S.L. 370.34 Art. 22Request for removal of the PIF from the List of Notified PIFs.

(1) The Notified PIF shall submit a request to the competent authority for the removal of the Notified PIF from the List of Notified PIFs in the following circumstances:

(a) upon expiration of the duration of the Notified PIF

or its winding up;

(b) where the Notified PIF has appointed a depositary, in any case where such depositary has given notice of termination or is in liquidation or subject to bankruptcy proceedings or has had its authorisation to act as a depositary suspended or cancelled, and an eligible replacement depositary has not been appointed or adequate alternative arrangements for the safekeeping of the Notified PIF’s assets have not been established;

(c) where it becomes clear to the governing body that adequate safekeeping arrangements are no longer in place;

(d) in any case where the Notified PIF is externally managed by a fund manager and the fund manager of the Notified PIF:

(i) has given notice of termination;

(ii) is in liquidation;

(iii) is subject to bankruptcy proceedings; and, or

(iv) has had its authorisation to act as a fund manager suspended or cancelled and an eligible replacement fund manager has not been appointed;

(e) in any case where any member of the governing body of the Notified PIF or any functionary or service provider, including the Due Diligence Service Provider, appointed by the PIF fails to comply on an ongoing basis with the required high standards of fitness and properness, and no replacement member of the governing body or functionary or service provider has been appointed, or arrangements are in place to be appointed;

(f) in so far as the Notified PIF is externally managed by a fund manager, in those cases as may be specified in the agreement between the Notified PIF and its fund manager as grounds for requesting removal of the Notified PIF from the List of Notified PIFs in terms of this regulation;

(g) where the Notified PIF has a depositary appointed, in all other cases as may be specified in the depositary agreement between the Notified PIF and the depositary as grounds for requesting removal of the Notified PIF from the List of Notified PIFs in terms of this regulation; and

(h) in all other cases as may be laid down in the Investment Services Rules.

(2) Upon removal from the List of Notified PIFs, the PIF shall cease trading, other than for the purpose of winding down the operations of the Notified PIF or the sub-fund, as the case may be, and the Notified PIF or the sub-fund shall then be liquidated or otherwise terminated in accordance with the requirements of Maltese legislation.