S.L. 370.4 Art. 13Central competent administrative authority.

(1) For the purposes of implementing the relevant provisions of the Directive, the "central competent administrative authority" within the meaning of the Directive shall be the competent authority.

(2) Without prejudice to the powers of the competent authority under the Act and under any other law and to better implement the provisions of the Directive, the competent authority shall have the power to:

(a) require a Malta based closed-ended scheme to include, if necessary, supplementary information in the prospectus for investor protection;

(b) require a Malta based closed-ended scheme and the persons that control it or are controlled by it, to provide information and documents;

(c) require auditors and managers of the Malta based closed-ended scheme, as well as financial intermediaries commissioned to carry out the offer to the public to provide information;

(d) suspend a public offer for a maximum of ten consecutive working days on any single occasion if it has reasonable grounds for suspecting that the provisions of the Directive have been infringed;

(e) prohibit or suspend advertisements for a maximum of ten consecutive working days on any single occasion if it has reasonable grounds for believing that the provisions of the Directive have been infringed;

(f) prohibit a public offer if it finds that the provisions of the Directive have been infringed or if it has reasonable grounds for suspecting that they would be infringed;

(g) make public the fact that the Malta based closed-ended scheme is failing to comply with its obligations.