S.L. 370.32 Art. 38Applicability of Part 4b.

(1) This Part shall apply solely to depositaries lite which provide custody services to the following types of AIFs:

(a) AIFs which are managed by a Maltese or EU AIFM or are self-managed AIFs and which have no redemption rights exercisable during the period of five years from the date of the initial investments and which, in accordance with their core investment policy, generally do not invest in assets that must be held in custody in accordance with regulation 32(1)(a) or which generally invest in issuers or non-listed companies in order to acquire control of such companies in accordance with the provisions of the applicable Investment Services Rules; and, or

(b) third country AIFs which are marketed in Malta by a Maltese or EU AIFM in terms of regulation 7 of the Investment Services Act (Alternative Investment Fund

Manager) (Third Country) Regulations.

(2) A depositary lite as referred to in sub-regulation (1) shall also be guided by the rules prescribed in Part B IV of the Investment Services Rules for Investment Services Providers applicable to depositaries.