S.L. 370.29 Art. 2Interpretation. Cap. 330. Cap. 370. S.L. 370.16 Cap. 370. Cap. 514. S.L. 370.18

In these regulations, unless the context otherwise requires -

''Alternative Investment Fund'' or ''AIF'' means a collective investment scheme, including 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 the UCITS Directive; "Alternative Investment Fund Manager" or "AIFM" means a legal person whose regular business is managing one or more AIFs; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "credit rating" shall have the same meaning as that assigned to it in paragraph (a) of Article 3(1) of the EU Regulation; "credit rating agencies" shall have the same meaning as that assigned to it in paragraph (b) of Article 3(1) of the EU Regulation; "EU Regulation" means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies;

"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 -

*see regulation 1(3) of these Regulations, as originally promulgated.

(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 Investment Services 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 Investment Services Act;

(c) where the UCITS is established as a unit trust, a unit trust whose proper law is the law of Malta; "occupational retirement scheme" means an occupational scheme as defined in article 2 of the Retirement Pensions Act and licensed by the competent authority in terms of the said Act; "sole and mechanistic reliance on credit ratings" occurs when an action or omission is the consequence of any type of rule based on credit ratings without any discretion;

"UCITS" means undertakings for collective investment in transferable securities in terms of regulation 3(2) and (3) of the Investment Services Act (Marketing of UCITS) Regulations. For the purposes of these regulations, a UCITS shall also include subfunds thereof.