S.L. 386.2 Art. 10Applicability of article 73 to SICAVS.

(1) The provisions of article 73 of the Act shall apply to SICAVs, other than SICAVs licensed by the competent authority as

Professional Investor Funds, as AIFs within the meaning of the

AIFM Directive, or as UCITS within the meaning of the UCITS

Directive, or notified to the competent authority as Notified AIFs or

Notified PIFs in terms of the Investment Services Act (Notified CISs)

Regulations, subject to the following variations, conditions and modifications:

(a) subarticles (1), (4) and (7) shall continue to apply thereto;

(b) subarticle (2) shall apply thereto and be read as if for the words therein "transferred to the company within five years from the date the company is authorized to commence business.", there were substituted the words "transferred to the company before the company is authorized to commence business.";

(c) subarticle (3) shall apply thereto and be read as if for the words therein "transferred within five years from the date of the decision to issue shares.", there were substituted the words "transferred to the company not later than the date of the issue of the shares.";

(d) subarticle (5) shall apply thereto and be read as if for the words therein "correspond at least to the number and nominal value, and, where applicable, to the premium on the shares to be issued for them.", there were substituted the words "at least correspond to the net asset value of the shares to be issued for them."; and

(e) subarticle (6) shall apply and be read as if for the words therein "and in default, the Registrar shall accordingly refuse to register the company or the return of the allotments of the shares so issued, and, in the latter case, the issue shall be considered null and void.", there were substituted the words "and in default, the Registrar shall accordingly refuse to register the company and, in the case of a new issue, the issue shall be considered null and void.".

(2) The provisions of article 73 of the Act shall apply to SICAVs licensed by the competent authority as Professional Investor Funds, as AIFs within the meaning of the AIFM Directive, or as UCITS within the meaning of the UCITS Directive, or notified to the competent authority as Notified AIFs or Notified PIFs in terms of the Investment Services Act (Notified CISs) Regulations with the following variations, conditions and modifications:

(a) subarticles (1), (2), (3) and (7) shall continue to apply thereto;

(b) subarticle (4) shall apply thereto and be read as if for the words "by one or more experts who are independent of the company and approved by the Registrar." , these were substituted the words "in accordance with Investment Service Rules issued for that purpose by the competent authority from time to time."; and

(c) subarticles (5) and (6) shall not apply thereto provided that the "report" mentioned therein and in subarticle

(4) shall be drawn up in such manner and shall contain such particulars as may be required by Investment Service Rules issued for that purpose by the competent authority.