S.L. 370.8 ст. 3Exemptinvestment advertisementsand prospectus. S.L. 370.10

The provisions of article 11 of the Act shall not apply to:

(a) any investment advertisement or prospectus issued or caused to be issued by:

(i) the Government of Malta; or

(ii) the Central Bank of Malta; or

(iii) any international organization the members of which include Malta; or

(b) any investment advertisement issued or caused to be issued by any person who by regulations made under the Act is exempt from the requirement of an investment services licence, including a European investment firm providing services in Malta, within the meaning of regulation 4 of the European Passport

Rights for Investment Firms Regulations, provided that the investment advertisement strictly relates to matters in respect of which such person or firm is exempt;

(c) any investment advertisement issued or caused to be issued solely to:

(i) licence holders; or

(ii) a person whose ordinary business involves the acquisition and disposal of instruments of the same kind as the instruments to which the investment advertisement relates; or

(iii) a person whose ordinary business involves the acquisition and disposal of property of the same kind as the property, or a substantial part of the property, to which the collective investment scheme in the investment advertisement relates; or

(iv) a person who by regulation under the Act is exempt from the requirement of an investment services licence provided that the investment advertisement relates to matters in respect of which such person is exempt;

(d) any prospectus, including supplements thereto, issued by a European based closed-ended scheme, drawn up in compliance with the requirements of the Directive.