Cap. 345 Art. 12BRegistration of sponsors and transitory provision.

(1) Any person intending to act as a sponsor in Malta, or to hold itself out to act as such, shall apply with the competent authority for registration to do so. To this effect, no person shall provide, or hold itself out as providing the services of a sponsor in

Malta unless duly registered with the competent authority in accordance with this Act in the manner prescribed and as may be provided for in Capital Markets Rules.

(2) An application for registration as a sponsor shall be made to the competent authority in the manner prescribed and as may be provided for in Capital Markets Rules.

(3) Any person who, on the date of the coming into force of this article, is already providing or holding himself out as providing the services of a sponsor, may only continue to offer such services for ten (10) months from such date of the coming into force of this article, if the following two (2) conditions are satisfied:

(a) they shall have submitted to the competent authority a duly completed application for registration, in accordance with the provisions of this article and any regulations and rules issued under the Act, by not later than two (2) months from the said date of coming into force; and

(b) they shall have been registered by the competent authority before the lapse of the said ten (10) months from such date of coming into force:

Provided that the competent authority shall either register such person applying for registration or shall otherwise refuse an application for registration made in accordance with this sub-article, before the lapse of such ten (10) months provided that a duly completed application shall have been submitted to the competent authority in accordance with the provisions of this Act and any regulations and Rules made thereunder. A "duly completed application" shall include any additional or missing information or documentation which may subsequently be requested by the competent authority. Registration or refusal, as the case may be, shall be made by the competent authority in accordance with the provisions of this Act and any regulations or rules issued thereunder.