S.L. 370.34 Art. 2Interpretation.

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

"the Act" shall mean the Investment Services Act;

"alternative investment fund" or "AIF" means any 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 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities also referred to as the "UCITS Directive";

"alternative investment fund manager" or "AIFM" means a legal person whose regular business is managing one or more AIFs;

"Alternative Investment Fund Managers Directive" or "AIFMD" means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, as amended from time to time, and includes any implementing measures that have been or may be issued thereunder; "competent authority" means the Malta Financial Services Authority established by the Malta Financial Services Authority Act; "Directive 2004/39/EC" means Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments as amended from time to time, and includes any implementing measures that have been or may be issued thereunder;

"depositary" means a person licensed by the competent authority or a European regulatory authority to provide depositary services;

"Due Diligence Service Provider" means a service provider appointed in terms of regulation 18, that shall satisfy the requirements laid out in the applicable Investment Services Rules; "fund manager" means a legal person who manages one or more Notified PIFs; "governing body" means the body with ultimate decision making authority in an AIFM or in an alternative investment fund, or in a professional investor fund, as the case may be, comprising the supervisory and the managerial functions;

"List of Notified AIFs" shall be understood as referring to the List of Notified AIFs which is held by the competent authority on its website in terms of these 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 these regulations; "Notified AIF" means an AIF which has been notified to the competent authority by the AIFM for inclusion in the List of Notified AIFs and is included in the List of Notified AIFs maintained by the competent authority in terms of regulation 6; "Notified CIS" means a Notified AIF or a Notified PIF;

"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 regulation 17; "professional investor fund" or "PIF" means a collective investment scheme which qualifies as a professional investor fund in terms of the Investment Services Rules;

"Regulation (EU) No 694/2014" means Commission Delegated Regulation (EU) No 694/2014 of 17 December 2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to regulatory technical standards determining types of alternative investment fund managers.

(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.

Part A: Notified AIFs