ELECTRONIC CENTRAL DEPOSITORY FOR MALTA TREASURY BILLS DIRECTIVE

ELECTRONIC CENTRAL DEPOSITORY

FOR MALTA TREASURY BILLS

SUBSIDIARY LEGISLATION 133.01

ELECTRONIC CENTRAL DEPOSITORY FOR

MALTA TREASURY BILLS DIRECTIVE

16th March, 2007

LEGAL NOTICE 58 of 2007.

The title of this Directive is the Directive on the Electronic

Central Depository for Malta Treasury Bills.

In this Directive, unless the context otherwise requires -

"appointed dematerialisation date" means the appointed date

when Malta Treasury bills are registered on the Central Securities

Depository. The Minister shall, by notice in the Gazette, give

notification of such appointed dematerialisation date;

"business day" means any day which is not a Saturday and

Sunday or a public holiday, when the securities market in Malta is

closed as shall be notified by the Exchange from time to time;

"bye-laws" has the same meaning as is assigned to it by article 2

of the Financial Markets Act;

"Central Securities Depository" has the same meaning as is

assigned to it by article 2 of the Financial Markets Act;

"Exchange" has the same meaning as is assigned to it by article 2

of the Financial Markets Act.

(1) The Central Securities Depository shall be the

electronic central depository for Treasury bills issued under the

Malta Treasury Bills Act.

(2) The book-entry transfer arrangements operated by the

Central Securities Depository shall be instituted as the electronic

book-entry transfer system for Treasury bills mentioned in article

11(1) of the Malta Treasury Bills Act.

(1) Following the announcement of the appointed

dematerialisation date, all physical certificates of outstanding

Treasury bills must be returned to the Treasury by not later than

one business day prior to the appointed date.

(2) The holders of Treasury bill certificates who return their

respective certificate to the Treasury prior to the appointed

dematerialisation date shall be registered in the Central Securities

Depository and after the appointed date shall be provided with

notification from the Central Securities Depository confirming

such registration in the form of a Registration Advice.

(3) All Treasury bill certificates issued prior to the appointed

dematerialisation date shall cease to be negotiable in the secondary

market one business day prior to the appointed dematerialisation

date.

(4)

The nominal value of Treasury bill certificates that have not

ELECTRONIC CENTRAL DEPOSITORY

FOR MALTA TREASURY BILLS

yet been returned to the Treasury by one business day prior to the

appointed dematerialisation date shall be registered by the Treasury

in the Central Securities Depository in a Treasury Clients’ Account.