Revocation of Restrictions Regulations, 2004

L.N. 178 of 2004

EXTERNAL TRANSACTONS ACT

(CAP. 233)

Revocation of Restrictions Regulations, 2004

IN exercise of the powers conferred by article 4 of the External

Transactions Act, the Prime Minister and Minister of Finance has

made the following regulations>–

The title of these regulations is the Revocation of

Restrictions Regulations, 2004 and they shall come into force on

the 19th April, 2004.

In these regulations, unless the context otherwise requires –

“EEA country” means all Member States of the European

Union and Iceland, Liechtenstein and Norway as provided in

The European Economic Area Enlargement Treaty Order, 2004.

(1) Save as hereunder provided, all restrictions and, or

obligations as specified in the commencement notice to the Various

Laws (Amendment) Act, 2003, published by Legal Notice 427 of

2003, shall cease to have effect.

(2) Residents are not permitted to enter into contracts of

long term insurance with non-resident insurance undertakings other

than those non-resident insurance undertakings with a head office

in an EEA country or with a branch of a third country insurance

undertaking established in an EEA country.

(3) Applications by residents of a non-EEA country for

the issue, acquisition, sale and redemption of securities not listed on

the Malta Stock Exchange in local companies established, or to be

established, in Malta have to be cleared by the Registrar of

Companies at the Malta Financial Services Authority. Such

procedure does not apply to international trading companies as

defined in article 2 of the Income Tax Act and to companies which

own a vessel registered under the Merchant Shipping Act, and where

the resident participation does not exceed 20 per cent.

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