INVESTMENT SERVICES ACT (PROSPECTUS OF
COLLECTIVE INVESTMENT SCHEMES) _g S.L.370.04 1
SUBSIDIARY LEGISLATION 370.04
INVESTMENT SERVICES ACT
(PROSPECTUS OF COLLECTIVE INVESTMENT 
SCHEMES) REGULATIONS
21st May, 1996
LEGAL NOTICE 103 of 1996, as amended by Legal Notice 189 of 2003.
Citation.
Act (Prospectus of Collective Investment Schemes) Regulations.
Interpretation.
Amended by:
L.N. 189 of 2003.
Cap. 370.
2. In these regulations, unless the context otherwise requires:
"Act" means the Investment Services Act;
"competent authority" means the competent authority under the
Act;
Cap. 386.
"offer to the public" has the same meaning as that assigned to the
words in article 2 of the Companies Act, and reference to the words
"Registrar" and "shares" shall be read as if such references were
references to the words "competent authority" and "units"
respectively; and where the offer is made by an issuer which is not
a company, then the relevant provisions of that article shall apply
mutatis mutandis  to such offers;
"scheme" means a collective investment scheme licensed in
terms of article 4 of the Act;
"unit" has the same meaning assigned to it by the Act.
Prospectus 
requirements.
Amended by:
L.N. 189 of 2003.
3. (1) A scheme shall not offer any of its units to the public
unless it has issued a prospectus which complies with these
regulations and which is made available for inspection by the
public.
(2) The contents of a prospectus shall comply with the licence
conditions and such other requirements as the competent authority
may, form time to time, establish.
(3) No prospectus shall be published, nor shall any
amendments to a prospectus be made, by any scheme unless such
prospectus and any amendments thereto, have been approved by the
competent authority:
Provided that collective investment schemes, which under
regulations made under the Act are exempted from the requirement
of a licence under article 4 of the Act, are prohibited from making
any offer of any of its units to the public except with the prior
approval of the competent authority which may impose such terms
and conditions as it may deem appropriate.
(4) A prospectus shall be dated and signed by the persons who
are responsible for its issue.
(5) The prospectus shall be made available to investors free of
charge before they become committed to investing in the scheme.
2 _g S.L.370.04
INVESTMENT SERVICES ACT (PROSPECTUS OF
COLLECTIVE INVESTMENT SCHEMES)
The essential elements of the prospectus shall be kept up to date.
(6) All advertising and publicity material comprising an offer
to the public to purchase or subscribe for units in the scheme shall
indicate that a prospectus is available and the place or places where
the prospectus and any documents updating it may be obtained.
(7) Where the scheme is a company, a partnership  en
commandite  or a limited partnership or other commercial
partnership formed and registered under the laws of Malta, or is a
company or other body corporate constituted or incorporated
outside Malta, a signed copy of the prospectus shall be lodged with
the Registrar of Companies prior to the issue of the form of
application for the subscription of units. Such copy shall be signed
by at least two directors or persons holding equivalent posts, or by
one director and the company secretary, or by at least two persons
duly authorised in writing by the Board of Directors for that
purpose, in which case the Board authority or a certified true copy
thereof, shall be lodged.
Responsibility for 
compliance.
4. Any person responsible for the issue, circulation or
distribution of a prospectus or for the issue of a form of application
for units in a scheme shall ensure that these regulations are
complied with.
Prospectus 
including a 
statement by 
experts.
5. A prospectus including a statement purporting to be made
by an expert shall not be issued unless -
( a ) the expert has given and has not, before the issue of
the prospectus, withdrawn his written consent to the
issue thereof; and
( b ) a statement that he has given and has not withdrawn
his consent as aforesaid appears in the prospectus.
Civil liability for 
misstatements in 
prospectus.
6. (1) The persons who are responsible for the issue of a
prospectus shall be jointly and severally liable for any damage
sustained by a person subscribing for units on the faith of that
prospectus, by reason of any untrue statement included therein.
(2) An expert who has given the consent required by regulation
5 shall be liable in respect of an untrue statement made by him as
an expert.
Interpretation of 
provisions relating 
to prospectus.
7. For the purposes of these regulations:
( a ) the term "expert" includes engineer, valuer, accountant
and any other person whose profession gives authority
to a statement made by him;
( b ) a statement included in a prospectus shall be deemed
to be untrue if it is misleading in the form and context
in which it is included; and
( c ) a statement shall be deemed to be included in a
prospectus if it is contained therein or in any document
appearing on the face thereof or by reference
incorporated therein or issued therewith.
INVESTMENT SERVICES ACT (PROSPECTUS OF
COLLECTIVE INVESTMENT SCHEMES) _g S.L.370.04 3
Applicable 
guidelines.
Added by:
L.N. 189 of 2003.
8. Where the scheme qualifies as a professional investor fund
in terms of guidelines issued for this purpose by the competent
authority, any prospectus or other offering document issued by the
scheme shall comply with such requirements as the competent
authority may from time to time establish by the said guidelines,
and regulations 3 to 7 shall not apply thereto.
