S.L. 370.4 Art. 4Prospectus requirements of Malta based closed-ended scheme.

(1) The documents submitted to the competent authority for approval shall be complete and the competent authority shall notify the Malta based closed-ended scheme that documents are incomplete within ten working days of their submission.

(2) The competent authority shall notify a Malta based closed-

ended scheme of its decision regarding the approval of the prospectus within ten working days, where such approval is required in terms of regulation 3(3).

(3) The time limit referred to in subregulation (2) shall be extended to twenty working days if the offer to the public involves units issued by a Malta based closed-ended scheme which does not have any securities admitted to trading on a Recognised Investment Exchange and which has not previously offered units to the public.

(4) If the competent authority fails to give a decision on the prospectus within the time limits mentioned in subregulations (2) and (3), this shall not be deemed to constitute approval of the prospectus.

(5) Where the competent authority finds, on reasonable grounds, that the documents submitted to it are incomplete or that supplementary information is needed, the time limits referred to in sub-regulations (2) and (3) shall apply only from the date on which such information is provided by the Malta based closed-ended scheme. The competent authority shall nonetheless as specified in sub-regulation (1) notify the Malta based closed-ended scheme that the documents are incomplete within ten working days of the submission of the prospectus.