S.L. 331.2 Art. 3Exemption of activitiesorclasses ofpersonsfromthe requirements of article 43 of the Act.

(1) The following persons, when receiving property upon trusts, are hereby being exempted from the requirement for authorization to act as a trustee by the Authority in terms of article

43(3) and from the requirements of appointing a qualified person in terms of article 43(9) of the Act:

(a) a person resident outside Malta, approved by the relevant regulatory authority in an approved jurisdiction to act as a trustee to overseas retirement schemes, provided that such trustee services in Malta are expressly limited to the holding upon trust of securities or interests, in or issued by a Maltese legal entity, forming part of the assets of an overseas retirement scheme;

(b) a company, established in Malta or in an approved jurisdiction, and which is wholly owned and controlled by:

(i) persons exempted from the requirement for authorization to act as a trustee in terms of the other paragraphs of this regulation; or

(ii) persons not required to obtain authorization in terms of article 43(6)(a) and (c) of the Act: Provided that such a company is established for the purpose of holding trust property and for acts ancillary thereto and does not act in Malta as a trustee on a regular and habitual basis or hold itself out as a trustee;

(c) a person resident outside Malta where such person in Malta is acting as trustee of units in a collective investment scheme which is licensed or recognized in terms of the Investment Services Act, provided that such person is established in an approved jurisdiction and does not act in Malta as a trustee on a regular and habitual basis or hold himself out as a trustee;

(ca) a person resident outside Malta where such person in Malta is acting as trustee of units in a collective investment scheme which has been included by the competent authority in the List of Notified PIFs or in the List of Notified AIFs in terms of the Investment Services Act (Notified CISs) Regulations, provided that such person is established in an approved jurisdiction and does not act in Malta as a trustee on a regular and habitual basis or hold himself out as a trustee;";

(d) a person resident outside Malta acting as trustee in terms of paragraph 5(c) of the First Schedule to the Investment Services Act, in relation to a collective investment scheme licensed under the said Act and qualifying as a Professional Investor Fund, provided that such person is of sufficient standing and repute;

(da) a person resident outside Malta acting as trustee in terms of paragraph 5(c) of the First Schedule to the Investment

Services Act, in relation to a collective investment scheme which is established as a professional investor fund that has been included by the competent authority on the List of Notified PIFs in terms of the Investment Services Act (Notified CISs) Regulations, provided that such person is of sufficient standing and repute;

(e) a person when acting as trustee of a scheme, other than a retirement scheme, operated by a company for its own employees, former employees or their dependants provided that the person does not act as trustee on a regular and habitual basis or hold himself out to be a trustee.

(2) The exemptions laid down in sub-regulation (1)(a), (b) and

(e) shall not be automatically operative, but their applicability shall be subject, following a request in writing to the Authority, to a determination in writing by the Authority that the requested exemption applies.