S.L. 370.20 Art. 12Management of Maltese UCITS by European management companies.

(1) A European management company which intends to manage a Maltese UCITS shall provide the competent authority with the following documentation:

(a) the written agreement with the depositary in accordance with the applicable Investment Services

Rules; and

(b) information on the delegation arrangements regarding the functions of investment management and administration in accordance with the applicable Investment Services Rules:

Provided that, where a European management company already manages other Maltese UCITS of the same type, reference to the documentation already provided to the competent authority shall be sufficient.

(2) The European management company shall notify any subsequent material modifications of the documentation referred to in sub-regulation (1) to the competent authority.

(3) In so far as necessary to ensure compliance with the rules for which it is responsible, the competent authority may ask the European regulatory authority of the home Member State or EEA State of the European management company for clarifications and information with regards to the following:

(a) the documentation referred to in sub-regulation (1); and

(b) on the basis of the attestation provided by the European regulatory authority of the European management company home Member State or EEA State pursuant to regulations 9 and 10, information as to whether the type of UCITS for which authorisation for management is requested falls within the scope of the authorisation of the European management company.

(4) The competent authority may refuse the application of a European management company to manage a Maltese UCITS only if:

(a) the European management company does not comply with the provisions of regulation 11;

(b) the European management company is not authorised by the European regulatory authority of its home Member State or EEA State to manage the type of UCITS for which the authorisation is being requested; or

(c) the European management company has failed to provide the competent authority with the documentation referred to in sub-regulation (1).

(5) The competent authority shall consult with the European regulatory authority of the European management company home Member State or EEA State prior to refusing an application.