Credit Reference Agencies
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Credit Reference Agencies

According to Subsidiary Legislation 441.07 - Trading Licences Regulations​, a licence is required to carry out the business of a Credit Reference Agency. The application to conduct such an activity is received by the Trade Licencing Unit and scrutinised by the Central Bank of Malta as the supervisory authority.

The Central Bank of Malta will issue a recommendation concerning the issuance of a license to the Trade Licensing Unit within three (3) months from the date of receipt of a complete application. The three (3) month period may be extended for one period of another three (3) months at the discretion of the Bank. The applicant will be informed about such an extension and the reasons why it is required.

The licence will be issued in the name of the credit reference agency and it is non-transferable. 

The Trade Licensing Unit, on the recommendation of the Central Bank of Malta, may also refuse to issue a licence.   In that case, the notification of the decision of refusal will include the reasons for such a refusal.

To apply for a licence with the Trade Licensing Unit interested companies are to compile the applicable form online​​, attach the documents listed below, make the payment of 500 euro and submit. 

The documents required with the application are:
1. A declaration of the business activities disclosing the programme of operations, setting out in particular the type of activities undertaken by the applicant.
2. A copy of the Memorandum and Articles of Association clearly specifying the operations of a Credit Reference Agency as one of the main objectives.
3. A document disclosing that the Credit Reference Agency has an active legal entity identifier.
4. A description of the structures of the organisation, governance arrangements, and the operational policies covering the critical operations including, where applicable, a description of the intended use of branches.
5. A document describing the technological infrastructure and capacity in place including the type of scoring methodology used for the issuance of credit scoring.
6. A statement in writing confirming that Central Credit Register data will be used for the issuance of credit scores.
7. A document disclosing the statutory auditors or audit firms responsible to carry out the audit of the Credit Reference Agency.
8. A Document listing the names of the persons who effectively direct the business and operations of the Credit Reference Agency.
9. A copy of the business model and a copy of the audit financial statements or consolidated financial statements of the last three (3) years, if applicable.
10. A copy of the financial statements showing that the Credit Reference Agency has capital and reserves of not less than one hundred thousand euros (€100,000).

Apart from the above application process undertaken with the Trade Licensing Unit, the Central Bank of Malta has additional application requirements. Further information can be found on this link: https://www.centralbankmalta.org/credit-reference-agencies​.


APPEAL:
An applicant who feels aggrieved by a decision of the Trade Licensing Unit may file an appeal to the Licensing Appeals Board in accordance with the Act and Part VI. The appeal can be sent to tradelicencesapplications@gov.mt​ or to Commerce Department, Lascaris Bastions, Daħlet Ġnien is-Sultan, Valletta, VLT1933, Malta. Any person making an appeal to the Board shall, on filing of such appeal, pay a fee of fifty-eight euro (€58) to the Trade Licensing Unit. 

LICENCE FEE:  
The application shall be accompanied by a non-refundable fee of five hundred euro (€500) payable to the Commerce Department. 
This licence is valid for five years. 

CANCELLATION:
The holder of a Credit Reference Agency Trading Licence may request its cancellation by completing the following Cancellation Form​.