S.L. 370.20 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires:

"the Act" means the Investment Services Act;

"branch" means the place of business which is part of the management company, which has no legal personality and which provides the services for which the management company has been authorised. All the places of business established in the same Member State or EEA State by a management company having its head office in another Member State or EEA State shall be regarded as a single branch; "Directive 2014/91/EU" means Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions, as may be amended from time to time and includes any implementing measures that have been or may be issued thereunder; "ESMA" means the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of the 24 November 2010; "European management company" means a management company authorised by a European regulatory authority in a Member State or EEA State other than Malta and the regular business of which is the management of UCITS; "European management company home Member State or EEA State" means the Member State or EEA State in which the European management company has its registered office; "European management company host Member State or EEA State" means the Member State or EEA State, other than the home Member State or EEA State within the territory of which a European management company has a branch or provides services; "European UCITS" means a UCITS authorised by a European regulatory authority in a Member State or EEA State other than Malta; "home Member State or EEA State" means the Member State or EEA State in which the registered office and head office of the management company is situated;

"host Member State or EEA State" means the Member State or EEA State, other than the home Member State or EEA State, within the territory of which a management company has a branch or provides services; "key investor information" shall have the same meaning assigned to it in the Investment Services Rules; "Maltese management company" means a management company licensed by the competent authority with its head office and registered office situated in Malta and the regular business of which is the management of UCITS; "Maltese UCITS" means -

(a) an investment company, a partnership en commandite or a limited partnership with its registered office and head office situated in Malta and licensed in terms of the Act;

(b) where the UCITS is constituted as a common fund, a UCITS domiciled in Malta in terms of the Investment Services Act (Contractual Funds) Regulations, and licensed in terms of the Act;

(c) where the UCITS is established as a unit trust, a unit trust whose proper law is the law of Malta; "Tribunal" means the Financial Services Tribunal established in terms of the Malta Financial Services Authority Act;

"UCITS" means undertakings for collective investment in transferable securities in terms of regulation 3 of the Investment Services Act (Marketing of UCITS) Regulations, 2011; "UCITS Directive" means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast), as amended from time to time, and includes any binding legal instruments, guidelines and other measures that have been or may be issued thereunder;; "UCITS home Member State or EEA State" means the Member State or EEA State in which a UCITS is authorised pursuant to Article 5 of the UCITS Directive.

(2) Words and expressions which are also used in the Act shall have the same meaning as in the Act.

(3) In the event that any of these regulations conflict with the provisions of the UCITS Directive, the latter shall prevail. FREEDOM OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES BY MALTESE MANAGEMENT COMPANIES