S.L. 370.52 Art. 3Application fees in relation to the provision of investment services. 

(1) A person that intends to provide, or hold himself out as providing, any investment services, other than the investment services set out in items 5, 9 and 11 of the First Schedule to the Act, in or from Malta shall, upon submission of an application to the competent authority for a licence in accordance with article 5

of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable:

Provided that such application fee shall vary depending on whether such person intends:

(a) to provide, or hold himself out as providing, any of the investment services set out in items 1, 6 and 8 of the First Schedule to the Act in or from Malta but does not intend to hold or control clients’ money or customers’ assets;

(b) to provide, or hold himself out as providing, any of the investment services set out in items 1, 6 and 8 of the First Schedule to the Act solely to professional clients and, or eligible counter-parties, in or from Malta, but does not intend to hold or control clients’ money or customers’ assets;

(c) to provide, or hold himself out as providing, any of the investment services set out in the First Schedule to the Act, other than those set out in items 3, 5, 7, 9 and 11, in or from Malta and to hold or control clients’ money or customers’ assets;

(d) to provide, or hold himself out as providing, any of the investment services set out in items 1, 2, 4, 6, 8, 10 of the First Schedule to the Act and any of the investment services set out in items 3 and 7 of the said Schedule to the Act, or any of the latter alone, in or from Malta and to hold or control clients’ money or customers’ assets; or

(e) to act solely as a AIFM. de minimis

(2) A person that intends to provide, or hold himself out as providing, the investment service set out in item 5 of the First Schedule to the Act in or from Malta shall, upon submission of an application to the competent authority for a licence in accordance with article 5 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable:

Provided that the lower application fee established in the First Schedule, as applicable, shall apply where such person intends to provide, or hold himself out as providing, such investment service solely to:

(a) Alternative Investment Funds marketed in

Malta in accordance with regulation 7 of the Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations; and, or

(b) Alternative Investment Funds 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 are required to be held in custody in terms of the Investment Services Rules:

Provided further that the provisions of this sub-regulation shall not apply where a person intends to provide the investment service set out in item 5(a) and, or (b) of the First Schedule to the Act solely in connection with any other investment service set out in the said Schedule.

(2a) Where a person intends to provide, or hold himself out as providing, the investment services set out in item 9 of the First

Schedule to the Act in or from Malta, the provisions of regulation 5(1)

of the Financial Markets (Fees) Regulations shall apply.

(2b) Where a person intends to provide, or hold himself out as providing, the investment services set out in item 11 of the First

Schedule to the Act in or from Malta, the provisions of regulation 6(1)

of the Financial Markets (Fees) Regulations shall apply.".

(3) For the purposes of this sub-regulation, holding or controlling clients’ money or customers’ assets shall include the holding of a mandate over a client’s bank account or a power of attorney to control a client’s assets, and it shall not include the holding or controlling of a client’s money or a customers’ assets if a recommendation which would be made by a prospective licence holder can be placed into effect only by such a client or customer, or by a third party such as a bank acting on such client or customer’s behalf:

Provided that, in the event of any doubt as to whether an activity would be deemed to constitute the holding or controlling of clients’ money or customers’ assets, the matter shall be conclusively determined by the competent authority.