S.L. 370.33 Art. 5Applicability of these regulations.

These regulations shall apply at least in any of the following circumstances:

(a) the activities of the UCITS are pursued without obtaining authorisation, in breach of article 4 of the Act;

(b) the business of the management company is carried out without obtaining prior authorisation, in breach of article 3 of the Act;

(c) the business of the investment company is carried out without obtaining prior authorisation, in breach of article 4 of the Act;

(d) a qualifying holding in a management company is acquired, directly or indirectly, or such a qualifying holding in a management company is further increased so that the proportion of the voting rights or of the capital held would reach or exceed 20%, 30% or 50% or so that the management company would become its subsidiary (‘the proposed acquisition’), without notifying in writing the competent authority in the case where the management company is licensed in terms of the Act and hence the acquirer is seeking to acquire or increase a qualifying holding, in breach of article 10 of the Act;

(e) a qualifying holding in a management company is disposed of, directly or indirectly, or reduced so that the proportion of the voting rights or of the capital held would fall below 20%, 30% or 50% or so that the management company would cease to be a subsidiary, without notifying in writing the competent authority, in breach of article 10 of the Act;

(f) a management company has obtained an authorisation through false statement or any other irregular means, in breach of article 7(2)(c) of the Act;

(g) an investment company has obtained an authorisation through false statements or any other irregular means, in breach of article 7(2)(c) of the Act;

(h) a management company, on becoming aware of any acquisition or disposal of holdings in their capital that cause holdings to exceed or fall below one of the thresholds referred to in Article 11(1) of Directive 2014/65/EU fails to inform the competent authority of those acquisitions or disposals, in breach of article 10 of the Act;

(i) a management company fails to inform the competent authority, at least once a year, of the names of the shareholders and members possessing qualifying holdings and the sizes of such holdings, in breach of article 10 of the Act;

(j) a management company fails to comply with procedures and arrangements imposed in accordance with the applicable sections of the Investment Services Rules for Investment Services Providers;

(k) a management company fails to comply with structural and organisational requirements imposed in accordance with the applicable sections of the Investment Services Rules for Investment Services Providers;

(l) an investment company fails to comply with procedures and arrangements imposed in accordance with the applicable sections of the Investment Services Rules for Retail Collective Investment Schemes;

(m) a management company or an investment company fails to comply with the requirements related to delegation of its functions to third parties imposed in accordance with the Investment Services Rules for Investment Services Providers or the Investment Services Rules for Retail Collective Investment Schemes as the case may be;

(n) a management company or an investment company fails to comply with the rules of conduct imposed in accordance with the Investment Services Rules for Investment Services Providers or the Investment Services Rules for Retail Collective Investment Schemes as the case may be;

(o) a depositary fails to perform its tasks in accordance with the provisions of regulations 6(1) to (3), 15(1), 17(1) and

(2) and 18(1) of the Investment Services Act (Depositaries of Collective Investment Schemes) Regulations;

(p) an investment company or, for each of the funds managed, a management company, repeatedly fails to comply with obligations concerning the investment policies of the UCITS as laid down in the Investment Services Rules for Investment Services Providers or the Investment Services Rules for Retail Collective Investment Schemes as the case may be;

(q) a management company or an investment company fails to employ a risk-management process or a process for accurate and independent assessment of the value of OTC derivatives as laid down in the Investment Services Rules for Investment Services Providers or the Investment Services Rules for Retail Collective Investment Schemes as the case may be;

(r) an investment company or, for each of the funds managed, a management company, repeatedly fails to comply with the obligations concerning information to be provided to investors imposed in accordance with the Investment Services Rules for Investment Services Providers or the Investment Services Rules for Retail Collective Investment Schemes as the case may be;

(s) a management company or an investment company marketing units of UCITS that it manages in a Member State other than Malta, fails to comply with the notification requirements prescribed in regulation 4(1) of the Investment Services Act (Marketing of UCITS) Regulations, 2011.