S.L. 370.18 ст. 2Interpretation.

(1) In these regulations, unless the context otherwise requires:

"the Act" means the Investment Services Act; "closed ended scheme" means a collective investment scheme with fixed share capital, which complies with any additional criteria established in the Investment Services Rules issued by the competent authority in terms of the Act; "ESMA" means the European Securities and Markets Authority established in terms of Article 1 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November, 2010;

"European management company" means a management company authorised by a European regulatory authority in a Member State or EEA State, other than Malta, and the regular business of which is the management of UCITS; "European UCITS" means a UCITS authorised by a European regulatory authority in a Member State or EEA State, other than in Malta;

"feeder UCITS" means a UCITS or subfund thereof which has been approved to invest at least eighty five per cent of its assets in units of another UCITS or subfund thereof in terms of the UCITS Directive; "home Member State of the UCITS management company" means the Member State or EEA State in which the management company has its registered office;

"Implementing Directive" means Commission Directive 2010/ 42/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure; "key investor information" shall have the same meaning assigned to it in the Investment Services Rules; "Maltese management company" means a management company licensed by the competent authority, having its head office and registered office situated in Malta, and the regular business of which is the management of UCITS; "Maltese UCITS" means:

(a) an investment company, a partnership en commandite or a limited partnership with its registered office and head office situated in Malta and licensed in terms of the Act;

(b) where the UCITS is constituted as a common fund, a UCITS domiciled in Malta in terms of the Investment

Services Act (Contractual Funds) Regulations, and licensed in terms of the Act;

(c) where the UCITS is established as a unit trust, a unit trust whose proper law is the law of Malta; "master UCITS" means a UCITS which:

(a) has, among its unit-holders, at least one feeder UCITS;

(b) is not itself a feeder UCITS; and

(c) does not hold units of a feeder UCITS;

"Member State" means a Member State of the European Union; "Regulation No. 584/2010" means Commission Regulation (EU) No. 584/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities; "UCITS" means the undertaking for collective investment in transferable securities in terms of regulation 3(2). For the purpose of these regulations, a UCITS shall also include subfunds thereof;

"UCITS Directive" means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) and includes any implementing measures that have been or may be issued thereunder; "UCITS home Member State" or "UCITS home Member State or EEA State" means the Member State or EEA State in which the UCITS is authorised in accordance with Article 5 of the UCITS Directive, as transposed in national law;

"UCITS host Member State" or "UCITS host Member State or EEA State" means a Member State or EEA State, other than the UCITS home Member State, in which the units of the UCITS are marketed; "UCITS management company" means a Maltese management company or a European management company, as applicable.

(2) For the purposes of these regulations:

(a) "common fund" shall be construed as referring to UCITS constituted as contractual funds and unit trusts; and

(b) "constitutional documents" shall be construed as referring to the fund rules, trust deeds and instruments of incorporation, as the case may be.

(3) Words and expressions which are also used in the Act but which are not defined herein shall have the same meaning as in the Act.

(4) In the event that any of these regulations conflicts with the provisions of the UCITS Directive, the latter shall prevail. SCOPE