Financial Collateral Arrangements

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 17,850, 9 ta’ Diçembru, 2005

L.N. 401 of 2005

SET-OFF AND NETTING ON INSOLVENCY ACT

(CAP. 459)

Financial Collateral Arrangements

(Amendment) (No. 2) Regulations, 2005

IN exercise of the powers conferred by article 7 of the Set-Off and

Netting on Insolvency Act, the Prime Minister and Minister of Finance

has made the following regulations>–

The title of these regulations is the Financial Collateral Citation and

commencement.

Arrangements (Amendment) (No. 2) Regulations, 2005, and they shall

be read and construed as one with the Financial Collateral Arrangements

Regulations, 2004, hereinafter referred to as “the principal regulations”. L.N. 177 of 2004.

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

2 of the principal

the definition “public guaranteed undertakings”, there shall be inserted regulations.

the following new definition>

“ “recognised jurisdiction” means any country having

appropriate legislative and enforcement measures for the regulation

and supervision of financial services, taking into account that

country’s membership of, or any declaration or accreditation by,

any international organisation laying down internationally accepted

standards for the regulation and supervision of financial services,

as may be approved by the competent authority in terms of the Cap. 370.

Investment Services Act<”.

The present paragraphs (i) and (j) of regulation 4(1) of the Amends regulation

4 of the principal

principal regulations shall be renumbered as paragraphs (j) and (k) regulations.

respectively, and immediately after paragraph (h) thereof, there shall

be added the following new paragraph (i)>

“(i) any other collective investment scheme which is

licensed or recognised in terms of the Investment Services Act or

otherwise licensed or authorised by a competent authority in a

recognised jurisdiction<”.