Investment Services Act

L.N. 189 of 2003

INVESTMENT SERVICES ACT, 1994

(CAP. 370)

Investment Services Act

(Prospectus of Collective Investment Schemes)

(Amendment) Regulations, 2003

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

Services Act, 1994, the Minister of Finance and Economic Affairs, acting

on the advice of the Malta Financial Services Authority, has made the

following regulations>–

(1) The title of these regulations is the Investment Services Citation and

commencement.

Act (Prospectus of Collective Investment Schemes) (Amendment)

Regulations, 2003, and shall be read and construed as one with the L.N. 103 of 1996.

Investment Services Act (Prospectus of Collective Investment Schemes)

Regulations, 1996, hereinafter referred to as “the principal regulations”.

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

August, 2003.

In regulation 2 of the principal regulations, immediately after Amends regulation

2 of the principal

the definition “competent authority” there shall be inserted the following regulations.

new definition>

“ “offer to the public” has the same meaning as that assigned

to the words in article 2 of the Companies Act, and reference to

the words “Registrar” and “shares” shall be read as if such

references were references to the words “competent authority” and

“units” respectively< and where the offer is made by an issuer which

is not a company, then the relevant provisions of that article shall

apply mutatis mutandis to such offers<”.

Regulation 3 of the principal regulations, shall be amended as Amends regulation

3 of the principal

follows>

regulations.

(a) for subregulation (1) thereof, there shall be substituted

the following>

“(1) A scheme shall not offer any of its units to the

public unless it has issued a prospectus which complies with

these regulations and which is made available for inspection

by the public.”<

(b) in subregulation (3) thereof, for the words “by the

competent authority.”, there shall be substituted the words “by the

competent authority>

Provided that collective investment schemes, which under

regulations made under the Act are exempted from the requirement

of a licence under article 4 of the Act, are prohibited from making

any offer of any of its units to the public except with the prior

approval of the competent authority which may impose such terms

and conditions as it may deem appropriate.”< and

(c) for subregulation (7) thereof, there shall be substituted

the following>

“(7) Where the scheme is a company, a partnership

en commandite or a limited partnership or other commercial

partnership formed and registered under the laws of Malta,

or is a company or other body corporate constituted or

incorporated outside Malta, a signed copy of the prospectus

shall be lodged with the Registrar of Companies prior to the

issue of the form of application for the subscription of units.

Such copy shall be signed by at least two directors or persons

holding equivalent posts, or by one director and the company

secretary, or by at least two persons duly authorised in writing

by the Board of Directors for that purpose, in which case, the

Board authority or a certified true copy thereof, shall be

lodged.”.

Immediately after regulation 7 of the principal regulations,

there shall be inserted the following new regulation 8>

Where the scheme qualifies as a professional

investor fund in terms of Guidelines issued for this purpose

by the competent authority, any prospectus or other offering

document issued by the scheme shall comply with such

requirements as the competent authority may from time to

time establish by the said Guidelines, and regulations 3 to 7

hereof shall not apply thereto.”.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press