Capital) (Amendment) Regulations, 2017

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,711, 11 ta’ Jannar, 2017 B 93

L.N. 18 of 2017

COMPANIES ACT

(CAP. 386)

Companies Act (Investment Companies with Variable Share

Capital) (Amendment) Regulations, 2017

IN exercise of the powers conferred by article 84 of the

Companies Act, the Minister for Finance, after consultation with the

Malta Financial Services Authority, has made the following

regulations:-

The title of these regulations is the Companies Act Citation.

(Investment Companies with Variable Share Capital) (Amendment)

Regulations, 2017, and these regulations shall be read and construed

as one with the Companies Act (Investment Companies with Variable S.L. 386.02

Share Capital) Regulations, hereinafter referred to as "the principal

regulations".

Regulation 2 of the principal regulations shall be amended Amends

regulation 2 of

as follows

the principal

regulations.

(a)

immediately after the definition "Act", there shall

be added the following new definitions

" "AIFM Directive" means Directive 2011/61/EU

of the European Parliament and of the Council of 8 June

2011 on Alternative Investment Fund Managers and

amending Directives 2003/41/EC and 2009/65/EC and

Regulations (EC) No 1060/2009 and (EU) No 1095/2010,

as amended from time to time, and includes any

implementing measures that have been or may be issued

thereunder;

"Alternative Investment Fund or AIF" means a

collective investment scheme, including sub-funds 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;"; and

(b)

immediately after the definition "multi fund

company", there shall be added the following new definition

" "Notified AIF" means an AIF which has

been notified to the Authority pursuant to the

provisions of the Investment Services Act (List

of Notified AIFs) Regulations;".

Regulation 10 of the principal regulations shall be

amended as follows

(a)

in sub-regulation (1) thereof, for the words

"licensed by the competent authority either as Professional

Investor Funds or as UCITS within the meaning of the UCITS

Directive,", there shall be substituted the words "licensed by the

competent authority as Professional Investor Funds, as AIFs

within the meaning of the AIFM Directive, or as UCITS within

the meaning of the UCITS Directive, or notified to the

competent authority as Notified AIFs in terms of the Investment

Services Act (List of Notified AIFs) Regulations,";and

(b)

in sub-regulation (2) thereof, for the words

"licensed by the competent authority either as Professional

Investor Funds or as UCITS within the meaning of the UCITS

Directive", there shall be substituted the words "licensed by the

competent authority as Professional Investor Funds, as AIFs

within the meaning of the AIFM Directive, or as UCITS within

the meaning of the UCITS Directive, or notified to the

competent authority as Notified AIFs in terms of the Investment

Services Act (List of Notified AIFs) Regulations,".

In sub-regulation (1) of regulation 15 of the principal

regulations, for the words "Qualifying investors or Extraordinary

investors as defined by Investment Services Rules issued by the

competent authority,", there shall be substituted the words

"Qualifying investors or Extraordinary investors as defined by

Investment Services Rules issued by the competent authority, AIFs

the units of which are held solely by Qualifying, Extraordinary or

Professional investors as defined respectively by Investment Services

Rules issued by the competent authority, AIFs notified to the

competent authority as Notified AIFs the units of which are held

solely by Qualifying and Professional investors in terms of the

Investment Services Act (List of Notified AIFs) Regulations,".

€0.09