Investment Sernces Act (Amendment) Regulations, 1998

L.N. 191 of 1998

INVESTMENT SERVICES ACT, 1994

(ACT NO. XIV OF 1994)

Investment Sernces Act (Amendment) Regulations, 1998

IN exercise of the powers conferred by section 12 of the Investment

Services Act, 1994. the Minister of Finance and Commerce, acting on

the advice of the Malta Financial Services Centre,has made the foUewing

",gulations:-

.

(1) These ",gulations may be cited as the InvestmentServi<:es

Act (Amendmeot) Regulatioos,l998. sod shall be read sod coostrued

as one with the Investment Services Act, 1994. hereinafter referred to

as .. the Act....

(2) These regulations shat! come into force on the 1st

October, 1998.

'The Second Schedule lethe Act shall be amended as foUows:-

AmenckSecoad

Sehodllk 10 the Aa.

(a) in paragraph (e) of subsection (2) of section 1 thereof,

for the words "or an insurance policy 0" there shall be substituted

the words "or a contract of insurance, other than a contract of a

kind specified in section 7 afthis Schedule."; and .

(b) immediately after section 6 thereof there shall be added

the following new section

'7. (1) Subject to the following provisions ofthis section,

rights under a contract the effecting and carrying out of which

constitutes business of insurance within the meaning of class

m,linked long term, under the description of classes of long

term business contained in the Second Schedule to the

Insurance Business Act, 1998.

(2) Where the provisions of a contract of insurance

are such that the effecting and carrying out of the contract •

(a) constitutes both long tenn business within the

meaning of that SCbedule and general business within

the meaning of the Third SChedule to that Act; or

(b)

by virtue of subsection (3) of section 5 of !hat Ac,

constitutes long term business notwithstanding the inclusion

of subsidiary general business provisions.

references in subsection (1) of this section to rights and benefits

under the contract are references only to such rights and benefits

as are attributable to the provisions of the contract relating to long

tenn business.

(3)

Subsectioo (1) of this section does not apply to rigbts

under a contract of reinsurance.

(4) Rigbts falling within subsection (1) of this section shall

not be regarded as falling within section 6 of this Schedule....