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Investment Services Act, 1994 (Cap. 370) Investment Services Act (Prospectus Of Collective Investment Schemes) (Amendment) Regulations, 2003 (L.N. No. 189 Of 2003 )

INVESTMENT SERVICES ACT, 1994 (CAP. 370)
Investment Services Act (Prospectus of Collective Investment Schemes) (Amendment) Regulations, 2003
IN exercise of the powers conferred by article 12 of the Investment Services Act, 1994, 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 Services Act (Prospectus of Collective Investment Schemes) (Amendment) Regulations, 2003, and shall be read and construed as one with the Investment Services Act (Prospectus of Collective Investment Schemes) Regulations, 1996, hereinafter referred to as “the principal regulations”.
(2) These regulations shall come into force on the 1st
August, 2003.
2. In regulation 2 of the principal regulations, immediately after the definition “competent authority” there shall be inserted the following new definition>
“ “offer to the public” has the same meaning as that assigned to the words in article 2 of the Companies Act, and reference to the words “Registrar” and “shares” shall be read as if such references were references to the words “competent authority” and “units” respectively< and where the offer is made by an issuer which is not a company, then the relevant provisions of that article shall apply mutatis mutandis to such offers<”.
3. Regulation 3 of the principal regulations, shall be amended as follows>
(a) for subregulation (1) thereof, there shall be substituted the following>
“(1) A scheme shall not offer any of its units to the public unless it has issued a prospectus which complies with these regulations and which is made available for inspection by the public.”<

Citation and commencement.

L.N. 103 of 1996

.

Amends regulation

2 of the principal regulations.

Amends regulation

3 of the principal regulations.

B 2258

Insertion of new

Regulation 8.

(b) in subregulation (3) thereof, for the words “by the competent authority.”, there shall be substituted the words “by the competent authority>
Provided that collective investment schemes, which under regulations made under the Act are exempted from the requirement of a licence under article 4 of the Act, are prohibited from making any offer of any of its units to the public except with the prior approval of the competent authority which may impose such terms and conditions as it may deem appropriate.”< and
(c) for subregulation (7) thereof, there shall be substituted the following>
“(7) Where the scheme is a company, a partnership en commandite or a limited partnership or other commercial partnership formed and registered under the laws of Malta, or is a company or other body corporate constituted or incorporated outside Malta, a signed copy of the prospectus shall be lodged with the Registrar of Companies prior to the issue of the form of application for the subscription of units. Such copy shall be signed by at least two directors or persons holding equivalent posts, or by one director and the company secretary, or by at least two persons duly authorised in writing by the Board of Directors for that purpose, in which case, the Board authority or a certified true copy thereof, shall be lodged.”.
4. Immediately after regulation 7 of the principal regulations, there shall be inserted the following new regulation 8>

“Applicable

Guidelines.

8. Where the scheme qualifies as a professional investor fund in terms of Guidelines issued for this purpose by the competent authority, any prospectus or other offering document issued by the scheme shall comply with such requirements as the competent authority may from time to time establish by the said Guidelines, and regulations 3 to 7 hereof shall not apply thereto.”.

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

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