S.L. 330.18 Art. 2Interpretation. Cap. 330. Cap. 330. 2 [S.L. Cap. 330. 3

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

''Act'' means the Malta Financial Services Authority Act;

''Authority'' shall have the same meaning as that assigned to it in the Malta Financial Services Authority Act;

"Directive 2009/138/EC" means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast), as may be amended from time to time;

"Directive 2011/61/EU" means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/ 2010, as may be amended from time to time;

"Directive 2013/34/EU" means Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/ EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC, as may be amended from time to time;

"Directive 2014/65/EU" means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast), as may be amended from time to time; (PACKAGED RETAIL AND INSURANCE-BASED 330.18 INVESTMENT PRODUCTS (PRIIPS))

"Directive (EU) 2016/97" means Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast), as may be amended from time to time;

"ESA" means the European Banking Authority established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, the European Insurance and Occupational Pensions Authority established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010, or the European Securities and Markets Authority established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010, as the case may be;

"Financial Services Tribunal" means the tribunal established under article 21 of the Act;

"insurance-based investment product" means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations;

"packaged retail and insurance-based investment product" or "PRIIP" means a product that is one or both of the following:

(a) a PRIP;

(b) an insurance-based investment product;

"packaged retail and insurance-based investment product manufacturer" or "PRIIP manufacturer" means:

(a) any entity that manufactures PRIIPs;

(b) any entity that makes changes to an existing PRIIP including, but not limited to, altering its risk and reward profile or the costs associated with an investment in a PRIIP;

"packaged retail investment product" or "PRIP" means an investment, including instruments issued by special purpose vehicles as defined in point (26) of Article 13 of Directive 2009/138/EC or securitisation special purpose entities as defined in point (an) of Article 4(1) of Directive 2011/61/EU, where, regardless of the legal form of the investment, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the retail investor;

"person selling a PRIIP" means a person offering or concluding a PRIIP contract with a retail investor;

"PRIIPs Regulation" means Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs), as may be amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder;

"Regulation (EU) 2017/1129" means Regulation (EU) 2017/ 1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as may be amended from time to time;

"retail investor" means:

(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU;

(b) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of Directive 2014/65/EU.

(2) Words and expressions used in these regulations which are also used in the Act, but which are not defined herein, shall have the same meaning assigned to them in the Act.