S.L. 370.10 Art. 2Interpretation.

In these regulations, unless the context otherwise requires -

"the Act" means the Investment Services Act;

""ancillary service" means any of the services listed within the

Third Schedule to the Act; "branch" means a place of business, other than the head office, which is a part of the investment firm, and which has no legal personality and which provides investment services and which may also perform ancillary services for which the investment firm has been authorised; all the places of business set up in the same Member State or EEA State by an investment firm with headquarters in another Member State or EEA State shall be regarded as a single branch;

"the competent authority" means the Malta Financial Services

Authority established by the Malta Financial Services Authority Act;

"Conduct of Business Rules" refers to Rules issued by the competent authority under various articles of the Act; "core investment service" means a service listed in Section A of the Annex to "MiFID", incorporated in Schedule 1 to these regulations; "ESMA" means the European Securities and Markets Authority;

"European credit institution" shall have the same meaning assigned to it by regulation 2 of the European Passport Rights for

Credit Institutions Regulations;

"ESMA" means 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; "European investment firm" means an investment firm as defined in article 4(1) of MiFID authorised by its European regulatory authority within the meaning of article 5 of MiFID or authorised by a European regulatory authority in an EEA State;

"European right" means the entitlement of a person to establish a branch, or provide services, in a Member State or EEA State other than that in which it has its head office -

(a) in accordance with the Treaty as applied in the Member State or EEA State; and

(b) subject to the requirements of MIFID and subject to any regulations made under the Act and, or Investment Services Rules and, or Conduct of Business Rules issued by the competent authority in terms of article 6 of the Act, implementing such requirements as may be applicable.

"home Member State or EEA State" means:

(a) where the European investment firm is a natural person, the Member State or EEA State in which the head office of that person is situated; or

(b) where the European investment firm is a legal person, the Member State or EEA State in which its registered office is situated or, if under its national law it has no registered office, the Member State or EEA State in which its head office is situated; "host Member State or EEA State" means the Member State or EEA State where a Maltese investment firm exercises or proposes to exercise European rights; "investment firm" means any person, other than persons to whom

MiFID does not apply in terms of Article 2 of the said MiFID listed in Schedule 2 to these regulations, whose regular occupation or business is the provision of any one or more core investment services to third parties on a professional basis; "Investment Services Rules" means the rules issued by the competent authority in terms of article 6 of the Act; "Maltese investment firm" means a person licensed in terms of the Act, whose head office is in Malta and who is entitled to carry on an activity in a Member State or EEA State other than Malta in exercise of a European right; "MiFID" 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, as amended from time to time, and includes any implementing measures that have been or may be issued thereunder;

"Regulation (EU) No 600/2014" means Regulation (EU) No 600/

2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation

(EU) No 648/2012, as amended from time to time; "Regulation (EU) No 1095/2010" means Regulation (EU) No 1095/

2010 of the European Parliament and of the Council of 24 November

2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/ EC and repealing Commission Decision 2009/77/EC, as amended from time to time; "MiFID Directive" means Directive 2004/39/EC of the European

Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/ 22/EEC, as amended from time to time, and includes any implementing measures that have been or may be issued thereunder; "tied agent" shall have the same meaning as that assigned to it in regulation 2 of the Investment Services (Tied Agents) Regulations; "the Treaty" means Treaty of Rome signed in 1957, establishing the European Economic Community as subsequently amended.

(2) Words and expressions which are also used in the Act shall have the same meaning as in the Act.

Part I - Exercise of Passport Rights by European investment firms