S.L. 370.32 Art. 4Requirement of a licence.

(1) An entity shall be licensed under the Act to provide depositary services to a collective investment scheme.

(2) An entity may be licensed under the Act to provide depositary services to any type of collective investment scheme.

(3) Without prejudice to sub-regulation (2), an entity may be licensed under the Act to provide depositary services limitedly to:

(a) AIFs marketed in Malta in accordance with regulation 7 of the Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations;

(b) AIFs which have no redemption rights exercisable during the five (5) year period from the date of initial investment, and which generally do not invest in assets that shall be held in custody in terms of the Investment Services Rules; and, or

(c) Professional Investor Funds targeting Qualifying Investors and Extraordinary Investors.