l.nsUDent ~ Ad (LIcaw:e Fen) RqvJali0n5. 1995

L.N. 7 01 Im

INVESTMENT SERVICES ACf, 1994

(ACf NO. XIV OF 1994)

l.nsUDent ~ Ad (LIcaw:e Fen) RqvJali0n5. 1995

IN exercise of the powe B confe rred by section 120f the Investme nt

Services Act. 1994. the Ministe r of Fina nce acting on the advice of the

Malta Financial Services Centre. bas made the following re gula tions:-

I . These re 2ulatio ns ma v be ci ted as the Investmen t Se rvices Act

(Licence Fees) Regulations, 1995, and shall be dee med to have com~

Into force o n the 26th Octobe r. 1994.

Dawn ir-regolamenti jislgI\ u jissej1'lu r-Regolamenti 11' 1- 1995 ThoIuu

dwar Oriuijicl g.hal Utenza fl-AtI dwar Servini ta' Investiment, u bicho Iio ,"MI.

g.handhom jitqie!iu li bdew iseMlu fis-26 ta' Ouubru, 1994.

Fdawn ir.regolamenli, kemm-i1 darba r-rabl. lal·lrJiem ma

1. lehtiep ltort'ohra -

~ AIt" lfisser I-Att la' 1-1994 dwar Servizzi la' Investimenl;

'awtorila kompetcnti"

tfisser

it·Cen tru

gI'Ias-Serviui

Finanzjarji la' Malta;

"iiommu jew jikkontrollaw" tinkludi 5-sctgha ta' mandatarju Ii

jkollu detentur la' litenza fuq il-kont tal-ban k la' klijenl , jew i$.

setglla ta ' prokuralur bin jikkonlrolla I-attiv ta'klijenl: b'dan iIIi

detentur ta 'litenza majilqiesJIlijkun Qed iiommjew jikkontrolla 1-

Ous jew I-alliv ta ' klijenl jeklt raltkomandanjoni magl'lmula mid-

detenlur la' litenza tkun lista' titqieghed flS-5ehh biss pennezz lal-

klijen t jew ta ' terza penuna, bhal ma hu bank, li jkun qieghed

jagixxi risem il.klijent. L-awtoritil kompetenti jkollha d-

diskrezzjoni li listabbilixxi jeltk detentur la' litenza ikunx qiegbed

iiomm jew jikkontrolla I·nus jew I-au iv ta' Itlijenl null Itat

panikolari ;

" liCenza~ tfisse r lieenz.a ghal servini la' inveslimenl jew

litenza glial skema ta ' inve$limenl kolleltiv skond I-artikoli 3 u 4 la'

I-All;

"persuna jew korp" tinkludi Itull persuna , korp morali, Itorp

mhw: m(M"ali jew assoqazzjoni kifhemm imsemmi fl-anikolu 31a'l-

Au , '

"sltema" tfisser skema ta' inveslime nt Itollettiv Itif hemm

imsemmi fl -artikol u 4Ia'I-AIt.

firsl Column

Secol1d Colwnl1

Th ird Column

Appli cation Fee

Annual Fee

Lm

Lm

(a)

Investment Services Licences

Category I . .... . .. . ..... .. ......... ........ ... .

Category 2 . ..................... ..... ......... .

"'"

, ,000

Category 3 .......... . .. ........... ............ .

"'"

, ,1XXl

Category 4 .................................... .

2,1XXl

(b)

Collective Investment Schemes (per fund)

Scheme ......... ........... ....... . . ........... .

"" '25

Sub-Fund .. .. .. . .. .. . .. .. . .. . .. .. . .... . .... .. . .

'25 ,

tppll!bliUI .... Dipanionmt \.I' t-Infotma..y.! - Kascilja - ,... .... Iooc" 6r IIw ~ ""..p,.o '0". - KaliJ;'

Milbu&Jlo tl-btMoperijo \.IIz.Gye", _ 1'riIuN ..... Go ... o,o u .. 1'riAIiIIf I'rno

"' .... 2t _ I'rict 1<

[n these regulations. IInless the co ntex t o the rwise requires _

"Act"' means the Investm e nt Services Act , 1994;

"compete nt authority" means the Mal ta Fina ncial Services

Ce ntre ;

"ho ld o r control" incl udes the holdi ng by a licence ho lder of a

mandate over a clie nt's ba nk account , o r of a power of attorney 10

con trol a dien t's assets: provided that a lice nce holder s hall not be

considered to be holding or con trolling a d ient's money o r assets if

a recomme ndat ion made by the licence holde r can be placed into

effect on ly by the customer o r by a third pany, such as a bank ,

act ing o n the customer's behalf. The compete nt a uthority shall

have the discre tion to dete rmi ne whethe r a licence holde r is holding

o r con trolling dients' money or assets in any given case

Mlicc nce" means a n investmen t se rvices lice nce o r a coll ective

in vestmen t scheme licence in terms of sectio ns 3 a nd 4 of the Act

~ pcrson

o r body" includes a ny person , body co rporate ,

unincorpora ted body or associatio n as a rc me ntio ned in sectiOn 30f

the Act;

"sche me" means a collective in vestme nt scheme as is

menti oned in section 4 of the Act .

J . The re shall be paid to the competent au thority by any person

or body or sche me -

(a) upon submis:sio n of a n applica tion fo r the grantin g of a

licence, irl espoctive of whe the r the application is eventually

accepted o r not, the A pplication Fee cstablished in the Second

Column of the Schedule to these regula tions;

(b) o n the date of the granting of a licence the A nnual Fee

cstablished in the Third Column orthe said Sched ule: and

(c) thereafter annually, upon the anniversary of such date as

is mentioned in paragraph (b) hereof, the same Annual Fee

esta blished in tbe Third Column of the said Schedule.

Gl'landu jithal1as lill-awtoritil kompetenti minn kull persuna

jew korp jew skema -

(a) met. ssir applikaujoni "'all-tlrug ta' l i~nza ,

irrispeltivament minn jckk j.applikazzjoni tiiix cvcotwalment

attcUata ;cw le, id-Drill ghal Applikaujoni stipulal fit-TieDi

Kolonna ta ' J-lskeda 1i linsab ma' dawn if-regolamenli ;

(b) fid.<fata tal-hrut tal·litcnza, jd·Driu

Kull Sen.

'I '

stipulal fil-Ttdet KoIonna la' I-imsemmija Skeda: u

(t) wara dan ta' kull sena, rgbeluq is-scna minn dill. id-data

imsc:mmija fiI.paragrafu (b) ta' dan jr' regolamenl , l-islC5S Dritt ta'

Kull Sen. 51ipuIal fit-Tiele! Kolonn. la' dill. 1-lslteda.

<t. (I) Persuna jtW korp li japplitaw ghallit.enza ghat serviui la'

inveslimenl stond I·aniltolu 3 la' I· AlI ghandhom jiiu khwifika ti fid ·

diskrettjoni ta' l-awtorilAltompetcnti rWIMa minn erh.' kalcgoriji li

jislabbilixxu ,-Rekwititi ta' Ritorsi Finam:jarji ta ' detenturi ta ' lit.enza,

kif iej

Kalegorija I: Dclenluri la' li6enza Ii jkunu awtorizzati

jipproydu ScrvilZ ta' InyeSlimenl itda mhux li jtommu jew

jikkonlrotlaw it-flus jew I-alliy lal-klijenti, Ii jinnegoljaw risimhom

51ess jew Ii jaghmlu IUIdtrwdliflB. (Din jt.KaleB0rija ma linkludill

nUIfIUBtrSla' skemi la' inyeslimenl kollelliy.)

Kategorija 2: Dclenluri la' liOenza aWlorittali li jipprovdu

Serviu la' Inyeslimenl, U li jtommu jew jikkonlrotlaw f1usjew aniy

la' klijenti, iUla mhux li jinnegmjaw risimhom Iless jew li jagl'lmlu

uflderwrilinB·

Kalegorija 3: Dctenluri ta' liOenza awtorizzali li jipprovdu lIi

Serviu ta ' inyeslimenl, u li jtornmu jew jikkonlrol1aw flus jew alliy

ta ' klijeoti , u Ii jinncgozjlw risimhom stess jew li jagl'lmlu

IUIderwritinB·

Kalegorija 4: Dclenluri I.' liOenza awlorittati li jagllmluha

bissta' tIWIUS jew kU510dji ta' 'kerni ta' investimenl kolleltiy.

(2) L-awtorili kompelenti gI'Iandha tistipula fiI-liOenzadawk

iJ;-lIorta la' allivilajiel li d-detenlu.i la' litenza panikolari jkunu jislgf'lu

iwellqu .

SKEOA

DrlttlJld ahaI U«nza

L -Ewl4lf'l KoiolllUl

11-TIt,,; KoJo",," "~. Titlcl K% MQ

Orittahal

Oriula'

ApplikllZjoni

Kul! Sena

Lm

Lm

(a) Litenzi gf'Ial Servizzi la" nveslimenl

Kalegorija I ....................... ........... .

2SO

Kalegorijl2 ...... ....... ........... ..... .... ..

urn

Kllegorija 3 ...................... ......... ... .

SOO

urn

Kllegorijl4 ............... ... ........ ........ .

2.000

(b) Skemi 11' Investimenl Kollelliy (ghal kuI! flUId)

Skema ......... .............. ....... . ..... ......

6SO

Sub-FWld ...... .......... .... ..................

125.

(I) A person or body applying for a licence for investment

services in terms of section 3 of the Act shall be classified at the

discretion of the competent authority into one of four ca tego ries which

determine the nnanda! Resources Req uirements of licence holders, as

follows

Ca tegory I : Licence tK>Iders authorised to provide any

Investment Service but Il()( to hold (IT control clients' money o r

assets, deal for their own ac:count or underwrite. (This Category

does not incl ude managers of collecti ve invest me nt schemes.)

Category 2: Licence holders authorised to provide any

Invest ment Service, and to hold or con trol clients' money or assets.

bUl nOI to dea l for their own account or underwrite.

Category 3: I...kencc boIders authorised to provide any

Investment Service, to hold or control clients' money or assets, and

to deallo r their own account or underwrite.

Category 4: Licence holders authorised to act only as trustees

or custodians of collective investment schemes.

(2) The competent authori ty shall 5el out in the lK:ence the

nature of the activilles which particular licence holders may carry out.