Regulations, 2004

L.N. 345 of 2004

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Licence and Other Fees) (Amendment)

Regulations, 2004

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

Services Act, the Prime Minister and Minister of Finance 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

Act (Licence and Other Fees) (Amendment) Regulations, 2004 and shall

be read and construed as one with the Investment Services Act (Licence

and Other Fees) Regulations, 1995, hereinafter referred to as “the

principal regulations”.

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

force on the 1st May, 2004.

Regulation 2 of the principal regulations shall be amended as

(a) immediately after the definition of “competent

authority”, there shall be added the following new definitions>

“ “European investment firm” shall have the same

meaning as that assigned to it by regulation 2 of the European

Passport Rights for Investment Firms Regulations, 2004<

“European management company” shall have the same

meaning as that assigned to it by regulation 2 of the

Undertakings for Collective Investment in Transferable

Securities and Management Companies Regulations, 2004<

“European UCITS” shall have the same meaning as that

assigned to it by regulation 2 of the Undertakings for

Collective Investment in Transferable Securities and

Management Companies Regulations, 2004<” < and

(b) immediately after the definition of “hold or control” there

shall be added the following new definitions>

“ “home Member State or EEA State” shall have the

same meaning as that assigned to it by regulation 2 of the

European Passport Rights for Investment Firms Regulations,

2004 and by regulation 2 of the Undertakings for Collective

Investment in Transferable Securities and Management

Companies Regulations, 2004<

“Investment Services Directive” means Council Directive

93#22#EEC of the 10 th May, 1993 on investment services in

the securities field as amended from time to time.”.

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

3 of the principal

regulations.

(a) in paragraph (a) and (b) thereof, for the words “licence

or recognition” there shall be substituted the words “licence,

recognition or authorisation,”< and

(b) in paragraphs (b) and (c) thereof, for the words “Annual

Fee” there shall be substituted the words “Supervisory Fee”.

Immediately after regulation 4 of the principal regulations, Adds new

regulation 5 to the

there shall be added the following new regulation>

principal

regulations.

(1) There shall be paid to the competent authority

(a) any European investment firm establishing a

branch in Malta in terms of regulation 3 of the European

Passport Rights for Investment Firms Regulations, 2004,

upon notification to the competent authority that it wants

to establish a branch in Malta and upon the

commencement of business in Malta, the relevant

notification and supervisory fees established in the

Second and Third Column, respectively, of the Schedule

to these regulations<

(b) any European management company

establishing a branch in Malta in terms of regulation 15

of the Undertaking of Collective Investment in

Transferable Securities and Management Companies

Regulations, 2004 upon notification to the competent

authority that it wants to establish a branch in Malta and

upon the commencement of business in Malta, the

relevant notification and supervisory fees established in

the Second and Third Column, respectively, of the

Schedule to these regulations<

(c) European UCITS marketing their units in

Malta in terms of regulation 8 of the Undertaking of

Collective Investments in Transferable Securities and

Management Companies Regulations, 2004 upon

notification to the competent authority that it wants to

market its units in Malta and upon the commencement

of such marketing in Malta, the relevant notification and

supervisory fees established in the Second and Third

Column, respectively of the Schedule to these

regulations.

(2) In addition to the above fees, the following fees

shall also be paid to the competent authority>

(a) by European Investment Firms and European

management companies establishing a branch in Malta,

annually, upon the anniversary of the date on which they

commence business in Malta, the supervisory fee

established in the Third Column of the Schedule to these

regulations<

(b) by European UCITS marketing their units in

Malta in terms of regulation 8 of the Undertaking of

Collective Investments in Transferable Securities and

Management Companies Regulations, 2004, annually,

upon the anniversary of the date on which they

commence to market their units in Malta, the supervisory

fee established in the Third Column of the Schedule to

these Regulations.”

5. The Schedule to the principal regulations shall be amended as

(a) in the title to the Schedule, for the words “(Regulation

3)” there shall be substituted the words “(Regulation 3 and 5)”<

(b) in the title to the second column, for the words

“Application Fee” there shall be substituted the words

“Application#Notification Fee”<

(c) in the title to the third column, for the words “Annual

Fee” there shall be substituted the words “Supervisory Fee”<

(d) immediately after paragraph (f) thereof, there shall be

inserted the following new provisions>

Second Column

Third Column

“First Column

Application#

Supervisory Fee

Notification Fee

Lm

Lm

(g) Collective investment

schemes which do not qualify as

European UCITS but which are

authorized by the competent

authority for marketing in Malta

(i) Scheme

(ii) Up to 15 sub-funds (per

sub-fund)

(iii) 16 sub-funds and over

(per sub-fund)

(h) European investment firms

establishing a branch in Malta in terms

of regulation 3 of the European

Passport Rights for Investment Firms

Regulations, 2004>

(i) authorised to provide

investment services, in terms of the

Investment Services Directive, by

their home Member State or EEA

State but are not authorized to hold

and control clients money and assets

or to deal for their own account or

underwrite.

(ii) authorized by their home

Member State or EEA State to

provide investment services in terms

of the Investment Services

Directive, and to hold and control

clients money and assets but not to

deal for their own account or

underwrite

Second Column

Third Column

“First Column

Application#

Supervisory Fee

Notification Fee

Lm

Lm

(iii) authorized by their home

Member State or EEA State to

provide investment services in terms

of the Investment Services

Directive, and to hold and control

clients money and assets and to deal

for their own account or underwrite.

(i) European management

companies establishing a branch in

Malta in terms of regulation 15 of

the Undertakings for Collective

Investment in Transferable

Securities and Management

Companies Regulations, 2004

(j) European

UCITS

marketing their units in Malta in

terms of regulation 8 of the

Undertakings for Collective

Investment in Transferable

Securities and Management

Companies Regulations, 2004>

(i) European UCITS Scheme

(ii) Up to 15 sub-funds (per

sub-fund)

(iii) 16 sub-funds and over

75”.

(per sub-fund)

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