Investment Services Act (Performance Fees)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,175, 29 ta’ Novembru, 2013

L.N. 426 of 2013

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Performance Fees)

(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 (Performance Fees) (Amendment) Regulations, 2013 and these

regulations shall be read and construed as one with the Investment S.L. 370.12.

Services Act (Performance Fees) Regulations, hereinafter referred to

as "the principal regulations".

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a)

immediately after the definition "accounting

period", 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) immediately after the definition "performance fee",

there shall be added the following new definition

" "professional investor" shall have the meaning

assigned to "professional client" in the Investment Services

Rules or an investor who has opted to be treated as a

professional client in terms of said Rules;";

(c)

in the definition "scheme", for the words "collective

investment scheme.", there shall be substituted the words

"collective investment scheme;"; and

(d)

immediately after the definition "scheme", there

shall be added the following new definition

" "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.".

The proviso to regulation 3 of the principal regulations

shall be substituted by the following

"Provided that these regulations shall not apply to schemes

licensed as professional investor funds and to schemes licensed

as alternative investment funds which are to be marketed solely

to professional investors as defined in regulation 2(1).".

In regulation 8 of the principal regulations, for the words

"issue guidelines in terms of article 6", there shall be substituted the

words "issue Investment Services Rules in terms of article 6".

€0.09