S.L. 370.20 Art. 6Management of European UCITS by Maltese management companies.

(1) A Maltese management company which intends to manage a European UCITS shall apply to the European regulatory authority of the UCITS home Member State or EEA State and shall provide the said European regulatory authority with the following documentation:

(a) the written agreement with the depositary pursuant to regulation 5 of the Investment Services Act (Depositaries of Collective Investment Schemes) Regulations; and

(b) information on delegation arrangements regarding functions of investment management and administration referred to in the Investment Services Rules: Provided that, where the Maltese management company already manages UCITS of the same type in the same European Member State or EEA State, reference to the documentation already provided shall be sufficient.

(2) A Maltese management company shall notify any subsequent material modifications of the documentation referred to in sub-regulation (1) to the European regulatory authority of the UCITS home Member State or EEA State.

(3) In so far as necessary to enable the European regulatory authority of the UCITS home Member State or EEA State to ensure compliance with the rules for which it is responsible, the competent authority shall, upon specific request by that European regulatory authority, provide clarifications and information within ten working days of the initial request 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 competent authority pursuant to regulations 3 and 4, information as to whether the type of UCITS for which authorisation is requested falls within the scope of a Maltese management company’s licence.

(4) Following prior consultation with the competent authority, the European regulatory authority of the UCITS home Member State or EEA State may refuse the application of a Maltese management company to manage that UCITS only if:

(a) the Maltese management company does not comply with the fund rules applicable in the UCITS home Member State or EEA State and for which the European regulatory authority in the UCITS home Member State or EEA State is responsible to ensure compliance;

(b) the Maltese management company is not licensed by the competent authority to manage the type of UCITS for which authorisation is requested in terms of sub-regulation (1);

(c) the Maltese management company has failed to provide the European regulatory authority in the UCITS home Member State or EEA State with the documentation referred to in sub-regulation (1).