INVESTMENT SERVICES ACT (EUROPEAN LONG- TERM INVESTMENT FUNDS) REGULATIONS

INVESTMENT SERVICES ACT

(EUROPEAN LONG-TERM INVESTMENT FUNDS)

SUBSIDIARY LEGISLATION 370.31

INVESTMENT SERVICES ACT (EUROPEAN LONG-

TERM INVESTMENT FUNDS) REGULATIONS

4th March, 2016

LEGAL NOTICE 70 of 2016.

(1) The title of these regulations is the Investment Services

Act (European Long-Term Investment Funds) Regulations.

(2) The purpose of these regulations is to implement the

relevant provisions of the ELTIF Regulation.

(1) In these regulations, unless the context otherwise

requires

"the Act" shall mean the Investment Services Act;

"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 not may be issued

thereunder;

"Alternative Investment Fund" or "AIF" shall mean 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;

"Alternative Investment Fund Manager" or "AIFM" shall mean a

legal person whose regular business is managing one or more AIFs;

"the competent authority" shall mean the Malta Financial

Services Authority established by the Malta Financial Services

Authority Act;

"European long-term investment fund" or "ELTIF" shall mean an

EU AIF authorised as a European long-term investment fund in

accordance with the ELTIF Regulation;

"EU AIF" shall mean

(a) an AIF which is authorised or registered in a Member

State or an EEA State under the applicable national

law; or

(b) an AIF which is not authorised or registered in a

Member State or an EEA State, but has its registered

office and, or head office in a Member State or an EEA

State;

"EU AIFM" shall mean an AIFM which has its registered office

in a Member State or an EEA State;

INVESTMENT SERVICES ACT

(EUROPEAN LONG-TERM INVESTMENT FUNDS)

"ELTIF Regulation" means Regulation (EU) No. 2015/760 of the

European Parliament and of the Council of 29 April 2015 on

European long-term investment funds, as may be amended from

time to time;

"home Member State" shall mean

(a) in relation to an ELTIF, the Member State or EEA

State where the ELTIF is authorised; and

(b) in relation to the manager of an ELTIF, the Member

State or EEA State in which the manager has its

registered office;

"manager of an ELTIF" shall mean the authorised EU AIFM

approved to manage an ELTIF, or the internally managed ELTIF

where the legal form of the ELTIF permits internal management

and where no external AIFM has been appointed; and

"the UCITS Directive" means Council Directive 85/611/EEC of

20 December 1985 on the co-ordination of laws, regulations and

administrative provisions relating to undertakings for collective

investment in transferable securities (UCITS), as amended from

time to time, and includes any implementing measures that may be

issued thereunder.

(2) Words and expressions used in these regulations which are

also used in the Act but which are not defined herein, shall have the

same meaning assigned to them in the Act.

(3) In the event that any of these regulations conflict with the

provisions of the ELTIF Regulation, the latter shall prevail.

The provisions of the ELTIF Regulation shall apply to

(a) ELTIFs for which Malta is the home Member State or

which are marketed in Malta in terms of the ELTIF

Regulation; and

(b) the managers of ELTIFs for which Malta is the home

Member State or which market ELTIFs in Malta in

terms of the ELTIF Regulation.

The competent authority shall, in its capacity as competent

authority in Malta of ELTIFs and of the managers of ELTIFs in

terms of the ELTIF Regulation, be responsible for supervising

compliance on an ongoing basis with the relevant provisions of the

ELTIF Regulation.

(1) The competent authority shall exercise all the

functions, obligations and powers and shall satisfy all the

requirements imposed on competent authorities by the ELTIF

Regulation.

(2) The competent authority shall also exercise, with respect to

the ELTIF Regulation, the powers conferred on it in accordance

with the AIFM Directive, as transposed in Maltese law, including

the power to impose an administrative penalty and any other

measure in terms of article 16A of the Act.

INVESTMENT SERVICES ACT

(EUROPEAN LONG-TERM INVESTMENT FUNDS)

(3) Without prejudice to sub-regulation (1), the competent

authority may, for the better implementation of the ELTIF

Regulation, exercise any of the powers assigned to it under the Act

in relation to ELTIFs and to the managers of ELTIFs.

For the better carrying out of the provisions of the ELTIF

Regulation and of these regulations, the competent authority may,

from time to time, issue and publish investment services rules

which shall be binding on ELTIFs and on the managers of ELTIFs.

Such rules may lay down additional requirements and conditions in

relation to ELTIFs and to the managers of ELTIFs and any other

matters as the c ompetent authority m ay deem appropriate,

including

(a) the operation of the ELTIF Regulation or of these

regulations;

(b) any matter relating to the functions, obligations and

powers of the competent authority under the ELTIF

Regulation; and

(c) any other matter arising in connection with the ELTIF

Regulation or these regulations.