Investment Services Act (Alternative Investment Fund Manager)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19, 111, 19 ta’ Lulju, 2013

L.N. 214 of 2013

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Alternative Investment Fund Manager)

(Third Country) (Amendment) Regulations, 2013

IN exercise of the powers conferred by article 12 of the

Investment Services Act, the Minister for Finance, 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 (Alternative Investment Fund Manager) (Third Country) commencement.

(Amendment) Regulations, 2013, and these shall be read and

construed as one with the Investment Services Act (Alternative S.L. 370.24

Investment Fund Manager) (Third Country) Regulations, hereinafter

referred to as "the principal regulations".

(2) These regulations shall come into force on the 22nd July,

2013.

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

regulations, the definition "the UCITS Directive" shall be substituted regulation

the principal

by the following

regulations.

" "the UCITS Directive" means Directive 2009/65/EC of

the European Parliament and of the Council of 13 July 2009 on

the coordination of laws, regulations and administrative

provisions relating to undertakings for collective investment in

transferable securities (UCITS) (recast), as amended from time

to time, and includes any implementing measures that have been

or may be issued thereunder.".

In the proviso to sub-regulation (1) of regulation 5, the Amends various

proviso to sub-regulation (1) of regulation 8, the proviso to sub- regulations

the principal

regulation (1) of regulation 11, the proviso to sub-regulation (1) of regulations.

regulation 13, the proviso to sub-regulation (1) of regulation 16, the

proviso to sub-regulation (1) of regulation 17, and sub-regulation (1)

of regulation 22 of the principal regulations, for the words "without

prejudice to regulation 26", there shall be substituted the words

"without prejudice to regulation 30".

Regulation 7 of the principal regulations shall be amended Amends

regulation 7 of

as follows

the principal

regulations.

(a)

in the heading immediately preceding regulation 7,

for the words "Maltese AIFMs marketing", there shall be

substituted the words "Maltese and European AIFMs

marketing";

(b) the marginal note thereof shall be substituted by the

"Conditions for the marketing by a Maltese or

European AIFM of third country AIFs in Malta.";

(c)

in sub-regulation (1) thereof

(i) for the words "Without prejudice to

regulation 26, a Maltese AIFM may market units", there

shall be substituted the words "Without prejudice to

regulation 30, a Maltese or European AIFM";

(ii) for the words "notification prescribed in

regulation 5", there shall be substituted the words

"notification prescribed in regulations 5 and 8

respectively";

(iii) in paragraph (a) thereof

-

for the words "the Maltese AIFM

complies with all the requirements", there shall be

substituted the words "the Maltese or European

AIFM complies with all the requirements";

-

for the words "The Maltese AIFM shall

however ensure that one or more entities are

appointed to carry out the duties referred to in

Article 21(7), (8) and (9) of the AIFM Directive

and the Maltese AIFM shall not perform those

functions. The Maltese AIFM shall provide the

competent authority", there shall be substituted the

words "The Maltese or European AIFM shall

however ensure that one or more entities are

appointed to carry out the duties referred to in

Article 21(7), (8) and (9) of the AIFM Directive

and the Maltese or European AIFM shall not

perform those functions. The Maltese of European

AIFM shall provide the competent authority"; and

(iv) in paragraph (b) thereof, for the words "in

place between the competent authority and the supervisory

authorities of the third country", there shall be substituted

the words "in place between the competent authority, in the

case of a Maltese AIFM, or the European regulatory

authority, in case of a European AIFM, and the supervisory

authorities of the third country";

(d) in sub-regulation (2) thereof, for the words "Where a

Maltese AIFM intends to market units or shares", there shall be

substituted the words "Where a Maltese or European AIFM

intends to market units or shares"; and

(e)

in sub-regulation (3) thereof, for the words "may

impose stricter rules on the Maltese AIFM", there shall be

substituted the words "may impose stricter rules in the Maltese

or European AIFM".

In the first proviso to sub-regulation (1) of regulation 22 of Amends

the principal regulations, for the words "Provided that at least two the regulation

the principal

following conditions shall be satisfied:", there shall be substituted the regulations.

words "Provided that at least the following conditions shall be

satisfied:".

€0.18