S.L. 370.20 Art. 4Freedom of establishment of Maltese management companies - services.

(1) A Maltese management company wishing to exercise the right to provide services in a Member State or EEA State other than Malta for the first time shall submit to the competent authority a notice containing the following information:

(a) the Member State or EEA State within the territory of which the Maltese management company intends to operate;

(b) a programme of operations stating the activities and services in terms of the Investment Services Rules which the Maltese management company intends to carry out, including a description of the risk management process implemented by the Maltese management company and a description of the procedures and arrangements implemented in accordance with the Investment Services Rules.

(2) The competent authority shall, within one month of receiving the information referred to in sub-regulation (1), forward it to the European regulatory authority of the Member State or EEA State where the Maltese management company intends to provide services. The competent authority shall also communicate to such European regulatory authority the details of any applicable compensation scheme intended to protect investors.

(3) Where a Maltese management company intends to carry out the activity of collective portfolio management pursuant to the applicable Investment Services Rules, the competent authority shall, together with the information prescribed in sub-regulations

(1) and (2), also provide the European regulatory authority of the Member State or EEA State where the Maltese management company intends to provide services with an attestation that the Maltese management company has been licensed pursuant to the provisions of the UCITS Directive, a description of the scope of the Maltese management company’s authorisation and the details of any restriction on the types of UCITS that the Maltese management company is licensed to manage.

(4) Notwithstanding the provisions of regulation 6 of these regulations and regulation 4 of the Investment Services Act (Marketing of UCITS) Regulations, 2011, upon expiration of the period prescribed in sub-regulation (2), the Maltese management company may commence to provide the service or services in question in the European host Member State or EEA State.

(5) A Maltese management company which pursues activities under the freedom to provide services shall comply with the provisions of the Act, any applicable regulations made thereunder and the Investment Services Rules.

(6) Where the content of the information communicated in accordance with sub-regulation (1)(b) is amended, a Maltese management company shall give prior written notice of such amendment to the competent authority and to the European regulatory authority of the Member State or EEA State where the Maltese management company is providing services.

(7) The competent authority shall update the information contained in the attestation referred to in sub-regulation (3) and shall inform the European regulatory authority of the Member State or EEA State where the Maltese management company is providing services whenever there is a change in the scope of the Maltese management company’s licence or in the details of any restriction on the types of UCITS that the Maltese management company is licensed to manage.