S.L. 514.2 Art. 3Exemption from licence - Investment Manager.

Any person who is appointed by a Maltese IORP, a personal retirement scheme or a retirement fund as an investment manager in terms of the Act, and is:

(a) established and duly authorised in a Member State or

EEA State to carry out portfolio investment management in accordance with Directives 2009/65/EC, 2014/65/EU, 2013/36/EU, 2009/138/EC or 2011/61/EU, as amended from time to time, and carries on such services in relation to a retirement scheme or retirement fund, pursuant to the respective EU Directives, as applicable;

(b) in the case of a person established in a non-Member State or non-EEA State, which the competent authority considers to be subject to an equivalent level of regulatory supervision in the jurisdiction where its operations take place, having the business organisation, systems, experience and expertise deemed necessary by the competent authority for it to undertake investment management activities and which satisfies any additional criteria which may be set out in Pension Rules issued by the competent authority from time to time, shall be exempt from the provisions of article 6 of the Act.

*see regulation 1(2) of these Regulations, as originally promulgated.