Regulations, 2016

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,589, 10 ta’ Ġunju, 2016

L.N. 222 of 2016

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (UCITS Administrative Penalties,

Measures and Investigatory Powers) (Amendment)

Regulations, 2016

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 (UCITS Administrative Penalties, Measures and scope.

L.N. 115 of

Investigatory Powers) (Amendment), Regulations, 2016, and these 2016.

regulations shall be read and construed as one with the Investment

Services Act (UCITS Administrative Penalties, Measure and

Investigatory Powers) Regulations, 2016, hereinafter referred to as

the "the principal regulations".

(2) The objective of these regulations is to transpose Article

99(6)(e) and Articles 99d(4) and (5) of the UCITS Directive.

In paragraph (a) of regulation 4 of the principal Amends

regulations, for the words "five million euro (€5,000,000);", there regulation

the principal

shall be substituted the words "five million euro (€5,000,000) or 10% regulations.

of the total annual turnover of the legal person according to the last

available accounts approved by the management body:", and

immediately thereafter there shall be added the following new

proviso

"Provided that where the legal person is a parent

undertaking or a subsidiary of the parent undertaking which has

to prepare consolidated financial accounts in accordance with

Directive 2013/34/EU of the European Parliament and of the

Council, the relevant total annual turnover shall be the total

annual turnover or the corresponding type of income in

accordance with the relevant Union law in the area of

accounting according to the last available consolidated accounts

approved by the management body of the ultimate parent

undertaking;".

Immediately after sub-regulation (2) of regulation 9 of the

principal regulations, there shall be added the following new sub-

regulations

"(3) The reporting by employees of investment

companies, management companies and custodians referred in

sub-regulation (1) shall not be considered to be an infringement

of any restriction on disclosure of information imposed by

contract or by any law, regulation or administrative provision,

and shall not subject the person reporting to liability of any kind

relating to such reporting.

(4) Management companies, investment companies and

custodians shall have in place appropriate procedures for their

employees to report infringements internally through a specific,

independent and autonomous channel.".

€0.09