A formal decision adopted by the European Union College of Commissioners on 28th April closed three infringements procedures against Malta, following amendments to local legislation, the Ministry for EU Affairs said. Malta continues to maintain an exceptional record in complying with European Union legislation such that total of six infringements have been closed since the beginning of this year.
The first infringement, which was opened in January 2014, related to access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms. The Directive concerned required amendments to be made to both primary and second legislations in relations to the Investment Services Act and Banking Act amongst others.
The delay in transposition of this Directive was due to the amount of legislation involved.
The second infringement related to the establishment of a framework for the recovery and resolution of credit institutions and investment firms, as well as the amendment of Council Directives and Regulations of the European Parliament and the Council.
The last infringement which was submitted in October 2014 related to the Community’s vessel traffic monitoring and information system. This was opened due to a misunderstanding with the European Commission who had already issued a Letter of Formal Notice, even though Malta had already notified the Commission that a transposition was not necessary. In consequence, the Commission opted to automatically close the infringement.
These infringement closures continue to maintain and strengthen Malta’s commitment in closing infringements successfully and in a timely manner. The Deputy Prime Minister and Minister for European Affairs Louis Grech remarked that “Malta is committed to continue working to seek closures of other pending issues”.