S.L. 370.9 Art. 11Participants.

(1) The following shall participate and contribute to the Scheme:

(a) Licence holders in possession of a Class 1, Class 1

Minus, Class 2 and Class 3 licence in terms of Regulation

(EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013,

(EU) No 600/2014 and (EU) No 806/2014 and Directive

(EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU;

(b) credit institutions authorised to provide investment services; and

(c) fund managers authorised to provide ancillary MiFID activities to retail clients, which activities are defined in Article 34 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU: Provided that licence holders licensed to provide investment services solely and exclusively to persons who do not fall within the definition of "retail investor" in accordance with regulation 2 shall not be required to participate in and contribute to the Scheme, however, they may request to participate and contribute at their own discretion: Provided further that a branch of a licence holder operating in Malta which is licensed in a non-EEA State shall participate in and contribute to the Scheme, unless the Scheme has in force an agreement with the authority responsible for the management and administration of the scheme in that other state stipulating, inter that the level or scope of cover provided for investors in that alia, state is equal or exceeds the level or scope of cover in Malta: Provided further that a branch of a licence holder operating in Malta which is licensed in an EEA State may at its own discretion, participate in and contribute to the Scheme only where the level or scope of the Scheme in Malta exceeds the level or scope of cover provided in the EEA State in which it is licensed.

(2) The Scheme may enter into a bilateral agreement with any authority responsible for the management and administration of a scheme set up in any other country stipulating, inter alia, the level or scope of cover as well as the rules and procedures to be followed for the payment of compensation to investors, and in any such case, the guiding principles set out in Annex II of the Directive 97/9/EC of the European Parliament and of the Council of 3rd March 1997 on investor-compensation schemes shall, where appropriate, apply.

(3) Participation in the Scheme does not exclude the possibility that particular licence holders may have to participate also in another compensation or similar schemes set up under a different law and governed by another competent authority or other body.

(4) When a licence holder becomes a participant in the Scheme after the coming into force of these regulations, the Management Committee shall determine all the relative obligations and conditions of the new participant in terms of these regulations.