Investment Services Act (Cap. 370), article 4

4. (1) Subject to the provisions of sub-article (3), no collective investment scheme shall issue or create any units or carry on any activity in or from within Malta unless there is in respect of it a valid collective investment scheme licence. (2) Subject to the provisions of sub-article (3), no collective investment scheme formed in accordance with or existing under the laws of Malta shall issue or create any units or carry on any activity in or from within a country, territory or other place outside Malta unless there is in respect of it a valid collective investment scheme licence. (3) No collective investment scheme shall be precluded by the provisions of sub-article (1) from issuing or creating such units or from taking such steps as may be necessary for the incorporation or, as the case may be, the establishment of the scheme or from taking such steps as may be necessary for securing the authorisation of the scheme by the competent authority. APPLICATION, GRANT, REVOCATION, ETC., OF LICENCES Application for a licence.