S.L. 370.18 Art. 4Marketing of Maltese UCITS.

(1) Where a Maltese UCITS proposes to market its units in a Member State or EEA State other than Malta, it shall first submit a written notification letter of its intention to the competent authority.

(2) The notification letter shall be made in the form and manner prescribed in Regulation No. 584/2010 and shall furthermore include the following information:

(a) information on the arrangements made for marketing of the units of the Maltese UCITS in the Member State or EEA State, including where relevant in respect of share classes;

(b) an indication that the units of the Maltese UCITS will be marketed by the management company that manages the Maltese UCITS;

(c) the details necessary for the invoicing or for the communication of any applicable regulatory fees or charges by the European regulatory authority of the host Member State or EEA State, including the address; and

(d) information on the facilities for the performance of tasks referred to in regulation 5(7) of these regulations.

(3) The Maltese UCITS shall enclose the following documents with the notification letter:

(a) the latest version of its constitutional documents and its prospectus;

(b) where appropriate, its latest annual report and any subsequent half-yearly report translated in accordance with regulation 5; and

(c) the key investor information document as provided for in the Investment Services Rules and translated in accordance with regulation 5.

(4) The competent authority shall verify whether the information and documentation submitted by the Maltese UCITS in accordance with sub-regulations (2) and (3) is complete and, if satisfied, shall produce an attestation that the Maltese UCITS fulfils the conditions imposed by the UCITS Directive in the manner and form prescribed by Regulation No. 584/2010.

(5) The competent authority shall transmit the complete information and documentation referred to in sub-regulations (1),

(2) and (3) to the European regulatory authority of the Member State or EEA State in which the Maltese UCITS proposes to market its units, by not later than ten working days from the date of receipt of the notification letter accompanied by the complete documentation referred to in sub-regulation (3). The competent authority shall also transmit to such European regulatory authority the attestation issued pursuant to sub-regulation (4): Provided that in transmitting the notification to the European regulatory authority of the Member State or EEA State, the competent authority shall comply with the requirements of the provisions of Regulation No. 584/2010.

(6) The notification letter referred to in sub-regulation (2), and the attestation referred to in sub-regulation (4), shall be provided in a language customary in the sphere of international finance, unless the competent authority and the European authority of the Member State or EEA State in which the Maltese UCITS wishes to market its units agree that the said documents be provided in an official language of both Member States.

(7) Upon transmission of the documentation, the competent authority shall immediately notify the Maltese UCITS thereof and the Maltese UCITS may commence marketing its units in the Member State or EEA State as from the date of such notification.

(8) For the purposes of the notification procedure under this regulation, the Maltese UCITS shall not be required by the European regulatory authority of the Member State or EEA State in which it wishes to market its units, to submit any additional documents, certificates or information other than those requested in this regulation.

(9) The European regulatory authority of the Member State or EEA State in which the Maltese UCITS intends to market its units shall have access, by electronic means, to the documents referred to in sub-regulation (3) and, if applicable, to any translation thereof.

(10) The Maltese UCITS shall keep the documentation referred to in sub-regulation (3) and the translations thereof updated. The Maltese UCITS shall notify any amendments to the documents referred to in sub-regulation (3) to the European regulatory authority of the Member State or EEA State in which it is marketing its units and shall indicate where those documents can be obtained electronically.

(11) In the event of a change in the information regarding the arrangements made for marketing communicated in the notification letter in accordance with subregulations (1) and (2), or a change regarding share classes to be marketed, the Maltese UCITS shall give written notice thereof to both the competent authority and the European regulatory authority of the UCITS host Member State or EEA State at least one (1) month before implementing that change.

(12) Where, pursuant to a change as referred to in sub-regulation (11), the Maltese UCITS would no longer comply with the UCITS Directive, the competent authority shall inform the Maltese UCITS within fifteen (15) working days of receipt of all the information referred to in sub-regulation (11) that it is not to implement that change. In that case, the competent authority accordingly shall notify the European regulatory authority of the Member State or EEA State in which Maltese UCITS is currently marketing its units.

(13) Where a change referred to in sub-regulation (11) is implemented after information has been transmitted by the competent authority in accordance with sub-regulation (12) and pursuant to that change the Maltese UCITS no longer complies with the UCITS Directive, the competent authority shall take all appropriate measures in accordance with the Act, including, where necessary, the express prohibition of marketing of the Maltese UCITS and shall notify the European regulatory authority of the Member State or EEA State in which Maltese UCITS is currently marketing its units without undue delay of the measures taken.

(14) If a Maltese UCITS wishes to terminate arrangements made for marketing of its units, including, where relevant, the share classes thereof in the Member State or EEA State in which Maltese UCITS is currently marketing its units, in respect of which it has made a notification in accordance with sub-regulation 4(1), it shall be allowed to de-notify such marketing arrangements after fulfilling the following conditions:

(a) a blanket offer shall be made to repurchase or redeem, free of any charges or deductions, all such units held by investors in that Member State or EEA State, and shall be publicly available for at least 30 working days, addressed, directly or through financial intermediaries, individually to all investors in that Member State or EEA State whose identity is known;

(b) the intention to terminate arrangements made for marketing such units in that Member State or EEA State is made public by means of a publicly available medium, including by electronic means, which is customary for marketing UCITS and suitable for a typical UCITS investor; and

(c) any contractual arrangements with financial intermediaries or delegates are modified or terminated with effect from the date of de-notification in order to prevent any new or further, direct or indirect, offering or placement of the units identified in the notification referred to in sub-regulation 4(16).

(15) The information referred to in sub-regulations 4(14)(a) and

(b) shall clearly describe the consequences for investors if they do not accept the offer to redeem or repurchase their units. Such information shall be provided in the official language or one of the official languages of the Member State or EEA State in respect of which the Maltese UCITS has made a notification in accordance with sub-regulation 4(1), or in a language approved by the competent authorities of that Member State EEA State. With effect from the date referred to in sub-regulation 4(14)(c), the Maltese UCITS shall cease any new or further, direct or indirect, offering or placement of its units which were the subject of de-notification in that Member State or EEA State.

(16) The Maltese UCITS shall submit to the competent authority a notification containing the information referred to in sub-regulations 4(14)(a), (b) and (c).

(16A) The competent authority shall verify whether the notification submitted by the Maltese UCITS in accordance with sub-regulation (16) is complete. The competent authority shall, no later than 15 working days from the receipt of a complete notification, transmit that notification to the European regulatory authority of the Member State or EEA State identified in the notification referred to in sub-regulation (16), and to ESMA. Upon transmission of the notification, the competent authority shall promptly notify the Maltese UCITS of that transmission.

(17) The Maltese UCITS shall provide investors who remain invested in it as well as the competent authority with the information required under Articles 68 to 82 and under Article 94 of the UCITS Directive. The Maltese UCITS shall provide such information using any electronic or other distance communication means. Provided that the information and communication means are available for investors in the official language or one of the official languages of the Member State or EEA State where the investor is located or in a language approved by the competent authorities of that Member State or EEA State.

(18) The competent authority shall transmit to the European regulatory authority of the Member State or EEA State identified in the notification referred to in sub-regulation (16) information on any changes to the documents referred to in sub-regulation (3).

(19) Without prejudice to other monitoring activities and supervisory powers as referred to in Article 21(2) and Article 97 of the UCITS Directive, as from the date of transmission in terms of sub-regulation (18), the European regulatory authority of the Member State or EEA State identified in the notification referred to in sub-regulation

(16) shall not require the Maltese UCITS concerned to demonstrate compliance with national laws, regulations and administrative provisions governing marketing requirements referred to in Article 5 of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014.