S.L. 370.2 Art. 4Exemption from recognition.

(1) A person resident outside Malta, providing administrative services to a collective investment scheme licensed under the Act, shall be exempted from the requirement of recognition in terms of article 9A of the Act when providing such services to:

(a) a collective investment scheme licensed under the Act and qualifying as a Professional Investor Fund in terms of the Investment Services Rules, where the competent authority is satisfied that such person is of sufficient standing and repute; or

(b) a collective investment scheme licensed under the Act and which does not qualify as a Professional Investor Fund in terms of the Investment Services Rules, provided that such person is adequately regulated in its country of residence to the satisfaction of the competent authority and is considered by the competent authority to be of sufficient standing and repute.

(2) The exemptions laid down in this regulation shall not be automatically operative but their applicability shall be subject to a determination in writing by the competent authority that the requested exemption applies.