Cap. 13 Art. 2Persons and acts affected. Substitued by: XXIII.2022.3. S.L. 459.01. Cap. 459. Applicability of law.

The commercial law relates to traders and to acts of trade done by any person, even though not a trader and, for the purposes of

Part III alone:

(a) extends to the persons referred to in article 477;

(b) shall not extend:

(i) to public corporations or agencies established by law;

(ii) where any applicable law creates a separate patrimony in the hands of a person or where a person is vested with ownership, has registered in his name, holds, exercises control or powers of disposition over property subject to fiduciary obligations;

(iii) to any accrued occupational pension entitlements;

(c) shall not extend insofar as these may be inconsistent with, or insofar as these may be construed as limiting or restricting, the application of the following laws or instruments, or any transposing legislation, as may be amended from time to time:

(i) the Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment that was opened for signature at Cape Town on 16 November 2001, as transposed or as enforceable in terms of Maltese law;

(ii) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, as transposed in terms of Maltese law;

(iii) Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements, as transposed in terms of Maltese law;

(iv) Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;

(v) the safeguarding requirements of funds for:

(aa) payment institutions laid down under Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No. 1093/ 2010, and repealing Directive 2007/64/EC, as transposed in terms of Maltese law; and

(bb) electronic money institutions laid down under Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC, as transposed in terms of Maltese law;

(vi) the Financial Collateral Arrangements Regulations and any financial collateral arrangement in terms thereof;

(vii) the Set-Off and Netting on Insolvency Act.

In commercial matters, the commercial law shall apply: 3.

Provided that where no provision is made in such law, the usages of trade or, in the absence of such usages, the civil law shall apply.