S.L. 370.52 Art. 2Interpretation. 

(1) In these regulations, unless the context otherwise requires:

"Act" means the Investment Services Act;

"de AIFM" means an Alternative Investment minimis Fund Manager which:

(a) directly or indirectly, either through a company with which such AIFM is linked by common management or control or by a substantive direct or indirect holding, manages portfolios of AIFs whose assets under management, including any assets acquired through use of leverage, in total do not exceed a threshold of one hundred million euro (€100,000,000); or

(b) directly or indirectly, either through a company with which the AIFM is linked by common management or control or by a substantive direct or indirect holding, manages portfolios of AIFs whose assets under management in total do not exceed a threshold of five hundred million euro (€500,000,000) when the portfolios of AIFs consist of AIFs that are unleveraged and have no redemption rights exercisable during a period of five (5) years following the date of initial investment in each AIF;

"eligible counterparties" shall have the same meaning as is assigned to it in the Investment Services Rules; "European AIF" shall have the same meaning as is assigned to it in the Investment Services Act (Marketing of

Alternative Investment Funds) Regulations;

"European AIFM" shall have the same meaning as is assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Passport) Regulations;

"European feeder AIF" means a European AIF that:

(a) invests at least eighty-five per cent (85%) of its assets in units or share of another AIF (the ‘master AIF’); or

(b) invests at least eighty-five per cent (85%) of its assets in more than one (1) master AIFs where those master AIFs have identical investment strategies; or

(c) has otherwise an exposure of at least eighty-five per cent (85%) of its assets to such a master AIF; and

(d) does not fulfil the requirements prescribed in the second sub-paragraph of Article 31(1) of the AIFM Directive as transposed in national law;

"European investment firm" shall have the same meaning as is assigned to it in the European Passport Rights for Investment Firms Regulations;

"European management company" shall have the same meaning as is assigned to it in the Investment Services Act

(UCITS Management Company Passport) Regulations;

"European right" shall have the same meaning as that assigned to it in the Investment Services Act (Tied Agents)

Regulations;

"European UCITS" shall have the same meaning as that assigned to it in the Investment Services Act (Marketing of

UCITS) Regulations;

"EuSEF fund" shall have the same meaning as that assigned to "qualifying social entrepreneurship fund" in Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds;

"EuVECA fund" shall have the same meaning as that assigned to "qualifying venture capital fund" in Regulation

(EU) 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds;

"home Member State" means:

(a) where a European investment firm is a natural person, the Member State or EEA State in which the head office of such person is situated; or

(b) where the European investment firm, the European management company, the European AIFM or the European UCITS is a legal person, the Member State or EEA State in which its registered office is situated; or

(c) where the European investment firm, the European management company, the European AIFM or the European UCITS has, under its national law, no registered office, the Member State or EEA State in which its head office is situated;

"incorporated cell" shall have the same meaning as is assigned to it in the Companies Act (Recognised

Incorporated Cell Companies) Regulations;

"List of Notified AIFs" shall have the same meaning as that assigned to it in the Investment Services Act (Notified

CISs) Regulations;

"List of Notified PIFs" shall have the same meaning as that assigned to it in the Investment Services Act (Notified

CISs) Regulations

"Maltese AIFM" shall have the same meaning as that assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Third Country) Regulations;

"Maltese investment firm" shall have the same meaning as that assigned to it in the Investment Services Act (Tied

Agents) Regulations;

"net revenue" means the gross revenue indicated in the annual audited financial statements for the preceding year which is derived from the relevant activities and investment services which a licence holder is licensed to provide under the Act, less any commissions which have been paid or are to be paid to third parties in connection with the provision of such services and the performance of such activities;

"Notified AIF" shall have the same meaning as that assigned to it in the Investment Services Act (Notified CISs)

Regulations; "Notified PIF" shall have the same meaning as that assigned to it in the Investment Services Act (Notified CISs)

Regulations;

"private collective investment scheme" means a collective investment scheme that satisfies the requirements established in regulation 2 of the Investment Services Act

(Recognition of Private Collective Investment Schemes) Regulations and is granted recognition under the said regulations;

"Profession Investment Fund" or "PIF" shall have the same meaning as that assigned to it in the Investment Services

Act (Notified CISs) Regulations;

"professional client" shall have the same meaning as that assigned to it in the Investment Services Rules or an investor who has opted to be treated as a professional investor in terms of the said Rules;

"recognised incorporated cell company" shall have the same meaning as that assigned to it in the Companies Act

(Recognised Incorporated Cell Companies) Regulations;

"Retail AIF" means an AIF which is marketed exclusively to retail clients as defined herein;

"retail clients" means a client who is not a professional client as defined herein;

"third country AIF" shall have the same meaning as that assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Third Country) Regulations;

"third country AIFM" shall have the same meaning as that assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Third Country) Regulations;

"tied agent" shall have the same meaning as that assigned to it in the Investment Services Act (Tied Agents)

Regulations.

(2) Words and expressions used in these regulations which are also used in the Act or the Companies Act, but which are not herein defined, shall have the same meaning as assigned to them in the respective Acts, as applicable.