S.L. 403.16 Art. 16Interpretation of security. Cap. 16.

For the purposes of regulation 15 -

"security" means -

(a) a contract of pledge as construed in Title XXI of the

Civil Code; or

(b) a guarantee provided by or an irrevocable letter of credit established with, a bank or credit institution:

(i) licensed to carry on the business of banking under the laws of Malta, or

(ii) lawfully permitted to carry on the business of banking in a country outside Malta acceptable to the competent authority provided that the bank or credit institution is of first class standing, and "issuer" shall be construed accordingly.