S.L. 386.27 Art. 4Applicability.  S.L. 386.05.

(1) These regulations shall apply to conversions of limited liability companies formed in accordance with the law of a Member State or EEA State and having their registered office, central administration or principal place of business within the Community, into limited liability companies governed by the law of another jurisdiction.

(2) These regulations shall also apply to conversions of limited liability companies formed in accordance with the law of any other approved country or jurisdiction:

Provided that for the purpose of conversions regulated by these regulations, Malta must either be a departure jurisdiction or a destination jurisdiction.

(3) These regulations shall apply to companies which are:

(a) subject to preventive restructuring frameworks; or

(b) the subject of crisis prevention measures as defined in point (101) of Article 2(1) of Directive 2014/59/EU.

(4) These regulations shall not apply:

(a) to continuations into or out of Malta in terms of the Continuation of Companies Regulations;

(b) to cross-border conversions involving a company the object of which is the collective investment of capital provided by the public, which operates on the principle of risk-spreading and the units of which are, at the holders’ request, repurchased or redeemed, directly or indirectly, out of the assets of that company. Action taken by such a company to ensure that the stock exchange value of its units does not vary significantly from its net asset value shall be regarded as equivalent to such repurchase or redemption;

(c) to a company which is subject to resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU;

(d) to a company which is the subject of insolvency proceedings; or

(e) to a company which is the subject of liquidation proceedings.