Regulations, 2022

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,852, 6 ta’ Mejju, 2022 B 713

L.N. 130 of 2022

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Marketing of UCITS) (Amendment)

Regulations, 2022

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 and

Services Act (Marketing of UCITS) (Amendment) Regulations, 2022, scope.

and these regulations shall be read and construed as one with the

Investment Services Act (Marketing of UCITS) Regulations, S.L. 370.18.

hereinafter referred to as "the principal regulations".

(2) The scope of these regulations is, in part, to transpose

Article 1(6) 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.

Regulation 4 of the principal regulations shall be amended Amends

regulation 4 of

as follows

the principal

regulations.

(a) immediately after sub-regulation (16) thereof, there

shall be added the following new sub-regulation

"(16A) The competent authority shall verify

whether the notification submitted by the Maltese UCITS

in accordance with sub-regulation (16) is complete. The

competent authority shall, no later than 15 working days

from the receipt of a complete notification, transmit that

notification to the European regulatory authority of the

Member State or EEA State identified in the notification

referred to in sub-regulation (16), and to ESMA. Upon

transmission of the notification, the competent authority

shall promptly notify the Maltese UCITS of that

transmission.";

(b) immediately after sub-regulation (17) thereof, there

shall be added the following new sub-regulations

"(18) The competent authority shall transmit to the

European regulatory authority of the Member State or

EEA State identified in the notification referred to in sub-

regulation (16) information on any changes to the

documents referred to in sub-regulation (3).

(19) Without prejudice to other monitoring activities

and supervisory powers as referred to in Article 21(2) and

Article 97 of the UCITS Directive, as from the date of

transmission in terms of sub-regulation (18), the European

regulatory authority of the Member State or EEA State

identified in the notification referred to in sub-regulation

(16) shall not require the Maltese UCITS concerned to

demonstrate compliance with national laws, regulations

and administrative provisions governing marketing

requirements referred to in Article 5 of Regulation (EU)

2019/1156 of the European Parliament and of the Council

of 20 June 2019 on facilitating cross-border distribution of

collective investment undertakings and amending

Regulations (EU) No 345/2013, (EU) No 346/2013 and

(EU) No 1286/2014.".

In paragraph (a) of sub-regulation (7) of regulation 5 of the

principal regulations, for the words "sub-regulation 1(a) to (c)" there

shall be substituted the words "sub-regulation 1(a) to (d)".

Regulation 8 of the principal regulations shall be amended

as follows

(a) immediately after sub-regulation (15) thereof, there

shall be added the following new sub-regulations

"(15A) The competent authority shall receive the

notification referred to in sub-regulation (15) from the

European regulatory authority of the European UCITS

home Member State or EEA State.

(15B) The competent authority shall also receive

from the European regulatory authority of the European

UCITS home Member State or EEA State information on

any changes to the documents referred to in sub-regulation

(2).";

(b) in sub-regulation (16) thereof, for the words "as well

as the competent authority" there shall be substituted the words

"as well as the European regulatory authority of the European

UCITS home Member State or EEA State"; and for the words

"provided that the information and communication means are

available for investors in the official language" there shall be

substituted the words "provided that the information and

communication means are available for investors located in

Malta in the official language";

(c) immediately after sub-regulation (16) thereof, there

shall be added the following new sub-regulations

"(17) Where the competent authority is identified in

the notification referred to in sub-regulation (15), it shall

have the same rights and obligations as the competent

authority of the UCITS host Member State as set out in

Article 21(2), Article 97(3) and Article 108 of the UCITS

Directive.

(18) Without prejudice to other monitoring activities

and supervisory powers as referred to in Article 21(2) and

Article 97 of the UCITS Directive, as transposed in

national law, as from the date of receipt of the information

under sub-regulation (15B), the competent authority shall

not require the European UCITS concerned to demonstrate

compliance with national laws, regulations and

administrative

provisions

governing

marketing

requirements referred to in Article 5 of Regulation (EU)

2019/1156 of the European Parliament and of the Council

of 20 June 2019 on facilitating cross-border distribution of

collective investment undertakings and amending

Regulations (EU) No 345/2013, (EU) No 346/2013 and

(EU) No 1286/2014.".

Regulation 9 of the principal regulations shall be amended Amends

regulation 9 of

as follows

the principal

regulations.

(a) in paragraph (a) of sub-regulation (5) thereof, for the

words "sub-regulation 1(b) to (d)", there shall be substituted the

words "sub-regulation 1(a) to (d)";

(b)

sub-regulation (5B) thereof shall be amended as

follows

(i) in paragraph (a) thereof the words "the official

language, or", and the words "by the European UCITS

itself" shall be deleted; and

(ii) paragraph (b) thereof shall be substituted by the

following

"(b) by the European UCITS itself, by a third

party which is subject to regulation and supervision

governing the tasks to be performed, or by both.".

€0.18