S.L. 370.12 ст. 2Interpretation.

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

"the Act" means the Investment Services Act; "accounting period" means the financial period determined by reference to the accounting reference date, this being a specified date in a calendar year;

"alternative investment fund or AIF" means a 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 the UCITS Directive; "the competent authority" means the Malta Financial Services Authority appointed under article 2A of the Act; "equalisation" means an accounting method designed to ensure the equal treatment of unit holders irrespective of the timing of their investment;

"NAV" means the net asset value; "performance fee" means a fee based on performance determined by reference to the growth in net asset value over a given period; "professional investor" shall have the meaning assigned to "professional client" in the Investment Services Rules or an investor who has opted to be treated as a professional client in terms of said Rules; "professional investor fund" means a collective investment scheme formed in accordance with, or existing under the laws of Malta, duly licensed by the competent authority as a professional investor fund; "relevant index" means an index which is published in an appropriate manner and which is an appropriate benchmark to measure a scheme’s performance, by reference to a scheme’s investment objective and asset allocation;

"scheme" means a collective investment scheme; "UCITS Directive" means 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 (UCITS) (recast), as amended from time to time, and includes any implementing measures that have been or may be issued thereunder.

(2) Words and expressions which are also used in the Act shall in these regulations have the same meaning as in the Act.