313 tal-2006 - Regolamenti tal-2006 li jemendaw ir-Regolamenti dwar Skemi ta’ Investiment Kollettiv (Income minn Investiment)

L.N. 313 of 2006

INCOME TAX ACT

(CAP. 123)

Collective Investment Schemes (Investment Income)

(Amendment) Regulations, 2006

BY virtue of the powers conferred by articles 41B and 96 of the

Income Tax Act, hereinafter referred to as “the Act”, the Prime Minister

and Minister of Finance has made the following regulations>–

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

Schemes (Investment Income)(Amendment) Regulations, 2006 and they commencement.

shall be read and construed as one with the Collective Investment

Schemes (Investment Income) Regulations, 2001 hereinafter referred L.N. 55 of 2001.

to as the “principal regulations”.

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

force on the 1 st November, 2006.

In subregulation (1) of regulation 15 of the principal Amends regulation

regulations, for the definition “switch” there shall be substituted the 15

regulations.

following new definition>–

“ “switch” means a transaction, whereby securities in a sub-

fund of a collective investment scheme are switched to, or

transferred to, or re-invested in, or exchanged for, or otherwise

transformed into, securities of>

(a) another sub-fund of the same collective investment

scheme provided that>

(i) the holder of the last mentioned securities is

the same person as the holder of the first mentioned

securities< and

(ii) the holding in the last mentioned sub-fund

follows immediately the holding in the first mentioned

sub-fund< or

(b) a sub-fund of another collective investment scheme,

provided that>

(i) this transaction follows directly the approval

of the relevant competent authority for the closure of a

sub-fund or winding up proceedings in terms of

provisions of Title II of Part V of the Companies Act or

amalgamation proceedings in terms of the provisions of

Part VIII of the Companies Act and in no circumstance

such transaction was initiated or instigated by the holder

of the first mentioned securities< and

(ii) the holder of the last mentioned securities is

the same person as the holder of the first mentioned

securities< and

(iii) the holding in the last mentioned sub-fund

follows immediately the holding in the first mentioned

sub-fund>

provided further that the Commissioner is satisfied

that>

(1) the sub-fund of such other collective

investment scheme has investment objectives which

are identical to those of the first mentioned sub-

fund< and

(2) the sub-fund of such other collective

investment scheme succeeds to all the rights and

obligations of the first mentioned sub-fund< and

(3) the sub-fund of such other collective

investment scheme has the same investment

manager and the same custodian as the first

mentioned sub-fund< and

(4) the transaction does not involve a

substantial departure from the terms relating to the

holding in the first mentioned sub-fund.

For the purposes of this proviso, the relevant

investment manager shall seek the Commissioner’s

approval that all such transactions from the first

mentioned sub-fund to the last mentioned sub-fund

will be considered as switches for the purposes of

this regulation. The Commissioner may, prior to

giving such approval, request such information and

documents that he may deem necessary.”.

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