TRANSFER OF LISTED FINANCIAL INSTRUMENTS REGULATIONS

TRANSFER OF LISTED FINANCIAL INSTRUMENTS

SUBSIDIARY LEGISLATION 345.08

TRANSFER OF LISTED FINANCIAL

INSTRUMENTS REGULATIONS

1st April, 2006

LEGAL NOTICE 287 of 2004, as amended by Act IV of 2005 and Legal

Notice 335 of 2007.

The title of these regulations is the Transfer of Listed

Financial Instruments.

The transfer of the ownership of listed financial

instruments that are transacted on a regulated market is complete

for all purposes of law up on the paym ent, in full and final

settlement, of the consideration where such payment is effected

through a payment system approved and authorised by the Central

Bank of Malta in accordance with article 36 of the Central Bank of

Malta Act; and the provisions of article 1347 of the Civil Code

shall not apply.

The provisions of regulation 2 shall also apply to

transactions traded outside the regulated market, in accordance

with the Financial Markets Act (Off-Market Deals) Regulations,

made under the Act, unless the parties thereto specifically agree

otherwise.