S.L. 370.3 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires -

"Act" means the Investment Services Act;

"Alternative Investment Fund" or "AIF" means a collective investment scheme, including subfunds thereof, which raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and which does not qualify as a UCITS Scheme in terms of the UCITS Directive;

"Alternative Investment Fund Manager" or "AIFM" means a legal person whose regular business is the management of one or more AIFs; "competent authority" means the Malta Financial Services Authority as defined in terms of article 2 of the Act; "eligible counterparties" has the same meaning as that assigned to it by the Investment Services Rules issued by the competent authority in terms of article 6 of the Act; "European AIF" has the same meaning as that assigned to it by regulation 2 of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations; "European AIFM" has the same meaning as that assigned to it by regulation 2 of the Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations; "European investment firm" has the same meaning as that assigned to it by regulation 2 of the European Passport Rights for Investment Firms Regulations;

*These regulations have been repealed by Legal Notice 370 of 2024. †see regulation 1(2). "European management company" has the same meaning as that assigned to it by regulation 2 of the Investment Services Act (UCITS Management Company Passport) Regulations;

"EuSEF" refers to European social entrepreneurship funds and shall have the same meaning as that assigned to it by Regulation

(EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds; "European UCITS" has the same meaning as that assigned to it by regulation 2 of the Investment Services Act (Marketing of UCITS) Regulations;

"EuVECA" refers to European venture capital funds and shall have the same meaning as that assigned to it by Regulation (EU) 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds; "hold or control" includes the holding by a licence holder of a mandate over a client’s bank account, or of a power of attorney to control a client’s assets: provided that a licence holder shall not be considered to be holding or controlling a client’s money or assets if a recommendation made by the licence holder can be placed into effect only by the customer or by a third party, such as a bank, acting on the customer’s behalf. The competent authority shall have the discretion to determine whether a licence holder is holding or controlling clients’ money or assets in any given case; "home Member State or EEA State", in relation to a European investment firm, has the same meaning as that assigned to it by regulation 2 of the European Passport Rights for Investment Firms Regulations; "List of Notified PIFs" shall be construed as a reference to the List of Notified PIFs which is held by the competent authority on its website in terms of the Investment Services Act (Notified CISs)

Regulations;

"Notified AIF" means an AIF which has been notified to the competent authority by an AIFM in terms of the Investment Services Act (Notified CISs) Regulations; "Notified PIF" means a PIF which has been notified to the competent authority for inclusion in the List of Notified PIFs and is included in the List of Notified PIFs held by the competent authority in terms of the Investment Services Act (Notified CISs) Regulations;

"professional client" has the same meaning as that assigned to it in the Investment Services Rules or an investor who has opted to be treated as a professional investor in terms of the said Rules; "professional investor fund" or "PIF" means a collective investment scheme which qualifies as a professional investor fund in terms of the Investment Services Rules;

"retail AIF" means an AIF which is marketed exclusively to retail clients as defined herein;

"retail client" means a client who is not a professional client as defined herein;

"revenue" means the net revenue which shall be calculated in the following manner: the gross revenue indicated in the annual audited financial statements and that is derived from activities for which an investment services licence was issued in terms of article 3 of the Act, less any commissions that are directly related to the acquisition of the said gross revenue, paid or payable to third parties; "tied agent" has the same meaning as that assigned to it by regulation 2 of the Investment Services Act (Tied Agents) Regulations.

(2) Words and expressions used in these regulations which are also used in the Act but which are not defined herein shall have the same meaning as in the Act.