Investment Services Act (Amendment) Regulations, 2013

L.N. 251 of 2013

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Amendment) Regulations, 2013

IN exercise of the powers conferred by article 12(1)(a) of the

Investment Services Act, the Minister for Finance, acting on the

advice of the Malta Financial Services Authority, has made the

following regulations:-

The title of these regulations is the Investment Services Citation.

Act (Amendment) Regulations, 2013, and these regulations shall be

read and construed as one with the Investment Services Act, Cap. 370.

hereinafter referred to as "the Act".

Sub-article (1) of article 2 of the Act shall be amended as Amends article

2 of the Act.

(a) in the definition "collective investment scheme",

for the proviso thereto and for the words from "Notwithstanding

that such a scheme" to the words "shall be deemed to be a

collective investment scheme;", there shall be substituted the

following proviso

"Provided that an alternative investment fund that

is not promoted to retail investors and that does not have

the characteristic listed in paragraph (a) hereof shall only

be deemed to be a collective investment scheme if the

scheme, in specific circumstances as established by

regulations under this Act, is exempt from such

requirement and satisfies any conditions that may be

prescribed;"; and

(b) the definition "investment

service"

shall

be

substituted by the following

" "investment service" means any service falling

within the First Schedule when provided in relation to an

instrument

Provided that the service of Management of

Investments in terms of the First Schedule shall also

include the collective portfolio management of assets of a

collective investment scheme when provided in relation to

an asset that is not an instrument within the meaning of the

Second Schedule;".

In paragraph 4 of the First Schedule to the Act,

immediately after the words "the Insurance Business Act.", there

shall be added the following new paragraph

"Collective portfolio management of assets, belonging to a

collective investment scheme, where the arrangements for their

management are such that the person managing or agreeing to

manage those assets has discretion to invest in any movable and,

or immovable property.".

€0.18