S.L. 370.19 Art. 20Approval by the competent authority.

(1) Where the feeder UCITS is a Maltese UCITS, it shall be notified within fifteen working days following the complete submission of the documents referred to in regulation 19(1)(a) to (c), whether the competent authority has granted the approval required in terms of regulation 18. The feeder UCITS shall inform the master UCITS of such approval upon receipt.

(2) After the feeder UCITS has been notified that the competent authority has granted the necessary approvals pursuant to regulation 19(1)(b), such feeder UCITS shall take the necessary measures to comply with the applicable Investment Services Rules without undue delay.