S.L. 386.11 Art. 5Advertisements.

(1) Any type of advertisements relating to an offer to the public of securities shall satisfy the following requirements:

(a) advertisements shall be clearly recognisable as such. The information contained in the advertisement shall not be inaccurate or misleading. This information shall also be consistent with the information contained in the prospectus, if already published, or with the information required to be in the prospectus, if the prospectus is to be published afterwards;

(b) an advertisement shall contain a statement that a prospectus has been or will be published and the addresses and times at which copies of the prospectus are or will be available to the public; and

(c) all information concerning the offer to the public disclosed in an oral or written form, even if not for advertising purposes, shall be consistent with that contained in the prospectus.

(2) Where Malta is the home Member State, the Registrar shall have the power to exercise control over compliance with the requirements of this regulation relating to advertising activity involving an offer of securities to the public.

(3) When no prospectus is required, material information provided by an issuer or an offeror and addressed to qualified investors or special categories of investors, including information disclosed in the context of meetings relating to offers of securities, shall be disclosed to all qualified investors or special categories of investors to whom the offer is exclusively addressed. Where a prospectus is required to be published, such information shall be included in the prospectus or in a supplement to the prospectus in accordance with paragraph 26 of Part A of the Second Schedule to the Act.