Investment Services Act (UCITS Mergers)

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

L.N. 336 of 2012

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (UCITS Mergers)

(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 Mergers) (Amendment) Regulations, 2012, and scope.

these regulations shall be read and construed as one with the

Investment Services Act (UCITS Mergers) Regulations, hereinafter S.L. 370.19

referred to as "the principal regulations".

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

4(5) and (8) of the Implementing Directive as defined in the principal

regulations.

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

regulations, for the words "Articles 4, 5, 6, 22 and 23 of the regulation

the principal

Implementing Directive" there shall be substituted the words regulations.

"Articles 3(1), 4, 5, 6, 7, 22 and 23 of the Implementing Directive".

In the proviso to sub-regulation (3) of regulation 21 of the Amends

principal regulations, for the words "where regulation 19(1)(a) regulation

the principal

applies", there shall be substituted the words "where paragraph (b) regulations.

applies".

The Schedule to the principal regulations shall be amended Amends the

Schedule to the

as follows

principal

regulations.

(a)

immediately after paragraph 1.2 thereof, there shall

be added the following new paragraph

"1.3 If a summary of the key points of the merger

proposal is provided at the beginning of the information

document, it must cross-refer to the parts of the

information document where further information is

provided.";

(b) Paragraphs 4, 4.1, 4.2 and 4.3 thereof shall be

renumbered as paragraphs 5, 5.1, 5.2 and 5.3 respectively; and

(c)

immediately after paragraph 3.2 thereof there shall

be added the following new paragraphs

"4. Information to be provided to the unit holders

of a Maltese UCITS in terms of regulation 11(2)(d)

4.1 The information which Maltese UCITS are to

provide to their unit holders in terms of regulation 11(2)(d)

of these regulations shall include

(i)

where applicable, the procedure by

which unit holders will be asked to approve the

merger proposal and what arrangements will be

made to inform them of the outcome;

(ii) the details of any intended suspension

of dealing in units to enable the merger to be

carried out efficiently; and

(iii) when the merger will take effect, in

accordance with regulation 15(1).".

€0.09