S.L. 370.52 Art. 12Fees in relation to European management companies. S.L. 370.20.   S.L. 370.20.        S.L. 370.20.

(1) A European management company that intends to establish a branch in Malta in accordance with regulation 9 of the

Investment Services Act (UCITS Management Company Passport)

Regulations shall, upon being notified by the European regulatory authority of its home Member State in accordance with Article 35(3) of MIFID as transposed in national law, pay the competent authority a notification fee as established in the First Schedule, as applicable.

(2) A European management company that has established a branch in Malta in accordance with regulation 9 of the Investment

Services Act (UCITS Management Company Passport) Regulations shall, subject to the provisions of sub-regulation (3), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.

(3) The first annual supervisory fee due in accordance with sub-regulation (2) shall be paid to the competent authority on the date when the branch of the European management company can commence its business in Malta in accordance with regulation 9(3) of the Investment Services Act (UCITS Management Company

Passport) Regulations and annually thereafter on the date when such branch was able to commence its business in Malta in accordance with the said provision.