Investment Services Act (Cap. 370), article 3

3. (1) No person shall provide, or hold himself out as providing, an investment service in or from within Malta unless he is in possession of a valid i nvestment services licence. (2) No body corporate, unincorporated body or association formed in accordance with or existing under the laws of Malta, shall provide or hold itself out as providing an investment ser vice in or from within a country, territory or other place outside M alta unless it is in possession of a v alid investment services licen ce. (3) The competent authority may by notice in writing to any person determine that - (a) a service falls within the Fir st Schedule when provided in relation to an instrument; (b) an instrument, contract or right falls within the Second Schedule and whether or not issued in Malta; or (c) a service falls within the Third Schedule; and subject to any appeal under article 19 with respect to such person the determination by the Competent Authority unless over ruled by the Tribunal shall be conclusive for all purposes of t his Act. Requirement of licence for collective investment scheme.