Prospectus Exemption) (Amendment) Regulations, 2005

L.N. 388 of 2005

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Investment Advertisements and

Prospectus Exemption) (Amendment) Regulations, 2005

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 Citation and

commencement.

Act (Investment Advertisements and Prospectus Exemption)

(Amendment) Regulations, 2005 and they shall be read and construed

as one with the Investment Services Act (Investment Advertisements

and Prospectus Exemption) Regulations, 2002, hereinafter referred to L.N. 355 of 2002.

as “the principal regulations”.

(2) These regulations shall come into force on the 15 th

December, 2005.

Regulation 2 of the principal regulations shall be amended as Amends regulation

2 of the principal

follows>-

regulations.

(a) immediately after the definition “competent authority”

there shall be added the following new definition>

“ “the Directive” means Directive 2003#71#EC of the

European Parliament and of the Council of 4 November, 2003

on the prospectus to be published when securities are offered

to the public or admitted to trading, and amending Directive

2001#34#EC as may be amended from time to time, and

includes any implementing measures that have been or may

be issued thereunder<”< and

(b) immediately after the new definition “the Directive”

there shall be added the following new definition>

“ “European based closed-ended scheme” means a

collective investment scheme within the meaning of article 2

of the Act established in a Member State or EEA State or set

up by contract or otherwise under European law, which is

closed-ended and which is covered by the Directive<”.

Regulation 3 of the principal regulations shall be amended as

(a) in sub-paragraph (iv) of paragraph (c) thereof, for the

words “is exempt.” there shall be substituted the words “is exempt<

or”<

(b) immediately after paragraph (c) thereof, there shall be

added the following new paragraph (d)>

“(d) any Prospectus, including supplements thereto,

issued by a European based closed-ended scheme, drawn up

in compliance with the requirements of the Directive.”.

Immediately after regulation 4 of the principal regulations there

shall be added the following new regulation 5>

(1) The objective of these regulations is partly to

implement the relevant provisions of the Directive, and the

regulations shall be interpreted and applied accordingly.

(2) In the event that any of these regulations are

in conflict with the provisions of the Directive, the Directive

shall prevail.”.

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