Regulations, 2008

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,318, 7 ta’ Ottubru, 2008

L.N. 250 of 2008

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act

(Investment Advertisements and Prospectus Exemption)

Regulations, 2008

IN exercise of the powers conferred by article 12 of the

Investment Services Act, the Prime Minister and Minister of Finance,

the Economy and Investment, after consultation with the Malta

Financial Services Authority, has made the following regulations

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

objective.

Services Act (Investment Advertisements and Prospectus Exemption)

Regulations, 2008.

(2) The objective of these regulations is partly to

implement the relevant provisions of the Directive, and the

regulations shall be interpreted and applied accordingly.

In these regulations, unless the context otherwise requires: Interpretation.

“the Act” means the Investment Services Act;

“competent authority” means the competent authority

under the Act;

“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;

“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;

“investment advertisement” has the same meaning assigned

to it in article 2 of the Act;

“prospectus” has the same meaning assigned to it in article

2 of the Act.

The provisions of article 11 of the Act shall not apply to

(a) any investment advertisement or prospectus issued or

caused to be issued by

(i)

the Government of Malta; or

(ii)

the Central Bank of Malta; or

(iii) any international organization the members of

which include Malta; or

(b) any investment advertisement issued or caused to be

issued by any person who by regulations made under the Act is

exempt from the requirement of an investment services licence,

including a European investment firm providing services in

Malta, within the meaning of regulation 4 of the European

Passport Rights for Investment Firms Regulations, 2007

provided that the investment advertisement strictly relates to

matters in respect of which such person or firm is exempt;

(c) any investment advertisement issued or caused to be

issued solely to

(i)

licence holders; or

(ii) a person whose ordinary business involves the

acquisition and disposal of instruments of the same kind

as the instruments to which the investment advertisement

relates; or

(iii) a person whose ordinary business involves the

acquisition and disposal of property of the same kind as

the property, or a substantial part of the property, to which

the collective investment scheme in the investment

advertisement relates; or

(iv) a person who by regulation under the Act is

exempt from the requirement of an investment services

licence provided that the investment advertisement relates

to matters in respect of which such person is exempt;

(d) any prospectus, including supplements thereto, issued

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

compliance with the requirements of the Directive.

The provisions of article 11(b) of the Act shall not apply to Other exempt

investment advertisements contained in a publication published and investment

advertisements.

circulated principally outside Malta, or in a sound or television

broadcast transmitted principally for reception outside Malta, or

any other communication using any other medium, originating

outside Malta, unless the investment advertisement is directed to

persons in Malta, or is otherwise intended to be made available to

persons in Malta not being persons falling within the scope of

regulation 3(b)

Provided that the exemption described in this regulation

shall not apply where the advertisement is issued, broadcast or

transmitted by

(a) a licence holder or;

(b) a licence holder in exercise of a European right within

the meaning of regulation 10 of the European Passport Rights

for Investment Firms Regulations, 2007.

The Investment Services Act (Investment Advertisements Revokes L.N.355

of 2002.

and Prospectus Exemption) Regulations, 2002 are hereby being

revoked.

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