S.L. 370.27 Art. 2Interpretation. Cap. 370. Cap. 330.

In these regulations, unless the context otherwise requires -

"the Act" means the Investment Services Act;

"AIF" means an alternative investment fund which is a collective investment scheme, including the subfunds thereof, which raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and which does not qualify as a UCITS Scheme in terms of 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); "ESMA" means the European Securities and Markets Authority established by Regulation (EU) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010; "EU Regulation" means Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds, as amended from time to time and as applicable to the managers of qualifying social entrepreneurship funds that wish to use the designation "EuSEF" in relation to the marketing of qualifying social entrepreneurship funds in the European Union; "European manager of qualifying social entrepreneurship funds" means a manager of qualifying social entrepreneurship funds, which manager is established in an EU Member State or EEA State other than Malta and is subject to registration with the regulatory authority of its home Member State in accordance with the EU Regulation; "Financial Services Tribunal" means the tribunal established in terms of article 21 of the Malta Financial Services Authority Act;

"home Member State" means the EU Member State or EEA State where the manager of a qualifying social entrepreneurship fund is established and is subject to registration with its regulatory authority; "host Member State" means the EU Member State or EEA State, other than Malta, where the manager of a qualifying social entrepreneurship fund markets qualifying social entrepreneurship funds in accordance with the EU Regulation;

"host regulatory authority" means the national authority which a host Member State may designate, by law or regulation, to undertake the registration of managers of qualifying social entrepreneurship funds in terms of the EU Regulation; "Maltese manager of qualifying social entrepreneurship funds" means a manager of qualifying social entrepreneurship funds, which manager is established in Malta and is licensed with the competent authority in accordance with the EU Regulation and in terms of the Act; and "qualifying social entrepreneurship fund" means a collective investment scheme licensed as an AIF that:

(a) intends to invest at least 70% of its aggregate capital contributions and uncalled committed capital in assets that are qualifying investments, calculated on the basis of amounts investible after deduction of all relevant costs and holdings in cash and cash equivalents, within a time frame laid down in its rules or instruments of incorporation;

(b) does not use more than 30% of its aggregate capital contributions and uncalled committed capital for the acquisition of assets other than qualifying investments, calculated on the basis of amounts investible after deduction of all relevant costs and holdings in cash and cash equivalents; and

(c) is established within the territory of a EU Member State or EEA State, including Malta.

(2) Words and expressions used in the Act shall, in these regulations, have the same meaning as is assigned to them in the Act.

(3) In the event that any of these regulations conflict with the provisions of the EU Regulation, the latter shall prevail.