S.L. 370.4 ст. 9Exercise of passportrightsbya Malta based closed-ended scheme.

(1) Where a Malta based closed-ended scheme whose prospectus and supplements thereto have been drawn in accordance with the Directive wishes to offer units to the public in one or more host Member States or EEA States, the competent authority shall, at the request of the Malta based closed-ended scheme or the person responsible for drawing up the prospectus of the said scheme and within three working days following that request or, if the request is submitted together with the draft prospectus, within one working day after the approval of the prospectus provide the European regulatory authority of the host Member State or EEA State with a certificate of approval attesting that the prospectus and supplements thereto have been drawn up in accordance with the Directive and with a copy of the said prospectus and supplements thereto. If applicable, this notification shall be accompanied by a translation of the summary produced under the responsibility of the Malta based closed-ended scheme or person responsible for drawing up the prospectus. The same procedure shall be followed for any supplement to the prospectus.

(2) Where certain information required to be disclosed in terms of the Directive has been omitted the competent authority shall outline the reasons for the omission in the certificate of approval referred to in subregulation (1).

(3) When an offer to the public is made in one or more Member States or EEA States excluding Malta, the prospectus shall be drawn up either in a language accepted by the European regulatory authorities of those Member States or EEA States or in a language customary in the sphere of international finance, at the choice of the Malta based closed-ended scheme:

Provided that for the purpose of scrutiny by the competent authority, the prospectus shall be drawn up in Maltese or English or in a language customary in the sphere of international finance, at the choice of the Malta based closed-ended scheme.

(4) Where an offer to the public is made in more than one Member States or EEA States including Malta, the prospectus shall be drawn up in English or Maltese and shall also be made available either in a language accepted by the European regulatory authorities of each host Member State or EEA State or in a language customary in the sphere of international finance, at the choice of the Malta based closed-ended scheme.