S.L. 233.11 Art. 7Evidence to support registration.

(1) The appointed registration agent shall only register assets under the Scheme against the submission by the applicant of original documentary evidence confirming that such assets are eligible under the Scheme and were held by the applicant on the applicable date, or else have originated from him if held by a fiduciary on such date.

(2) The documentary evidence referred to in sub-regulation (1) shall be:

(a) in the case of precious metal bullion, a confirmation from the institution with which the precious metal bullion is held;

(b) in the case of immovable property, a duly authenticated copy of the original contract by virtue of which the property was acquired and a confirmation from a duly qualified person that the said property was owned by the applicant on the applicable date;

(c) in the case of shareholder loans or other advances extended directly or indirectly to a company in a reputable jurisdiction, a duly authenticated copy of the agreement by virtue of which funds were advanced directly or indirectly by the applicant to such company together with such other documentary evidence that such loans or advances were duly received by the borrower, as well as an auditor’s certificate confirming title and existence of such loans or advances. In all cases, the said loans or advances must be evidenced in the audited financial statements submitted to the Inland Revenue Department or the Registrar of Companies in Malta (or to their equivalent counterparts, in the case of other jurisdictions) by 4 November 2013;

(d) in the case of all other eligible securities, deposits, insurance policies or units in collective investment schemes, a contract note or other written confirmation from the relevant licensed financial intermediary and in the case of an eligible asset to which the proviso to regulation 6 applies a written confirmation from the applicant that the asset that has been converted belonged to the applicant on the 4 November 2013;

(e) such other documentary evidence which may be declared sufficient or satisfactory by the Central Bank of Malta in writing on a case by case basis;

(f) where eligible assets are held by a third party, including a company referred to in regulation 2(2)(b)(iv), in a fiduciary capacity, the applicant shall also submit to the appointed registration agent:

(i) where the fiduciary is regulated and licensed in Malta or in a foreign jurisdiction, evidence that such fiduciary is in fact so regulated or licensed, and confirmation evidencing that such fiduciary held the eligible assets on behalf of or at the request of the applicant; or

(ii) where the fiduciary is not licensed or regulated, a confirmation, bearing the fiduciary’s original signature and witnessed by a Notary Public, a Commissioner of Oaths, or an Advocate, evidencing that such fiduciary held the eligible assets on behalf of or at the request of the applicant;

(iii) where the fiduciary is a company referred to in regulation 2(2)(b)(iv), a certified copy of the company’s memorandum and articles of association and its certificate of registration and its register of members; and a confirmation bearing the original signature of the directors of the said company authenticated in the jurisdiction of registration of the company evidencing that (a) the applicant is the beneficial owner of the shares, alone or with others, and controls the same, alone or with others; and (b) the company is the beneficial owner of all the assets of the company subject of the application: Provided that the existence of any shareholder loans or advances, any liabilities to third parties and any security agreement relating to the assets shall not hinder the making of such confirmation and may be referred to in the directors’ statement should the directors consider it appropriate to do so. The directors may also attach a copy of the latest unaudited accounts of the company in any form they may take should they consider it appropriate to do so.

(3) Where eligible assets which may be registered under the Scheme have been switched or otherwise converted or exchanged by the applicant into other eligible assets during the period between 4 November 2013 and the registration date, the applicant is to provide documentary evidence of such conversions or exchanges as may be required by the appointed registration agent. This rule shall also apply if the eligible assets are held by a fiduciary.

(4) Copies of the original documentary evidence provided by the applicant in terms of these regulations are to be retained by the appointed registration agent, in printed or electronic form, for record purposes for a period of ten years.