S.L. 370.4 ст. 11Exercise of passportrightsby European based closed-ended scheme covered by the Directive.

(1) Regulation 10 shall not apply to a European based a closed-ended scheme covered by the Directive whose prospectus and supplements thereto have been drawn up in accordance with the requirements of the Directive.

(2) The certificate of approval provided by the European regulatory authority of the home Member State or EEA State in terms of Article 18(1) of the Directive attesting that the prospectus and supplements of a European based closed-ended scheme covered by the Directive have been drawn in accordance with the requirements of the said Directive shall be valid for the offer to the public in Malta.

(3) The prospectus shall be drawn up either in English or in a language customary in the sphere of international finance at the choice of the European based closed-ended scheme covered by the Directive.

(4) A summary of the prospectus shall be translated either in English or in Maltese.

(5) Where the competent authority finds that irregularities have been committed by the European based closed-ended scheme covered by the Directive making an offer to the public in Malta, it shall refer these findings to the European regulatory authority of the home Member State or EEA State.

(6) If despite the measures taken by the European regulatory authority of the home Member State or EEA State or because such measures prove inadequate, the European based closed-ended scheme covered by the Directive persists in breaching the relevant legal or regulatory provisions, the competent authority, after informing the European regulatory authority of the home Member State or EEA State, shall take all appropriate measures in order to protect investors. The European Commission shall be informed of such measures at the earliest opportunity.