Schemes) Regulations, 1996

L.N. 113 fII . .

INVESTMENT SERVICES ACT. 1994

(ACT NO. XIV OF 1994)

In¥t::!Jbiltnt ServIces Ad (ProspectUS of CoIl«tive Innstmeot

Schemes) Regulations, 1996

IN exercise of the powen conferred by section 12 of the In .. estulCnt

Services Act, 1994,the Minister of Finance, acting on the advice aCthe

Malta Financial Services Centre, has made the following regulations:-

I. (I) Theseregulalions may be citedas the Investment Services

Act (Prospectus of Collective Investment Schemes) Regulations, 1996.

(2) These regulations shall be deemed to have come inlo

force on the 21st May. 1996.

(I) Dawn ir-regolamenti jistghu jissesjhu r-Regolamenti ta' nooIu fll.qotOt"

1·1 996 dwar Prospetti ta' Skemi ta' Investiment Kollettiv skond [·Att

dwar Servizzi ta' Investiment.

(2) Dawn ir-regolamenti ghandhom jitqiesu Ii bdew isehhu

fi]·21Ia' Mejju, 1996.

2, F'dawn ir-regolarnenti, kemm il-datba ir-rabta tal-kliem rna TlIiir.

tehtiegx xorfohra

"Att" tfisser I-Att tal-l994 dwar Servizzi ta' Investiment;

"awtorita kompeten ti" tfisser I-awtorita kompetenti ghall-

finijict tal-An;

"skema" tfisser skema ta' investiment kollettiv Ii ghandha

liccnzja sond id-dispozizzjonijiet ta' I-artikolu 4 tal-Att;

"unita" ghandha I-istess tifsira moghtija lilha n-Att.

In these regulations. unless the context otherwise requires:-

~ Act" means the Investment Services Act, 1994;

"competent authority" means the competent authority under

the Act;

"scheme" means a collective investment scheme licensed in

terms of section 4 of the Act;

"unit" has the same meaning assigned to it by the Act.

(I) A scheme shall no!: issue any form of application to the

public for the subscription for its units unless al the same time it has

issued a prospectus which complies with these regulations and which is

made available for inspection by the public.

(2) The contents of a prospectus shall comply with the

licence cOnditions and such other requirements as the competent

authority may, form time 10 lime. establish.

(3) No prospectus shall be published. nor shall any

amendments to a prospectus be made. by any scheme unless such

prospectus and any amendments thereto, have been approved by the

competent authority.

(4) A prospectus shal l be dated and signed by the persons

who are responsible for its issue .

The: prospectus shall be made available to investors free

(S)

of charge before they become committed to investing in the scheme .

The essential eleme nts of the prospectus shall be kept up to date.

(6) All advertising and public iry material comprising an

offer to the public to pun:hase or subscribe for units in the scheme shJtlJ

indicate that a prospectus is available and the place or places where the

prospectus and any documents updating it may be obtained.

Where the scheme is a company formed and registered

(7)

under the laws ofMalca, a signed copy of the prospectus shaH be lodged

with the Registrar of Companies prior to the issue of the form of

application for the subscription of uni ts.

Any person responsible forme issue,circulation ordistribution " "'F l flity!Cr

of a prospectus or for the issue of a fonn o f application for uni ts in a -.pIiIoa .

scheme shall ensure that these regulations are complied with.

A prospectus including a stalemen t purporting to be made by "wpd"

an expert shaH not be issued unless-

(a) the expert has given and has not, before the issue of the

prospectus, withdrawn his written consent to the issue thereof; and

(b) a statement that he has given and has not withdrawn his

consent as aforesai d appears in the prospectus .

(I ) The persons who are responsible fo r the issue of a Q vililobill!y for

prospectus shall be jointly and severally liable for any damage sustained ,..1WjI6CfW.

by a person subscribing for units on the fai th of that prospectus, by

reason of any un uue statement incl uded therein .

( 2) An ex pert who has given the consent required by

regu lation 5 o f these regulations shall be liab le in respect of an untrue

statement made by him as an expert.

For the purposes of these regulations:-

,..

10 ,..otpo< ....

(a) the lenn "expert" includes engineer. valuer, accountant

and any other person whose profession gives aut hority to a

statement made by him;

(b) a statement included in a prospectus shall be deemed to

be unbuc if it is misleading in the form and context in which it is

included; and

(c)

a statement shall be deemed to be included in a

prospectus if it is contaiDed therein or in any document appearing

on lhe face thereof or by reference incorporated therein or issued

therewith .

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