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Companies Act (Cap. 386) Investment Companies With Variable Share Capital As Retirement Funds Regulations, 2003 (L.N. 441 Of 2003 )

B 5667

IN exercise of the powers conferred by article 84 of the Companies Act, the Minister of Finance and Economic Affairs, acting on the advice of the Malta Financial Services Authority, has made the following regulations:

2004.
(2) These regulations shall come into effect on the 1st January,
2. The provisions of the Companies Act (Investment Companies with Variable Share Capital) Regulations, 1996, hereinafter referred to as “the principal regulations”, shall apply mutatis mutandis to investment companies with variable share capital established for the purpose of acting and operating as Retirement Funds within the meaning of articles
2 and 4 of the Special Funds (Regulation) Act, subject to the following exceptions and qualifications:
(a) references to “Competent Authority” shall be deemed to be references to the Authority under the Special Funds (Regulation) Act;
(b) references to “SICAV” shall be deemed to be references to an investment company with variable share capital duly registered as a Retirement Fund in terms of sub-article (3) of article
3 of the Special Funds (Regulation) Act;
(c) with reference to sub-regulation (1) of regulation 7 and notwithstanding the provisions thereof, the Authority shall require an investment company with variable share capital duly registered as a Retirement Fund in terms of sub-article (3) of article 3 of the Special Funds (Regulation) Act, to keep the assets and liabilities of each sub-fund comprised in that company as a patrimony separate from the assets and liabilities of each other sub-fund of such company, and the provisions of the said regulation shall be construed and applied accordingly, and references in sub-regulation

Applicability of L.N.

102 of 1996.

Cap. 450.

B 5668
(1) to the terms “may”, “elect” and “election” shall for these purposes be construed as referring to a mandatory requirement; and
(d) regulation 8 of the principal regulations and the definition of “licensed manager” in regulation 2 thereof, shall not apply.

Ippubblikat mid-Dipartiment ta’ l-Informazzjoni (doi.gov.mt) — Valletta — Published by the Department of Information (doi.gov.mt) — Valletta

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

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