S.L. 370.21 Art. 6BNotification regarding liquidity management tools.

(1) The competent authority shall inform, without delay, the European regulatory authorities of the Maltese AIFM host

Member State or EEA State, ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB, of any notification received in accordance with Article 16(2d) of the AIFM

Directive, as transposed in the Investment Services Rules:

Provided that ESMA may share the information received pursuant to this sub-regulation with the European regulatory authorities referred to in this sub-regulation.

(2) Where the competent authority exercises powers in accordance with Article 15(2)(l) of the Act, it shall notify the European regulatory authorities of the Maltese AIFM host Member State or EEA State, ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof.

(3) Where Malta is the European AIFM host Member State or EEA State, the competent authority may request the European regulatory authorities of the European AIFM home Member State or EEA State to exercise powers pursuant to paragraph (j) of Article 46(2) of the AIFM Directive, as transposed in national law, specifying the reasons for the request and informing ESMA and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof.

(4) Where the competent authority does not agree with a request received in accordance with Article 50(5b) of the AIFM Directive, as transposed in national law, it shall inform the requesting European regulatory authorities of the Maltese AIFM host Member State or EEA State, ESMA and, where the ESRB was informed of such request in accordance with the said Article, as transposed in national law, the ESRB thereof, stating the reasons for the disagreement:

Provided that in such case, an opinion shall be issued by ESMA in accordance with Article 50(5d) of the AIFM Directive.

(5) Where the competent authority does not act in accordance with ESMA’s opinion as referred to in sub-regulation (4), or does not intend to comply with such opinion, it shall inform ESMA and the requesting European regulatory authorities of the Maltese AIFM host Member State or EEA State thereof, stating the reasons for its non-compliance or intention not to comply:

Provided that in the event of a serious threat to investor protection, to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the European Union and unless such publication conflicts with the legitimate interests of the AIF’s unit holders or of the public, the fact that the competent authority does not comply or does not intend to comply with ESMA’s opinion, together with the reasons provided by the competent authority for its non-compliance or intention not to comply, may be published by ESMA:

Provided further that an analysis shall be carried out by ESMA whether the benefits of publication would outweigh the amplification of the threats to investor protection, to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the European Union resulting from such publication, and the competent authority shall be given advance notice of such publication.