S.L. 370.18 Art. 8Marketing of European UCITS in Malta.

(1) A European UCITS may market its units in Malta and shall be exempt from the provisions of article 4 of the Act, provided that prior to commencement of its marketing in Malta, the competent authority has received from the European regulatory authority of the UCITS home Member State or EEA State a notification letter made in the form and manner prescribed in Regulation No. 584/2010, which notification letter shall furthermore include the following information:

(a) information on the arrangements made for marketing by the European UCITS of its units in Malta, including where relevant in respect of share classes;

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

(c) the details necessary for the invoicing or for the communication of any applicable regulatory fees or charges by the competent authority, including the address; and

(d) information on the facilities for the performance of tasks referred to in regulation 9(5) of this Act.

(2) Together with the notification letter, the European UCITS shall enclose the following:

(a) the latest version of its constitutional documents and its prospectus in Maltese or English;

(b) where appropriate, its latest annual report and any subsequent half-yearly report in Maltese or English;

(c) the key investor information document as provided for in the Investment Services Rules in Maltese or English; and

(d) an attestation drawn up by the European regulatory authority that the European UCITS fulfils the conditions of the UCITS Directive, prepared in the manner and form prescribed by Regulation No. 584/ 2010.

(3) The competent authority shall ensure that a European UCITS is able to market its units in Malta upon notification, in accordance with sub-regulations (1) and (2).

(4) The European UCITS may access the Maltese market as from the date of notification to the competent authority by the European regulatory authority of the UCITS home Member State or EEA State in accordance with sub-regulations (1) and (2).

(5) The competent authority shall receive the complete documentation and information referred to in sub-regulation (1) and (2) from the European regulatory authority of the UCITS home Member State or EEA State in the manner prescribed by Articles 3 and 4 of Regulation No. 584/2010: Provided that the notification letter and the attestation referred to in sub-regulations (1) and (2) shall be provided to the competent authority in a language customary in the sphere of international finance, unless the competent authority and the European regulatory authority of the UCITS home Member State or EEA State agree that said documents be provided in an official language of both Member States.

(6) For the purpose of the notification procedure set out in this regulation, the competent authority shall not request any additional documents, certificates or information other than those provided in this regulation. In addition, the competent authority shall not impose any additional requirements or administrative procedures on the European UCITS in respect of the field governed by the UCITS Directive. (7) Deleted by Legal Notice 361 of 2021.

(8) The competent authority shall have access by electronic means, to the documents referred to in sub-regulation (2)(a), (b) and (c) and, if applicable, to any translation thereof.

(9) The European UCITS shall keep the documentation referred to in sub-regulation (2) and the translations thereof up to date. In addition it shall notify the competent authority of any amendments to the documents referred to in sub-regulation (2) and shall indicate where such documentation can be obtained electronically.

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

(11) Where, pursuant to a change as referred to in sub-regulation (10), the European UCITS would no longer comply with the UCITS Directive, the European regulatory authority of the UCITS home Member State or EEA State shall inform the European UCITS within fifteen (15) working days of receipt of all the information referred to in sub-regulation (10) that it is not to implement that change.

(12) Where a change referred to in sub-regulation (10) is implemented after information has been transmitted in accordance with sub-regulation (11) and pursuant to that change the European UCITS no longer complies with the UCITS Directive, the European regulatory authority of the UCITS home Member State or EEA State shall take all appropriate measures, including, where necessary, the express prohibition of marketing of the European UCITS, and shall notify the competent authority without undue delay of the measures taken.

(13) If a European UCITS wishes to terminate arrangements made for marketing of its units, including, where relevant, the share classes thereof in Malta, 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 Malta, and shall be publicly available for at least thirty (30) working days, addressed, directly or through financial intermediaries, individually to all investors in Malta, whose identity is known;

(b) the intention to terminate arrangements made for marketing such units in Malta 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 8(15).

(14) The information referred to in sub-regulations 8(13)(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 Malta, or in a language approved by the competent authority. As of the date referred to in sub-regulation 8(13)(c), the European UCITS shall cease any new or further, direct or indirect, offering or placement of its units which were the subject of de-notification in Malta.

(15) The European UCITS shall submit to the European regulatory authority of the UCITS home Member State or EEA State a notification containing the information referred to in sub-regulations 8(13)(a), (b) and (c).

(15A) The competent authority shall receive the notification referred to in sub-regulation (15) from the European regulatory authority of the European UCITS home Member State or EEA State.

(15B) The competent authority shall also receive from the European regulatory authority of the European UCITS home Member State or EEA State information on any changes to the documents referred to in sub-regulation (2).

(16) The European UCITS shall provide investors who remain invested in it as well as the European regulatory authority of the European UCITS home Member State or EEA State with the information required under Articles 68 to 82 and under Article 94 of the UCITS Directive. The European UCITS may provide such information using any electronic or other distance communication means, provided that the information and communication means are available for investors located in Malta in the official language or one of the official languages of Malta, or in a language approved by the competent authority.

(17) Where the competent authority is identified in the notification referred to in sub-regulation (15), it shall have the same rights and obligations as the competent authority of the UCITS host Member State as set out in Article 21(2), Article 97(3) and Article 108 of the UCITS Directive.

(18) Without prejudice to other monitoring activities and supervisory powers as referred to in Article 21(2) and Article 97 of the UCITS Directive, as transposed in national law, as from the date of receipt of the information under sub-regulation (15B), the competent authority shall not require the European 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.