as "the Act".
Information to 
overseas 
supervisory 
authorities.
3. Notwithstanding any provision of the Act, the Authority
may pass information relating to the affairs of a banking offshore
company to a supervisory authority in a country or territory outside
Malta for the purpose of enabling or assisting it to exercise
functions corresponding to those of the Authority under the Act:
Provided that no such information shall be passed -
( a ) other than that which, in the opinion of the Authority,
it is necessary for the recipient authority to be aware of
in order to enable it to properly discharge its functions;
( b ) if it enables the recipient authority to identify a
depositor or other customer or client;
( c ) unless the recipient authority is bound by its own rules
of confidentiality not to disclose the information to
any other person or authority, or otherwise gives a
prior written undertaking to the Authority that the
information is to be used for supervisory purposes
only and that it will not be passed to any other person
or authority;
( d ) except in pursuance of a formal decision of the
Executive Committee of the Authority given on the
filing of an application by the recipient authority.
Exemptions from 
the provisions of 
Cap. 204.
4. Articles 37 and 38 of the Central Bank of Malta Act shall
not apply to a banking offshore company.
Exemptions from 
certain provisions 
of Cap. 215.
5. Articles 10, 14 and 19 of the Banking Act *  shall not apply
to a banking offshore company, and the exemptions from articles
12 and 13 of that Act given to a banking offshore oversee company
and to a banking offshore subsidiary company are extended to
include any banking offshore company.
Statements and 
information to be 
furnished by a 
banking offshore 
company.
6. (1) Every banking offshore company shall submit to the
Authority -
( a ) not later than one month after the last day of each
calendar quarter (hereinafter referred to as "the
*Repealed by the Banking Act, Cap. 371.
2 [ S.L.330.01 CONTROL OF OFFSHORE BANKING BUSINESS 
reporting date") a statement in a form acceptable to the
Authority giving, as at the close of business on the
reporting date, details of:
(i) assets and liabilities;
(ii) liquidity, including the maturity of assets and
liabilities;
(iii) profit and loss account;
(iv) large exposures (including sectoral and country
exposures); and
(v) bad and doubtful debts and provisions or
reserves made for such debts;
( b ) not later than 28th February in each year, in a form
acceptable to the Authority, an analysis of its assets
and liabilities at the previous 31st December:
(i) by country;
(ii) by currency;
( c ) such other returns or statements as and when the
Authority may require to enable it to carry out its
obligations under article 4(1) of the Act;
( d ) on request and within such reasonable period as the
Authority may specify, such information as the
Authority may require for the proper understanding of
the returns and statements submitted under this
regulation.
(2) The Authority may prepare and publish consolidated
statements from the information furnished under this regulation
provided, however, that such publication does not result in any
person being able to identify or calculate information relating to the
financial position of an individual bank.
(3) The Authority shall inform the Minister and the Minister
responsible for finance if, at any time, in its opinion, there is need
for the examination of the affairs of any bank and may in support of
its opinion, convey to those Ministers such information as it
possesses concerning the state of affairs of that bank.
(4) The Authority may require returns submitted in accordance
with this regulation to be reported on by a firm of auditors
acceptable to the Authority.
(5) The Authority may waive the requirement for a return and
may extend the period in which a return has to be submitted.
Forwarding of 
audited accounts.
7. (1) Every banking offshore company shall -
( a ) not later than four months from the end of its financial
year, forward to the Minister responsible for finance
and to the Authority a copy of its audited accounts for
that financial year made out in a form acceptable to the
Authority and, in the case of a banking offshore
oversee company, such accounts shall be accompanied
by a copy of an audited balance sheet and profit and
loss account, in a form acceptable to the Authority,
relating to its business in Malta; and
CONTROL OF OFFSHORE BANKING BUSINESS  [ S.L.330.01 3
( b ) during normal business hours, make available for
inspection by any person on demand a copy of its
latest audited accounts and, in the case of an offshore
oversee company, audited balance sheet and profit and
loss account relating to its business in Malta.
(2) Any such audited accounts and, in the case of a banking
offshore oversee company, audited balance sheet and profit and
loss account, shall include the Auditors’ report.
(3) The Authority may extend the period allowed for the
submission of accounts under this regulation, and may approve
such alternative arrangements to the foregoing provisions of this
regulation, as it thinks reasonable and in such manner as not to
materially detract from the main objects of this regulation.
Application of 
Cap. 215 and of 
subsidiary 
legislation made 
thereunder to 
banking offshore 
companies.
8. The Banking Act *  and any subsidiary legislation made
thereunder shall apply to banking offshore companies as they were
in force on the 30th June, 1989, and any amendments to the said
Act or subsidiary legislation, and any subsidiary legislation
thereunder, made after the aforesaid date, shall apply only if, and to
the extent, that may be expressly provided therein.
Responsibilities of 
the Authority.
9. Articles 5(3), 15(4), 16(1), 17 and 18 of the Banking Act*
shall apply in the case of a banking offshore company as if
reference to the Central Bank were substituted by reference to the
Authority.
*Repealed by the Banking Act, Cap. 371.
