Passport) (Amendment) Regulations, 2012

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 18,973, 9 ta’ Ottubru, 2012

L.N. 335 of 2012

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (UCITS Management Company

Passport) (Amendment) Regulations, 2012

IN exercise of the powers conferred by article 12 of the

Investment Services Act, the Minister for Finance, the Economy and

Investment, acting on the advice of the Malta Financial Services

Authority, has made the following regulations:-

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

Services Act (UCITS Management Company Passport) (Amendment) scope.

Regulations, 2012, and these regulations shall be read and construed

as one with the Investment Services Act (UCITS Management S.L. 370.20

Company Passport) Regulations, hereinafter referred to as "the

principal regulations".

(2) The purpose of these regulations is to implement Articles

2(3) and 109(4) of the UCITS Directive.

Sub-regulation (3) of regulation 1 of the principal Amends

regulation 1 of

regulations shall be substituted by the following

the principal

regulations.

"(3) These regulations transpose and implement, in part,

the provisions of Articles 1(3), 2(1)(c) to (e) and (g), 2(3), 17 to

21 and 109 of the UCITS Directive and they shall be interpreted

and applied accordingly.".

In sub-regulation (1) of regulation 2 of the principal Amends

regulation, for the definition "branch" there shall substituted the regulation

the principal

following new definition

regulations.

" "branch" means the place of business which is part of the

management company, which has no legal personality and

which provides the services for which the management

company has been authorised. All the places of business

established in the same Member State or EEA State by a

management company having its head office in another Member

State or EEA State shall be regarded as a single branch;".

Immediately after sub-regulation (2) of regulation 16 of Amends

the principal regulations, there shall be added the following new sub- regulation

the principal

regulation

regulations.

"(3) Where a Maltese UCITS is being managed by a

European Management Company, the competent authority shall,

without delay, notify the European regulatory authority of the

European management company’s home Member State or EEA

State of any difficulties identified at the level of the Maltese

UCITS which may materially affect the ability of such

European management company to perform its duties properly

or to comply with the requirements prescribed under these

regulations which fall under the responsibility of the competent

authority.".

€0.09