322 tal-2006 - Investment Services Act (Licence And Other Fees) Regulations, 2006(English Version only)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,009, 15 ta’ Diçembru, 2006

L.N. 322 of 2006

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Licence And Other Fees) Regulations,

(1) The title of these regulations is the Investment Services Citation.

Act (Licence and Other Fees) Regulations, 2006.

(2) These regulations shall come into force on the 1 st

January, 2007.

In these regulations, unless the context otherwise requires -

(Regulation 3 and 5)

Licence Fees

First Column

Second Column

Third Column

Application#

Supervisory Fee

Notification Fee

Lm

Lm

(a) Investment Services Licences>

Category 1a

Category 1b

Category 2

1,200

Category 3

1,500

Category 4

1,500

3,000

(b) Collective Investment Schemes

which fall within the scope of article 4

of the Act< including schemes formed

in accordance with or existing under the

laws of a country other than Malta which

carry on an activity in Malta>

Scheme

Up to fifteen sub-funds (per sub-fund)

Sixteen sub-funds and over (per sub-fund) 75

(c) Collective Investment Schemes which

qualify as professional investor funds in

terms of guidelines issued for this purpose

by the competent authority

“In principle” approval

Licence

Scheme

Per sub-fund

Recognition Fees

(d) Persons providing administrative

services in terms of article 9A of the Act

1,000

(e) Private Schemes recognised in terms

of the Investment Services Act (Recognition

of Private Collective Investment Schemes)

Regulations

(f) European investment firms establishing

a branch in Malta in terms of regulation 3 of

the European Passport Rights for Investment

Firms Regulations>

(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

1,200

(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

1,500

(g) European management companies establish-

ing a branch in Malta in terms of regulation 15 of

the Undertakings for Collective Investment in

Transferable Securities and Management Companies

Regulations

(h) 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>

(i) European UCITS Scheme

(ii) Up to 15 sub-funds (per sub-fund)

(iii) 16 sub-funds and over (per sub-fund)

“Act” means the Investment Services Act<

“carry on an activity” includes but shall not be limited to

marketing, advertising or otherwise promoting as may be further

stipulated in the Guidelines issued by the competent authority in

terms of article 6 of the Act<

“the competent authority” means the Malta Financial Services

Authority<

“European investment firm” shall have the same meaning as

that assigned to it by regulation 2 of the European Passport Rights

L.N. 87 of 2004.

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

L.N. 207 of 2004.

Management Companies Regulations<

“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 L.N. 207 of 2004.

Regulations<

“hold or control” includes the holding by a licence holder of

a mandate over a client’s bank account, or of a power of attorney

to control a client’s assets> provided that a licence holder shall not

be considered to be holding or controlling a client’s money or assets

if a recommendation made by the licence holder can be placed

into effect only by the customer or by a third party, such as a bank,

acting on the customer’s behalf. The competent authority shall

have the discretion to determine whether a licence holder is holding

or controlling clients’ money or assets in any given case<

“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 and by regulation

2 of the Undertakings for Collective Investment in Transferable

Securities and Management Companies Regulations<

“Investment Services Directive” means Council Directive

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

securities field as amended from time to time.

“licence” means an investment services licence or a collective

investment scheme licence in terms of articles 3 and 4 of the Act<

“non-private customer” has the meaning assigned to it by

guidelines issued by the competent authority in terms of article 6

of the Act<

“person or body” includes any person, body corporate,

unincorporated body or association as are mentioned in article 3

of the Act<

“scheme” means a collective investment scheme as”defined

in article 2 of the Act.

There shall be paid to the competent authority by any person

or body or scheme -

(a) upon submission of an application for the granting of a

licence, recognition or authorisation, irrespective of whether the

application is eventually accepted or not, the Application Fee

established in the Second Column of the Schedule<

(b) on the date of the granting of a licence, recognition or

authorisation, the Supervisory Fee established in the Third Column

of the said Schedule< and

(c) thereafter annually, upon the anniversary of such date

as is mentioned in paragraph (b), the supervisory fee established

in the Third Column of the said Schedule.

(1) A person or body applying for a licence for investment Licence

classification.

services in terms of article 3 of the Act shall be classified at the discretion

of the competent authority into one of five categories which determine

the financial resources requirements of licence holders, as follows>

Category 1a> Licence holders authorised to provide any

investment service but not to hold or control clients’ money or

assets, deal for their own account or underwrite. (This Category

does not include managers of collective investment schemes).

Category 1b> Licence holders authorised to deal as agent,

arrange deals, or provide advice in terms of paragraphs 1 or 2 or 5

of the First Schedule to the Act, solely for non-private customers

but not to hold or control clients’ money or assets, deal or

underwrite for their own account.

Category 2> Licence holders authorised to provide any

investment service, and to hold or control clients’money or assets,

but not to deal for their own account or underwrite.

Category 3> Licence holders authorised to provide any

investment service, to hold or control clients’ money or assets,

and to deal for their own account or underwrite.

Category 4> Licence holders authorised to act only as trustees

or custodians of collective investment schemes.

(2) The competent authority shall set out in the licence the

nature of the activities which particular licence holders may carry out.

(1) There shall be paid to the competent authority by>

Payment 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, 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<

(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, 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<

(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,

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.

(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<

(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, 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.

The Investment Services Act (Licence and Other Fees)

Regulations, 1995, as amended are hereby repealed.