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Maltese Laws |
B 5667
COMPANIES ACT (CAP. 386)Investment Companies with Variable Share Capital asRetirement Funds Regulations, 2003IN exercise of the powers conferred by article 84 of the Companies Act, the Minister of Finance and Economic Affairs, acting on the advice of the Malta Financial Services Authority, has made the following regulations:
1. (1) The title of these regulations is the Investment Companies with Variable Share Capital as Retirement Funds Regulations, 2003.2004.
(2) These regulations shall come into effect on the 1st January,
2. The provisions of the Companies Act (Investment Companies with Variable Share Capital) Regulations, 1996, hereinafter referred to
as “the principal regulations”, shall apply mutatis mutandis to investment companies with variable share capital established for the purpose of acting and operating as Retirement Funds within
the meaning of articles
2 and 4 of the Special Funds (Regulation) Act, subject to the following exceptions and qualifications:
(a) references to “Competent Authority” shall be deemed to be references to the Authority under the Special Funds (Regulation)
Act;
(b) references to “SICAV” shall be deemed to be references to an investment company with variable share capital duly registered
as a Retirement Fund in terms of sub-article (3) of article
3 of the Special Funds (Regulation) Act;
(c) with reference to sub-regulation (1) of regulation 7 and notwithstanding the provisions thereof, the Authority shall require an
investment company with variable share capital duly registered as a Retirement Fund in terms of sub-article (3) of article 3 of the
Special Funds (Regulation) Act, to keep the assets and liabilities of each sub-fund comprised in that company as a patrimony separate
from the assets and liabilities of each other sub-fund of such company, and the provisions of the said regulation shall be construed
and applied accordingly, and references in sub-regulation
Applicability of L.N.
102 of 1996.
Cap. 450.
B 5668
(1) to the terms “may”, “elect” and “election” shall for these purposes be construed as referring to a mandatory requirement;
and
(d) regulation 8 of the principal regulations and the definition of “licensed manager” in regulation 2 thereof, shall not
apply.
Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta
Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press
Prezz 4ç – Price 4c
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URL: http://www.worldlii.org/mt/legis/laws/ca386icwvscarfr2003441o2003927