S.L. 370.34 Art. 11Removal of the AIF from the List of Notified AIFs. S.L. 370.32

(1) The AIFM shall submit a request to the competent authority for removal of the Notified AIF from the List of Notified

AIFs in the following circumstances:

(a) upon expiration of the duration of the AIF or its winding up;

(b) in any case where the depositary has given notice of termination under the depositary agreement or is in liquidation or subject to bankruptcy proceedings or has had its license to provide depositary services in respect of AIFs suspended or cancelled: Provided that the AIFM shall request the competent authority to remove the Notified AIF from the List of Notified AIFs where the transitional period agreed to between the parties in terms of regulation 8 of the Investment Services Act (Depositaries of Collective Investment Schemes) Regulations, will expire in less than ten (10) working days and the AIFM has not entered in any arrangements with a substitute depositary or where at any time during such transitional period, it becomes clear to the AIFM that a replacement depositary will not be appointed before the end of the transitional period;

(c) in any case where the AIFM has given notice of termination or is in liquidation or subject to bankruptcy proceedings or has had its license to act as an AIFM suspended or cancelled and an eligible replacement AIFM has not been appointed;

(d) in any case where any member of the governing body of the AIF or any service provider appointed by the AIF or by the AIFM on behalf of the Notified AIF fails to comply on an ongoing basis with the required high standards of fitness and properness and the AIFM has not arranged for a replacement member of the governing body or service provider to be appointed;

(e) in all other cases as may be specified in the agreement between the Notified AIF and the AIFM as grounds for requesting removal of the Notified AIF from the List of Notified AIFs in terms of this regulation;

(f) in all other cases as may be specified in the depositary agreement between the Notified AIF or the AIFM on behalf of the Notified AIF and the depositary as grounds for requesting removal of the Notified AIF from the List of Notified AIFs in terms of this regulation; and

(g) in all other cases as may be prescribed in the Investment Services Rules.

(2) Upon removal from the List of Notified AIFs, the AIF must cease trading other than for the purpose of winding down the operations of the AIF or subfund and the AIF or subfund must then be liquidated or otherwise terminated in accordance with the requirements of Maltese law.

(3) For the better carrying out of the provisions of these regulations, the competent authority may issue and publish Investment Services Rules laying down the conditions applicable in relation to the removal of the AIF from the List of Notified AIFs.