Mur Lura
Government Notices published in Govt. Gazette No. 19,535 of 12 February 2016
01/01/2016
No. 123
RESUMPTION OF DUTIES BY THE PRIME MINISTER
IT is notified for general information that the Hon. Joseph Muscat, KUOM, BCom, BA (Hons.), MA (European Studies), PhD (Bristol), MP, resumed duties as Prime Minister on Thursday, 11th February, 2016, and that the arrangements made by Government Notice No. 108 of the 5th February, 2016, ceased to have effect accordingly.
No. 124
COMMISSIONERS FOR JUSTICE
CAP. 291
IT is notified that in accordance with the Commissioners for Justice Act, the Prime Minister approved the appointment as Commissioners for Justice, for a period of two years, with effect from 15th February, 2016 of:
Dr Roberta Fenech, LLD
Dr Deborah Farrugia, LLD
Dr Matthew Brincat, LLD
No. 125
MINISTRY FOR SOCIAL DIALOGUE, CONSUMER AFFAIRS AND CIVIL LIBERTIES
Appointment of the Malta Council for Economic and Social Development (MCESD)
IN terms of Article 4 of the Malta Council for Economic and Social Development Act 2001, the Prime Minister has approved that the Malta Council for Economic and Social Development be composed as follows for the year 2016.
Chairperson
Mr John Bencini
Deputy Chairperson
Mr Mario Cutajar, Principal Permanent Secretary
Members
Profs Josef Bonnici, Governor of the Central Bank of Malta
Mr Paul Zahra, Permanent Secretary MEAIM, representing the Ministry responsible for European Affairs
Mr Alfred Camilleri, Permanent Secretary MFIN, representing the Ministry responsible for Finance
Mr Grazio Barbara, Director General Social Security, representing the Ministry responsible for Social Policy
Mr Kevin Vella, Director Economic Strategy, representing the Ministry responsible for Economic Policy
Mr Tony Zahra, representing Malta Hotels and Restaurants Association
Mr Josef Bugeja and Mr Victor Carachi, representing General Workers Union
Mr Arthur Muscat, representing Malta Employers’ Association
Mr Kevin Bonello, representing FORUM
Mr Paul Abela, representing General Retailers and Traders Union
Mr Anton Borg and Mr Frank V Farrugia, representing The Malta Chambers of Commerce, Enterprise and Industry
Mr Josef Vella, representing Union Ħaddiema Magħqudin
Dr Martin Balzan, representing the Confederation of Malta Trade Unions
Mr Michael Grech, representing the Gozo Regional Committee
Mr Benjamin Rizzo, representing the Civil Society Committee
Substitute Members
Mr Alfred Mifsud, representing the Central Bank of Malta
Ms Glorianne Cini, Head (EU Secretariat), representing the Ministry responsible for European Affairs
Mr Ivan Carl Saliba, Director (Research Unit), representing the Ministry responsible for Finance
Dr Marisa Scerri, Director General (Programme Implementation), representing the Ministry responsible for Social Policy
Mr Godwin Mifsud, representing the Ministry responsible for Economic Policy
Mr Andrew Agius Muscat, representing Malta Hotels and Restaurants Association
Mr Tony Zarb and Mr Kevin Camilleri, representing General Workers Union
Mr Joseph Farrugia, representing Malta Employers’ Association
Mr Colin Galea, representing FORUM
Ms Abigail Psaila Mamo, representing General Retailers and Traders Union
Mr Norman Aquilina and Mr Kevin J Borg, representing The Malta Chambers of Commerce, Enterprise and Industry
Mr Jesmond Bonello, representing Union Ħaddiema Magħqudin
Dr William Portelli, representing the Confederation of Malta Trade Unions
Mr Joe Muscat, representing the Gozo Regional Committee
No. 126
COPYRIGHT ACT
CAP. 415
Appointment of the Copyright Board
IN virtue of the powers conferred by Article 45 of the Copyright Act, the Minister for the Economy, Investment and Small Business has re-appointed the Copyright Board as follows:
Chairman
Dr Aaron Mifsud Bonnici, LLD
Members
Mr Frederick Cutajar
Mr Ray M Cassar
Surrogate Chairman
Dr Ivan Sammut, LLD
SurrogateMember
Dr Maxilene Bonett, LLD
This appointment is for the duration of two years with effect from 1st January, 2016.
No. 127
NATIONAL AEROSPACE CENTRE
Appointment of Chief Executive Officer
IT is hereby notified, in terms of Legal Notice 68 of 2014 of the Public Administration Act (Cap. 497), that the Minister for Tourism has appointed for one year, with effect from 1st January, 2016, Ms Josephine Farrugia as Chief Executive Officer of the National Aerospace Centre.
No. 128
POLICE LICENCES APPEALS TRIBUNAL
IT is hereby notified that in exercise of the powers conferred by Legal Notice 222 of 2007, the Minister for Home Affairs and National Security has appointed Mr Joseph Scicluna an Assessor on the Police Licences Appeals Tribunal. This appointment will remain in effect until 17th September, 2017.
No. 129
BANKING ACT
CAP. 371
DEPOSITOR COMPENSATION SCHEME REGULATIONS, 2015
Appointment of Compensation Schemes Management Committee
IT is hereby notified that, in terms of Article 28A of the Banking Act and regulation 5 of the Depositor Compensation Scheme Regulations, 2015, published by Legal Notice 383 of 2015, the Malta Financial Services Authority has appointed the Compensation Schemes Management Committee for a period of three years commencing on the 1st January, 2016, to be composed as follows:
Chairman
Dr Anton Felice
Members
Mr James Bonello
Mr Oliver Bonello
Mr Benny Borg Bonello
Mr George Farrugia
Mr Kenneth Farrugia
Dr Massimo Vella
Secretary
Mr Geoffrey Bezzina
No. 130
INVESTMENT SERVICES ACT
CAP. 370
INVESTOR COMPENSATION SCHEME REGULATIONS, 2003
Appointment of Compensation Schemes Management Committee
IT is hereby notified that, in terms of article 12 of the Investment Services Act and regulations 3 and 5 of the Investor Compensation Scheme Regulations, 2003, published by Legal Notice 368 of 2003, the Malta Financial Services Authority has appointed the Compensation Schemes Management Committee for a period of three years commencing on the 1st January, 2016, to be composed as follows:
Chairman
Dr Anton Felice
Members
Mr James Bonello
Mr Oliver Bonello
Mr Benny Borg Bonello
Mr George Farrugia
Mr Kenneth Farrugia
Dr Massimo Vella
Secretary
Mr Geoffrey Bezzina
No. 131
INSURANCE BUSINESS ACT
CAP. 403
PROTECTION AND COMPENSATION FUND REGULATIONS, 2003
Appointment of Protection and Compensation Fund Management Committee
IT is hereby notified that, in terms of article 51 of the Insurance Business Act and regulation 5 of the Protection and Compensation Fund Regulations, 2003, published by Legal Notice 435 of 2003, the Malta Financial Services Authority has established the Protection and Compensation Fund Management Committee for a period of three years commencing on the 1st January, 2016, to be composed as follows:
Chairman
Dr Joseph Borg Bartolo
Members
Dr Michelle Whitehead
Mr David G Curmi
Mr Benny Borg Bonello
Mr John P Bonett
Mr Joseph Naudi Montaldo
Mr Joseph Felice Pace
Secretary
Mr Geoffrey Bezzina
No. 132
ENVIRONMENT PROTECTION ACT, 2016
ACT NO. I OF 2016
Board of the Environment and Resources Authority
IN exercise of the powers conferred by Article 6 of the Environment Protection Act, 2016, the Minister for Sustainable Development, the Environment and Climate Change has approved the appointment of the following to serve on the Board of the Environment and Resources Authority for a period of three years with effect from the 31st January, 2016:
Chairperson
Prof. Victor Axiak
Deputy Chairperson
Ms Carmen Buttigieg
Members
Architect Ruben Abela
Prof. Maria Attard
Dr Jason Bonnici
Prof. Alan Deidun
Ms Alexia Pisani
Mr Alan Pulis
Dr Louise Spiteri
Prof. Alfred Vella
No. 133
Motor Vehicles Registration and Licensing Act
cap. 368
IN exercise of the powers conferred by Regulation 10 of S.L. 368.01, the Minister for Finance has appointed the following persons on the board that will consider requests for the exemption or relief of registration tax for individuals who transfer their residence to Malta:
Chairman
Mr Francis Attard
Members
Mr Claude Cuschieri
Ms Audrey-Anne Callus Randich
Secretary
Ms Elaine Bugeja
Substitute Secretary
Mr Jamie Gatt
These appointments are valid up to 31st December, 2016 and shall automatically be reconfirmed for a period of 12 months from 1st January, 2017 unless otherwise indicated by the Minister for Finance.
No. 134
NOTARIAL PROFESSION AND NOTARIAL ARCHIVES ACT
CAP. 55
Appointment of Notary Delegate/Keeper
IT is hereby notified that in exercise of the powers conferred by Article 20 of the Notarial Profession and Notarial Archives Act, the Court of Revision of Notarial Acts has appointed Notary Dr Gabrielle Lautier to be Notary delegate and keeper of the Acts for Notary Dr Pierre Attard, for the period between the 17th February, 2016 and the 10th March, 2016.
Today, 9th February, 2016.
JANET CALLEJA
For the Registrar Court of Revision of Notarial Acts
No. 135
NOTARIAL PROFESSION AND NOTARIAL ARCHIVES ACT
CAP. 55
Appointment of Notary Delegate/Keeper
IT is hereby notified that in exercise of the powers conferred by Article 20 of the Notarial Profession and Notarial Archives Act, the Court of Revision of Notarial Acts has appointed Notary Dr Gabrielle Lautier to be Notary delegate and keeper of the Acts for Notary Dr Michael Joseph Galea, for the period between the 1st March, 2016 and the 8th March, 2016.
Today, 9th February, 2016.
JANET CALLEJA
For the Registrar Court of Revision of Notarial Acts
No. 136
PROSPECTUS
ISSUE OF AN AGGREGATE OF EURO 120,000,000 MALTA GOVERNMENT STOCKS
Subject to an Over-Allotment Option of Euro 80,000,000 in the Event of Over-subscription
Authorised Under the Local Loans (Registered Stock and Securities) Ordinance, Cap. 161
1. ISSUANCE OF STOCK
The Accountant General is offering an aggregate Euro 120,000,000 of Malta Government Stocks which are being offered and made available in any one or any combination of the following Stocks:
(i) 1.5% Malta Government Stock 2022 (IV), and
(ii) 2.5% Malta Government Stock 2036 (I).
2. APPLICATIONS
a) Applications open at 8.30 a.m. on Monday, 22nd February, 2016 and close on the time and dates as hereunder, or earlier at the discretion of the Accountant General:
(i) at 5.00 p.m. on Wednesday, 24th February, 2016 for applications by any single and/or joint applicants which in the aggregate do not exceed €100,000 per person, and
(ii) at noon on Monday, 29th February, 2016 for applications in the form of sealed bids (auction) under paragraphs 2(e) and 2(f).
b) All applications are to be made in multiples of €100 on the prescribed form.
c) Application forms may be downloaded from Treasury’s website (www.treasury.gov.mt) or obtained from, and lodged at, all Members of the Malta Stock Exchange and other authorised Investment Service Providers.
d) Applications by any single and/or joint applicants, which in the aggregate must not exceed €100,000 per person in any or each of the two Stocks, shall be at a price to be established for each Stock. Such Offer Price for each Stock will be announced to the Malta Stock Exchange and published in daily local newspapers three (3) days prior to opening of the applications. Applicants under this category are precluded from bidding also under paragraphs (e) and (f) below.
e) Applications by any single applicant, which in the aggregate are over €100,000, but do not exceed €500,000 in any or each of the two Stocks, shall be in the form of sealed bids for a minimum of €100,100 each. Applicants under this category are precluded from applying also under paragraphs (d) and (f).
f) Applications by any single applicant, which in the aggregate exceed €500,000 in any or each of the two Stocks, shall be in the form of sealed bids for a minimum and multiples of €500,000 each. Applicants under this category are precluded from applying also under paragraphs (d) and (e).
g) Bids on the prescribed application forms are to be transmitted by fax on 2596 7210 or by e-mail at the e-mail addresses indicated on the application form or deposited at the Treasury Tender Box at the Treasury’s premises in Floriana.
h) Applications by minors will only be accepted if signed by a legal guardian.
i) Applications in the name of ‘Nominee a/c’ and/or ‘Clients a/c’ will only be accepted if accompanied by a list showing the identity card number, or in case of a body corporate, the relevant identification number of their respective clients. The amount applied for by any single person, and/or two or more persons as joint applicants, listed under the ‘Nominee a/c’ and/or ‘Clients a/c’must not exceed €100,000 per person in any or each of the two Stocks.
j) All applications will be irrevocable after closing time.
3. CLEARING FACILITIES
a) MaltaClear
Clearing and settlement of transactions in Malta Government Stocks traded on the Malta Stock Exchange Trading System are effected through MaltaClear in accordance with Chapter 7 of the Malta Stock Exchange Bye-Laws.
b) Clearing (FOP) through Clearstream – MSE Access Link
(i) Applicants under paragraphs 2 (e) and (f) above, may also avail of free-of-payment (FOP) clearing facility provided through the Malta Stock Exchange plc (MSE) – Clearstream Banking AG – Frankfurt (CBF) Access Link as direct customers of CBF or Clearstream Banking SA, Luxembourg (CBL), or indirectly by being capable of clearing through CBF/CBL via another central securities depository or international central securities depository (‘other CS/ICSD’) linked to CBF/CBL.
(ii) It is the settled subscriber’s responsibility to ensure that a relevant Receive Free message for free receipt of the subscribed Stocks is raised in due time in the appropriate format of the Society of Worldwide Interbank Financial Telecommunication (SWIFT). Where for any reason, the FOP delivery over the MSE-CBF Link of the allotted Malta Government Stocks fails or remains outstanding for a period of time set at the MSE’s discretion, the same Stocks may be transferred off-market, in favour of a securities account opened in the name of the settled subscriber, without charge at the MSE’s Central Securities Depository (hereinafter the CSD), until the CSD receives further authenticated instructions. The supplied International Bank Account Number (IBAN) will be availed for the payment of any interests or other payments that may subsequently become due to the settled subscriber during such time that the Stocks remain credited in the said CSD account, on the relevant record date.
4. ALLOTMENT POLICY OF STOCK
Allocation of Stock will be made in the following order:
a) applications by auction will be considered after applications at the offer price per €100 nominal are exhausted.
b) In the event that the original sum on issue is over-subscribed, the Treasury reserves the right to:
(i) exercise the over-allotment option at paragraph (5) by issuing further stocks; and
(ii) first allocate and satisfy the applications to applicants falling under paragraph (2) (d).
c) In case that notwithstanding the exercise of the over-allotment option there still remains applications which are unsatisfied, then the Treasury will scale down applications as deemed appropriate.
d) Bids at the last rate accepted for each Stock by more than one applicant will beallotted in proportion to the amount of the bids for each respective Stock. The allotment results of each Stock to applicants whose applications are in the form of sealed bids (auction) will be determined and announced two hours immediately after the closing time of applications by auction.
e) Any amount allotted to the Government Funds will be at the cut-off rate.
5. OVER-ALLOTMENT OPTION
The Accountant General reserves the right to exercise an over-allotment option and allocate an additional amount of up to a maximum of €80,000,000.
Refunds of applications, which are not wholly allotted, will be effected before the issue of the relevant Registration Advices. Such refunds will be paid by credit transfer through the Single Euro Payments Area (SEPA) scheme in the International Bank Account Number (IBAN) indicated in the respective application form for the payment of interest.
6. UNDERISSUANCE
The Accountant General reserves the right to accept bids for the full amount or any part thereof and to reject any bid or part thereofon any grounds whatsoever, notwithstanding that the aggregate amount on issue has not been taken up.
7. PAYMENT OF INTEREST
Interest is payable half yearly in arrears on the:
(i) 11th day of January and the 11th day of July during the tenor of the 1.5%Malta Government Stock 2022 (IV); and
(ii) 17th day of May and the 17th day of November during the tenor of the 2.5% Malta Government Stock 2036 (I).
b) (i) In the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 1.5% Malta Government Stock 2022 (IV), the first pro rata interest payment covering the period from the 29th February, 2016 (the issue date) to the 10th July, 2016 (both dates inclusive) will be made at the rate of 0.548077 per cent on the 11th July, 2016;
(ii)in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 1.5% Malta Government Stock 2022 (IV), the first pro rata interest payment covering the period from the 2nd March, 2016 (the issue date) to the 10th July, 2016 (both dates inclusive) will be made at the rate of 0.539835 per cent on the 11th July, 2016;
(iii) in the case of accepted applications submitted by members of the public under paragraph 2 (d) in respect of the 2.5% Malta Government Stock 2036 (I), the first pro rata interest payment covering the period from the 29th February, 2016 (the issue date) to the 16th May, 2016 (both dates inclusive) will be made at the rate of 0.535714 per cent on the 17th May, 2016;
(iv) in the case of accepted bids/applications submitted by institutional investors under paragraphs 2 (e) and (f) in respect of the 2.5% Malta Government Stock 2036 (I), the first pro rata interest payment covering the period from the 2nd March, 2016 (the issue date) to the 16th May, 2016 (both dates inclusive) will be made at the rate of 0.521978 per cent on the 17th May, 2016.
c) (i) Payment of interest of each stock will be made by credit transfer through the Single Euro Payments Area (SEPA) scheme in the International Bank Account Number (IBAN) as advised on the application form.
(ii) If the interest date falls on a day other than a business day, interest payment will be made on the immediately following business day. A “business day” means a day other than a Saturday, a national or public holiday listed in sections 2 and 5 (1) of the National Holidays and other Public Holidays Act (Cap. 252 of the Laws of Malta), a bank holiday as declared under section 3 (2) (b) of the Banking Act (Cap. 371 of the Laws of Malta) or a day when the Trans-EuropeanAutomated Real-time Gross settlement Express Transfer system (TARGET), owned and operated by the Eurosystem, is closed for business as may be published on European Central Bank’s website (www.ecb.europa.eu).
8. FUNGIBILITY
The Accountant General reserves the right to issue, in future, additional amounts of each of the present Stock in further tranches. In the event of such further issues these will be integrated with the respective existing Stock.
9. REDEMPTION OF STOCK
(i) The 1.5% Malta Government Stock 2022 (IV) shall be redeemed at par on the 11th July, 2022.
(ii) The 2.5% Malta Government Stock 2036 (I) shall be redeemed at par on the 17th November, 2036.
10. SECURITY
The Stock and interest thereon will be a charge on the General Revenue and Assets of the Government of Malta.
11.TRADING ON THE MALTA STOCK EXCHANGE
a)Pursuant to the Financial Markets Act, Cap. 345, an application has been submitted to the Listing Authority for the bonds to be admissible to listing and to the Malta Stock Exchange for the bonds to be admitted to its Official List.
b) On the 11th July, 2016, after the payment of the first interest as indicated in paragraphs 7 (b) (i) and 7 (b) (ii), any amount allotted under the 1.5% Malta Government Stock 2022 (IV) shall be integrated and thereafter both shall be deemed to be one Stock.
c) On the 17th May, 2016, after the payment of the first interest as indicated in paragraphs 7 (b) (iii) and 7 (b) (iv) any amount allotted under the 2.5% Malta Government Stock 2036 (I) shall be integrated and thereafter both shall be deemed to be one Stock.
12.COLLECTIVE ACTION CLAUSES (CACs)
(a) Pursuant to the decision of the European Council of 24-25th March 2011, and in accordance with Paragraph 3 of Article 12 of the European Stability Mechanism (ESM) Treaty, the model Collective Action Clauses (CAC) became mandatory in all new euro area government securities with maturity above one year issued on or after 1st January, 2013.
(i)Pursuant to the provisions contained in the CACs, the Accountant General may, at any time, convene a meeting of stockholders to consider and approve any modifications of the borrowing terms and conditions of the Stock on issue.
(ii) The modifications that may be carried out are of two types: (1) A ‘reserved matter’ modification, involving the modification of the most important terms and conditions of this Stock, such as a reduction in the principal or interest payable on this Stock, or changes in the dates when interest is payable or Stock is redeemable, or change the definition of a ‘reserved matter’; and (2) A ‘non-reserved matter’ modification, involving the modification of less important terms and conditions other than a reserved matter.
(iii) Under the CAC, a modification may be proposed in relation to either a single stock, a so-called single-series modification, or to more than one stock at the same time, a so-called cross-series modification.
(iv) Modification of stock in relation to a ‘reserved matter’ shall require the affirmative vote of stockholders of not less than 75% of the aggregate principal amount of the outstanding stock represented at a meeting duly convened, or not less than 66 2/3% of the aggregate principal amount of the outstanding stock in the case of written resolution.
(v) In relation to a ‘non-reserved matter’ modification, the affirmative vote of stockholders of more than 50% of the aggregate principal amount of the outstanding stock represented at a meeting duly convened, or of more than 50% of the aggregate principal amount of the outstanding stock in the case of written resolution, is required.
(vi) In all events, a proposed modification shall require the consent of the Accountant General and, if approved, shall be binding for all stockholders.
(b) Notice of Meetings of Stockholders shall be published by the Accountant General at least 21 days prior to the date of the meeting or, in the case of an adjourned meeting, at least 14 days prior to the date of the adjourned meeting. The notice shall, amongst other matters, (i) specify the date, time and location of the meeting; (ii) set out the agenda and quorum for, and the text of any resolutions proposed to be adopted; and (iii) set out any additional rules adopted by the Accountant General and, if applicable, the conditions under which a cross-series modification will be deemed to have been satisfied if it is approved as to some but not all the affected series of debt securities.
(c) The Chair of any meeting of stockholders will be appointed by the Accountant General; or if such person nominated is not present at the meeting, by the holders of more than 50% of the aggregate principal amount of the Stocks then outstanding represented at the meeting.
(d) The Accountant General shall publish, without undue delay, all notices and other matters required to be published pursuant to Stockholders Meetings and Written Resolutions:
(i) on the Treasury’s website: (www.treasury.gov.mt);
(ii) through the Malta Stock Exchange;
(iii) Malta Government Gazette.
(e) The Collective Action Clauses (CACs), as agreed upon by the Member States of the European Union at its summit held on 24-25 March 2011, and in accordance with Paragraph 3 of Article 12 of the European Stability Mechanism (ESM) Treaty, can be found on the Treasury website (www.treasury.gov.mt) under the section reserved for the Debt Management Directorate.
Note: The above paragraph on the Collective Action Clauses (CACs) contains summarized information taken from the Model Collective Action Clauses (CACs). All potential applicants are solicited to access the detailed CACs which can be found on the Treasury website, and any decision to invest in the Stock/s should be based on consideration of the Prospectus as a whole.
13. RELEVANT LEGISLATION
The Local Loans (Registered Stock and Securities) Ordinance, Cap. 161, and Directive by the Minister for Finance under articles 4 (1) (a) and 6 (1) of the said Ordinance, the Local Loans (Registered Stock) Regulations, 1959.
Note: The value of the investment may go up and/or down during the tenor of the Stock.
No. 137
GOLDSMITHS AND SILVERSMITHS ACT
CAP. 46
THE Commissioner of Inland Revenue notifies that on the date shown hereunder, the price of gold and silver on which valuations made by the Consuls for Goldsmiths and Silversmiths are based has been fixed for the purposes of article 14 of the said Act as follows:
DatePure GoldPure Silver
GramsGrams
12.2.2016€34.332€0.470