Cap. 590 Art. 62Transitory provisions.

(1) Any person who, on the date of the coming into force of this Act -

(a) is undertaking an activity in terms of article 3 shall, within three months from the date of coming into force of this Act, draw up a whitepaper and register it with the competent authority in terms of the said article:

Provided that this paragraph shall be applicable only to those persons who have commenced an offering or have applied for admission to trading in terms of article 3 by not earlier than two weeks prior to the coming into force of this Act;

(b) is providing the services of a VFA agent within the meaning found under this Act, shall, within one month from the date of coming into force of this Act, apply to the competent authority for registration in terms of article 7;

(c) is providing a VFA service within the meaning found under this Act shall, within twelve months from the date of coming into force of this Act, apply to the competent authority for licence in terms of article 14.

(2) A person under sub-article (1) may, subject to a prior notification to the competent authority of the activity it is undertaking and, or service or services it is providing, immediately upon the coming into force of this Act, continue to undertake such activity or provide such service or services in or from within Malta until the whitepaper has been registered with, or the application has been determined by, the competent authority and, in so doing, is not to be regarded as carrying on such activity or providing such service in contravention of this Act.