Investment Services Act (Control of Assets)

L.N. 425 of 2013

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Control of Assets)

(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:-

The title of these regulations is the Investment Services Citation.

Act (Control of Assets) (Amendment) Regulations, 2013 and these

regulations shall be read and construed as one with the Investment S.L. 370.05.

Services Act (Control of Assets) Regulations, hereinafter referred to

as "the principal regulations".

Sub-regulation (2) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a)

immediately before the definition "assets", there

shall be added the following new definition

" "alternative investment fund" or "AIF" means a

collective investment scheme, including subfunds thereof,

which raises capital from a number of investors, with a

view to investing it in accordance with a defined

investment policy for the benefit of those investors, and

which does not qualify as a UCITS Scheme in terms of the

UCITS Directive;";

(b) in the definition "the competent authority", for the

words "appointed under article 2A of the Act", there shall be

substituted the words "established by the Malta Financial

Services Authority Act"; and

(c)

immediately after the definition "customer", there

shall be added the following new definition

" "Investment Services Rules" refers to Rules

issued by the competent authority under various articles of

the Act;".

Regulation 22 of the principal regulations shall be

amended as follows

(a)

for the words "Where the scheme qualifies as a

professional investor fund targeting qualifying investors in

terms of guidelines", there shall be substituted the words

"Where the scheme qualifies as a professional investor fund

targeting qualifying investors or as a professional investor fund

targeting extraordinary investors in terms of Investment

Services Rules"; and

(b) for the words "by means of guidelines", there shall

be substituted the words "by means of Investment Services

Rules".

Immediately after regulation 22 of the principal

regulations, there shall be inserted the following new Part

"Part 6

Alternative Investment Funds

Where the scheme qualifies as an

Custodian

arrangements

alternative investment fund, custodial

of alternative

investment

arrangements of the scheme shall comply

funds.

with such requirements as the competent

authority shall prescribe in the Investment

Services Rules, and Part 4 of these regulations

shall not apply thereto.".

€0.18