S.L. 370.18 Art. 12Notification regarding liquidity management tools.

(1) Where Malta is the UCITS home Member State, the competent authority shall inform, without delay, the European regulatory authority of the UCITS management company where Malta is not the home Member State of the UCITS management company, the

European regulatory authority of the UCITS host Member State, ESMA, and if there are potential risks to the stability and integrity of the financial system the ESRB, of any notification received in accordance with Article 84(3) of the UCITS Directive, as transposed in the Investment Services Rules:

Provided that ESMA may share the information received in accordance with this sub-regulation with the European regulatory authorities referred to in this sub-regulation.

(2) Where the competent authority exercises powers in accordance with Article 15(2)(m) of the Act, it shall notify the European regulatory authority of the UCITS host Member State, the European regulatory authority of the UCITS management company where Malta is not the home Member State of the UCITS management company, ESMA, and if there are potential risks to the stability and integrity of the financial system the ESRB thereof.

(3) Where Malta is the UCITS host Member State and, or the home Member State of the UCITS management company, the competent authority may request the European regulatory authority of the UCITS home Member State to exercise powers in accordance with paragraph (b) of Article 84(2) of the UCITS Directive, as transposed in national law, specifying the reasons for the request and informing ESMA, and if there are potential risks to the stability and integrity of the financial system the ESRB thereof.

(4) Where Malta is the UCITS home Member State and the competent authority does not agree with a request received in accordance with Article 84(3b) of the UCITS Directive, as transposed in national law, it shall inform the requesting European regulatory authorities, ESMA and where the ESRB was informed of such request in accordance with the said Article, as transposed in national law, the ESRB thereof, stating the reasons for the disagreement:

Provided that in such case, an opinion shall be issued by ESMA in accordance with Article 84(3d) of the UCITS Directive of the AIFM.

(5) Where the competent authority does not act in accordance with ESMA’s opinion as referred to in sub-regulation (4) or does not intend to comply with such opinion, it shall inform ESMA and the requesting European regulatory authorities thereof, stating the reasons for its non-compliance or intention not to comply:

Provided that in the event of a serious threat to investor protection, to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the European Union and unless such publication conflicts with the legitimate interests of the UCITS’ unit holders or of the public, the fact that the competent authority does not comply or does not intend to comply with ESMA’s opinion, together with the reasons provided by the competent authority for its non-compliance or intention not to comply, may be published by ESMA:

Provided further that an analysis shall be carried out by ESMA as to whether the benefits of publication would outweigh the amplification of the threats to investor protection, to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the European Union resulting from that publication and the competent authority shall be given advance notice of such publication. SCHEDULE A

Deleted by: L.N. 361 of 2021.