S.L. 233.11 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires:

"applicable date" means any date between 4 November 2013 and 30 November 2014; "applicant" means a person who registers under the Scheme under regulation 3; "appointed registration agent" means a person appointed by the Central Bank of Malta under regulation 5; "eligible assets" shall, save for the provisions of sub-regulation (2), have the same meaning assigned to it by the Act and regulations made thereunder;

"fiduciary" means any private foundation or any person who is engaged to hold in his name or owns any eligible assets for another person under a mandate or a trust and shall include a company referred to in regulation 2(2)(b)(iv); "relevant laws" has the same meaning assigned to it in article 9B of the Income Tax Act;

"reputable jurisdiction" has the same meaning assigned to it by regulation 2 of the Prevention of Money Laundering and Funding of Terrorism Regulations.

(2) By virtue of the powers vested in the Minister under the Act, the Minister has determined that the eligible assets set out hereunder shall, by virtue and for the purposes of this regulation, are the following assets:

(a) deposits as defined in the Banking Act held with credit institutions licensed in Malta, or abroad irrespective of the currency of denomination;

(b) securities including (i) shares and stock in the capital of a company registered or incorporated in a reputable jurisdiction or other instruments creating or acknowledging an ownership interest in such company

(ii) debentures, certificates of deposit, bonds, notes and any other similar instrument creating or acknowledging indebtedness issued by a company registered in a reputable jurisdiction; (iii) securities issued by central, regional or local governments, states or sub-divisions of any state or any supra-national organization; and (iv) shares representing assets, where the preparation and filing of audited accounts are not mandatory under the law of their place of registration, and the applicant is otherwise unable to provide to the satisfaction of the Commissioner audited accounts by a reputable audit firm, companies referred to in sub-paragraph (i) shall be deemed to be fiduciaries of the beneficial owner of the said shares, holding assets on behalf of the beneficial owner of such shares and where there are several shareholders, the interest of the applicant in the eligible assets shall be the proportion of his rights to assets available for distribution on a winding up of the company as represented by the proportion of his shareholding to the total number of the shares in existence having rights to assets available for distribution on a winding up of the company. Provided that on the application of the beneficial owner, being the shareholder of such company, such assets shall be separately assessed for eligibility under paragraphs (a) to (g) but shall not include any shareholder loans or advances to such companies as is referred to in paragraph (f);

(c) units in a collective investment scheme, life and annuity long term insurance policies, whether index-linked or not issued by a scheme or insurer licensed in Malta or abroad;

(d) precious metal bullion;

(e) warrants, options, futures and other derivatives as well as any other financial instruments entered into in Malta and, or abroad for investment purposes;

(f) shareholder loans or other advances extended directly or indirectly to a company registered in a reputable jurisdiction; and

(g) immovable property situated in or outside Malta.

(3) Words and expressions used in these regulations which are also used in the Act or the Income Tax Act shall, unless the context otherwise requires, have the same meaning as assigned to them in the said Acts.

(4) For the purposes of these regulations, any income arising from eligible assets which is received after 4 November 2013 and reinvested before the date of registration, shall be deemed to constitute eligible assets existing on 4 November 2013 and shall be eligible for registration under these regulations.