S.L. 371.9 Art. 5L.N. 279 of 2023; L.N. 187 of 2025. S.L. 370.09 S.L. 370.09 S.L. 370.09

(1) The Scheme shall be managed and administered by and shall be under the general control of the Management Committee.

(2) The Management Committee shall be composed of the same persons appointed in virtue of regulation 5 of the Investor

Compensation Scheme Regulations.

(3) Regulation 5 of the Investor Compensation Scheme Regulations shall apply mutatis mutandis to the Scheme and the Management Committee established under these regulations.

(4) The meetings of the Management Committee shall be convened and held in accordance with regulation 9 of the Investor Compensation Scheme Regulations.

(5) The Management Committee shall exercise all powers which are conferred by these regulations upon the Scheme. It shall for this purpose have the power to enter into such reasonable administrative, management or other arrangements as may be necessary to enable it to fulfil its objective and functions under these regulations. The Management Committee shall have the power to appoint officers or agents of the Scheme and to grant them such powers or authority as it may deem appropriate.

(6) All the members of the Management Committee shall work in the best interest of the Scheme and shall pursue and promote its objective and functions.

(7) The Management Committee shall have in place sound and transparent governance practices.

(8) The Management Committee shall cause proper books of account to be kept so that the financial position of the Scheme can be ascertained with reasonable accuracy at any time. The financial year end of the Scheme shall be an accounting period of twelve months ending on the thirty-first day of December of each year.

(9) The Management Committee shall submit to the competent authority an annual report on the discharge of its functions and on the operation of the Scheme within seven (7) months from the financial year end of the Scheme. Such annual report shall include, inter alia:

(a) a statement showing the payments in and payments out of the Scheme during its immediate previous financial year;

(b) a statement showing the results of regular stress tests of its systems undertaken by the Scheme; and

(c) annual financial statements prepared in accordance with International Accounting Standards and audited in accordance with International Standards on Auditing by auditors appointed by the Scheme from among persons who are qualified to be appointed as auditors of a company under the law for the time being in force in Malta.

(10) The annual report shall be made available on the websites of the competent authority and the Scheme.

(11) The books of accounts shall be kept at such place as the Management Committee thinks fit.