Investment Services Act (UCITS Management Company Passport)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,690, 27 ta’ Awwissu, 2021

L.N. 333 of 2021

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (UCITS Management Company Passport)

(Amendment) Regulations, 2021

IN EXERCISE of the powers conferred by article 12 of the

Investment Services Act, the Minister responsible for the regulation of

Financial Services, 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, scope

Services Act (UCITS Management Company Passport) (Amendment) and

commencement.

Regulations, 2021, and these regulations shall be read and construed as

one with the Investment Services Act (UCITS Management Company S.L. 370.20.

Passport) Regulations, hereinafter referred to as "the principal

regulations".

(2) The scope of these regulations is to transpose Article 1(1)

of Directive (EU) 2019/1160 of the European Parliament and of the

Council of 20 June 2019 amending Directives 2009/65/EC and 2011/

61/EU with regard to cross-border distribution of collective investment

undertakings.

(3) These regulations shall be deemed to have come into force

on 2nd August 2021.

In the definition "UCITS Directive" in sub-regulation (1) of Amend

regulation 2 of the principal regulations, immediately after the words regulation

the principal

"for collective investment in transferable securities (UCITS) (recast)", regulations.

there shall be added the words ", as amended from time to time, and

includes any binding legal instruments, guidelines and other measures

that have been or may be issued thereunder;".

Immediately after sub-regulation (8) of regulation 3 of the Amends

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

the principal

regulations

regulations.

"(8A) Where, pursuant to a change referred to in sub-

regulation (8), the Maltese management company would no

longer comply with the UCITS Directive, the competent

authority shall inform the Maltese management company within

fifteen (15) working days of receipt of all the information

referred to in sub-regulation (8) that it is not to implement that

change. The competent authority shall also inform the European

regulatory authority of the Member State or EEA State in which

the branch is established accordingly.

(8B) Where a change referred to in sub-regulation (8) is

implemented after information has been transmitted in

accordance with sub-regulation (8A), and pursuant to that

change the Maltese management company no longer complies

with the UCITS Directive, the competent authority shall take all

appropriate measures in accordance with the provisions of the

Act and any other Act administered by the competent authority

and any regulations issued thereunder, and shall notify the

European regulatory authority of the Member State or EEA State

in which the branch is established without undue delay of the

measures taken.".

Immediately after sub-regulation (4) of regulation 9 of the

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

regulations

"(4A) Where, pursuant to a change referred to in sub-

regulation (4), the European management company would no

longer comply with the UCITS Directive, the competent

authority shall receive notification in terms of the second

subparagraph of Article 17(8) of the UCITS Directive from the

European regulatory authority of the home Member State or

EEA State of the European management company.

(4B) Where a change referred to in sub-regulation (4) is

implemented, after information has been transmitted by the

European regulatory authority of the home Member State or

EEA State of the European management company in accordance

with the second subparagraph of Article 17(8) of the UCITS

Directive, and pursuant to that change the European management

company no longer complies with the UCITS Directive, the

competent authority shall receive notification from the European

regulatory authority of the home Member State or EEA State of

the European management company without undue delay of the

measures taken in terms of the third subparagraph of Article

17(8) of the UCITS Directive.".

€0.09