S.L. 370.20 Art. 10Freedom of establishment of European management companies - services.

(1) Where a European management company wishes to exercise the right to provide services in Malta for the first time, the following service conditions shall be complied with:

(a) the European management company has provided the

European regulatory authority of its home Member State or EEA State with the following documentation:

(i) a notification of its intention to provide services in Malta;

(ii) a programme of operations stating the activities and services envisaged, including a description of the risk management process implemented by the European management company and a description of the procedures and arrangements implemented pursuant to Article 15 of the UCITS Directive;

(b) the competent authority has received from the European regulatory authority of the home Member State or EEA State of the European management company:

(i) the information in paragraph (a); and

(ii) details of any applicable compensation scheme intended to protect investors.

(2) Where a European management company wishes to pursue the activity of collective portfolio management as referred to in Annex II of the UCITS Directive, the European regulatory authority of the home Member State or EEA State of the European management company shall enclose with the documentation and information notified to the competent authority in accordance with sub-regulation (1) an attestation that the European management company has been authorised, a description of the scope of the authorisation of the European management company and details of any restriction on the types of UCITS that such company is authorised to manage.

(3) The European management company may commence to provide the service or services in respect of which it wishes to exercise the right to provide services in Malta upon receipt by the competent authority of all the documentation required in terms of sub-regulation (1).

(4) Where the content of the information communicated in accordance with sub-regulation (1)(a)(ii) is amended, a European management company shall give prior written notice of such amendment to the competent authority.

(5) The competent authority shall be informed by the European regulatory authority of the home Member State or EEA State of the European management company whenever there is a change in the scope of the authorisation of a European management company or in the details of any restriction on the types of UCITS that a European management company is authorised to manage.