INVESTMENT SERVICES ACT (LICENCE AND OTHER FEES) _g S.L.370.03 1
SUBSIDIARY LEGISLATION 370.03
INVESTMENT SERVICES ACT
(LICENCE AND OTHER FEES) REGULATIONS
26th October, 1994
LEGAL NOTICE 7 of 1995, as amended by Legal Notices 208 of 1996,
241 of 1998, 352 of 2002 and 216 of 2003.
Citation.
Amended by:
L.N. 352 of 2002.
1. The title of these regulations is the Investment Services
Act (Licence and Other Fees) Regulations.
Interpretation.
Amended by:
L.N. 352 of 2002.
Cap. 370.
2. In these regulations, unless the context otherwise requires -
"Act" means the Investment Services Act;
"competent authority" means the Malta Financial Services
Authority;
"hold or control" includes the holding by a licence holder of a
mandate over a client’s bank account, or of a power of attorney to
control a client’s assets: provided that a licence holder shall not be
considered to be holding or controlling a client’s money or assets if
a recommendation made by the licence holder can be placed into
effect only by the customer or by a third party, such as a bank,
acting on the customer’s behalf. The competent authority shall have
the discretion to determine whether a licence holder is holding or
controlling clients’ money or assets in any given case;
"licence" means an investment services licence or a collective
investment scheme licence in terms of articles 3 and 4 of the Act;
"non-private customer" has the meaning assigned to it by
guidelines issued by the competent authority in terms of article 6 of
the Act;
"person or body" includes any person, body corporate,
unincorporated body or association as are mentioned in article 3 of
the Act;
"scheme" means a collective investment scheme as is mentioned
in article 4 of the Act.
Payment of 
application, licence 
and other fees.
Amended by:
L.N. 352 of 2002.
3. There shall be paid to the competent authority by any
person or body or scheme -
( a ) upon submission of an application for the granting of a
licence or recognition, irrespective of whether the
application is eventually accepted or not, the
application fee established in the Second Column of
the Schedule;
( b ) on the date of the granting of a licence or recognition,
the annual fee established in the Third Column of the
said Schedule; and
( c ) thereafter annually, upon the anniversary of such date
as is mentioned in paragraph ( b ), the same annual fee
2 _g S.L.370.03 INVESTMENT SERVICES ACT (LICENCE AND OTHER FEES)
established in the Third Column of the said Schedule.
Licence 
classification.
Amended by:
L.N. 241 of 1998;
L.N. 352 of 2002.
4. (1) A person or body applying for a licence for investment
services in terms of article 3 of the Act shall be classified at the
discretion of the competent authority into one of five categories
which determine the financial resources requirements of licence
holders, as follows:
Category 1a: Licence holders authorised to provide
any investment service but not to hold or control
clients’ money or assets, deal for their own account or
underwrite. (This Category does not include managers
of collective investment schemes).
Category 1b: Licence holders authorised to deal as
agent, arrange deals, or provide advice in terms of
paragraphs 1 or 2 or 5 of the First Schedule to the Act,
solely for non-private customers but not to hold or
control clients' money or assets, deal or underwrite for
their own account.
Category 2: Licence holders authorised to provide any
investment service, and to hold or control clients’
money or assets, but not to deal for their own account
or underwrite.
Category 3: Licence holders authorised to provide any
investment service, to hold or control clients’ money
or assets, and to deal for their own account or
underwrite.
Category 4: Licence holders authorised to act only as
trustees or custodians of collective investment
schemes.
Cap. 403.
Category 5: Licence holders authorised to provide
investment services limited to dealing as agent or
arranging deals or giving advice in terms of
paragraphs 1 or 2 or 5 of the First Schedule to the Act,
solely in relation to instruments falling within
paragraph 7 of the Second Schedule to the Act,
provided such instruments shall be limited to those
issued exclusively by one person authorised to carry
on the business of insurance under the Insurance
Business Act.
(2) The competent authority shall set out in the licence the
nature of the activities which particular licence holders may carry
out.
INVESTMENT SERVICES ACT (LICENCE AND OTHER FEES) _g S.L.370.03 3
Licence Fees
SCHEDULE Substituted by:L.N. 208 of 1996.
Amended by:
L.N. 241 of 1998;
L.N. 352 of 2002;
L.N. 216 of 2003.
(Regulation 3)
First Column Second Column Third Column
Application Fee Annual Fee
Lm Lm
( a ) Investment Services Licences
Category 1a ............................................... 300 500
Category 1b .............................................. 300 600
Category 2 ................................................ 400 1200
Category 3 ................................................ 650 1500
Category 4 ................................................ 1500 3000
Category 5 ................................................ 60 120
( b ) Collective Investment Schemes which
carry on an activity in or from within Malta:
Scheme ..................................................... 650 700
Up to fifteen sub-funds (per sub-fund) ....... 125 125
Sixteen sub-funds and over (per sub-fund) . 75 75
( c ) Collective Investment Schemes formed or
established under the laws of a jurisdiction other
than Malta and which do not carry on an activity in
or from within Malta except as may be necessary
for securing and maintaining the listing of their
securities on a recognised investment exchange:
Scheme ..................................................... 350 350
Up to fifteen sub-funds (per sub-fund) ....... 125 125
Sixteen sub-funds and over (per sub-fund) . 75 75
( d ) Collective Investment Schemes which
qualify as professional investor funds in terms of
guidelines issued for this purpose by the competent
authority
"In principle" approval .............................. 200
Licence
Scheme ..................................................... 300 300
Per sub-fund ............................................. 300 125
Recognition Fees
( e ) Persons providing administrative services
in terms of article 9A of the Act ............................. 1000 200
( f ) Private Schemes recognised in terms of the
Investment Services Act (Recognition of Private
Collective Investment Schemes) Regulations ......... 500 150
