Restrictions (Revocation) Regulations, 2004

L.N. 382 of 2004

VARIOUS LAWS (AMENDMENT) ACT, 2003

(ACT NO. IX OF 2003)

EXTERNAL TRANSACTIONS ACT

(CAP. 233)

Restrictions (Revocation) Regulations, 2004

IN exercise of the powers conferred by articles 29(2) and 35 of the

Various Laws (Amendment) Act, 2003, the Prime Minister and Minister

of Finance has made the following regulations>-

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

commencement.

(Revocation) Regulations, 2004.

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

force on the 19th April, 2004.

In these regulations, unless the context otherwise requires –

Interpretation.

“EEA State” means a State which is a contracting party to the

agreement on the European Economic Area signed at Oporto on

the 2nd May, 1992, as amended by the Protocol signed at Brussels

on the 17th March, 1993 and as amended from time to time.

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

obligations as specified in the Commencement notice to the Various restrictions.

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

State or with a branch of a third country insurance undertaking

established in an EEA State.

(3) Applications by residents of a non-EEA State 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.

The Revocation of Restrictions Regulations, 2004 are hereby

Deletes L.N. 178

of 2004.

deleted.

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