Government Notices published in Govt. Gazette No. 19,998 of 29th May 2018

IT is notified for general information that, acting on t​​he advice of thePrime Minister, the President of Malta has directed that the Hon. Chris Fearne,MD, FRCS(Ed), MP, Deputy Prime Minister and Minister for Health, assumes theadditional duties of the Prime Minister, on Tuesday 29th May, 2018, during theabsence from Malta of the Hon. Joseph Muscat, KUOM, BCom, BA (Hons), MA(European Studies), PhD (Bristol), MP.

Declaration by the LANDS AUTHORITY

I herebydeclare that the undermentioned land, which is Government property, is requiredfor a public purpose in accordance with the Government Lands Act (Cap. 573) ofthe Laws of Malta.

Description of the Land

The followingland at Rabat, Malta:

A plot of land measuring about 1,418 square metres, bounded onthe North, East and South byGovernment property.

The above-mentioned land is shown marked with the colour blue on plan P.D. 6_93_1_A, which may be viewed on demand at the Lands Authority, Auberge de Baviere, Valletta.

(Sgd) Judge Emeritus C.Farrugia Sacco

Chairman Lands Authority

IT is notified for general information that the following LegalNotices were published in the Supplement to the Government Gazette No. 19,994of the 22nd May, 2018, and No. 19,996 of the 25th May, 2018, respectively.

L.N. 158 of 2018: Regulator for Energy and Water Services Act(Cap. 545); Sale of Electricity generated from Cogeneration Units Regulations(Amendment) Regulations, 2018.

L.N. 159 of 2018: Regulator for Energy and Water Services Act(Cap. 545); Feed-in Tariffs Scheme (Electricity Generated from SolarPhotovoltaic Installations) (Amendment No 3) Regulations, 2018.

L.N. 160 of 2018: Regulator for Energy and Water Services Act(Cap. 545); Feed-in Tariffs Scheme (Electricity Generated from SolarPhotovoltaic Installations) (Amendment No 4) Regulations, 2018.

L.N. 161 of 2018: Medicines Act (Cap. 458); Good ManufacturingPractice in Respect Of Medicinal Products and Active Substances for Human UseRegulations, 2018.

L.N. 162 of 2018: Value Added Tax Act (Cap. 406); Value Added Tax(Registration as a Single Taxable Person) Regulations, 2018.

L.N. 163 of 2018: Value Added Tax Act (Cap. 406); Value Added TaxAct (Amendment of Sixth Schedule) Regulations, 2018.

L.N. 164 of 2018: Code of Organization and Civil Procedure(Amendment) Act, 2018 (Act No. I of 2018); Commencement Notice.

L.N. 165 of 2018: Government Lands Act (Cap. 573); Purchase ofGarages Owned by Government in a Government Housing Estate in Lieu of thoseGranted Under a Title of Temporary Emphyteusis or Lease Regulations, 2018.

L.N. 166 of 2018: Immigration Act (Cap. 217); Family Reunification(Amendment) Regulations, 2018.

L.N. 167 of 2018: Social Care Standards Authority Act, 2018 (Act Xv of 2018); Commencement Notice.

IT is notified for general information that Inspector BernardBunce has been appointed as Member of the Weapons Board in lieu of SergeantJonathan Attard.  

The nomination will remain valid until 24th September, 2019.

Appointment of members on the Multi-disciplinary Panel

IN exercise of the powers vested in him by Article 106 of theSocial Security Act (Cap. 318), the Minister for the Family, Children’s Rightsand Social Solidarity is pleased to appoint the persons shown hereunder to bemembers of the Multi-disciplinary Panel for the purposes of the said Act.

Psychologist: Ms Cher Vella Laurenti Engerer

Psychiatrist: Dr John Mifsud

Psychiatrist: Dr Ethel Felice

Occupational Therapist: Mr Shawn Abela

Occupational Therapist: Ms Sharon Cutajar

Social Worker: Ms Alexia Vella

These appointments are valid for a period of one year with effectfrom 23rd May, 2018.

THE Permanent Secretary in the Ministry for Justice, Culture andLocal Government has approved the following acting appointment:

THE Permanent Secretary in the Ministry for Finance has approvedthe following acting appointment:

THE Commissioner of Police, in terms of articles 7 and 8 of the PrivateGuards and Local Wardens Act, 1996, hereby notifies that the followingapplications as mentioned hereunder have been received:

Application for licence of a Local Warden

Application for licence of Private Guards

Any person may, within one month from thepublication of this notice, object in writing to the Commissioner about theissue of the above licences on any of the grounds listed in section 10 of thePrivate Guards and Local Wardens Act, which are:

(a) where the applicant or any officer of the applicant or anyperson who has an effective control of the services to be provided by theapplicant.

(i) has been convicted in Malta orelsewhere of any crime against the safety of the state, or of any crime ofvoluntary harm or injury to any person or any crime against property or publictrust or any other serious crime; or

(ii) has been declared bankrupt or hisfinancial position is precarious or otherwise renders the applicant unsuitable;or

(iii) has been discharged from the policeor armed forces or the prison services because of any offence or othermisbehaviour; or

(iv) is a public officer or a member ofthe police or armed forces or the prison services; or

(b) when information is available which is in the public interest;or

(c) where the applicant does not possess the necessaryqualifications as may be prescribed by or under the Act.

62+Malta Government Savings Bond – Issue 2018

Summary of the main terms of62+ Malta Government Savings Bond - Issue 2018:

The following summary must beread as an introduction to this prospectus and any decision to invest in thisBond should be based on a consideration of this prospectus as a whole.

Name of issuer:  Government of Malta;

Title of the Bond: 62+Malta Government Savings Bond – Issue 2018;

ISIN Number:MT4000010036;

Amount on issue: €65,000,000;

Over-allotment Option: additionalamount of up to a maximum of €35,000,000;

Type: FixedrateBond;

Term: 5Years;

Interest rate (coupon):The rate of interest of the 62+ Malta Government Savings Bond - Issue 2018 is 3%p.a.;

Issue Price: TheBond is denominated and issued at par (100%) in units of €100 where the amountpaid is equal to the principal amount invested;

Who can invest? Individualsborn in 1956 or before;

Amount that can be invested:An eligible individual can invest a minimum amount of €500 up to a maximumamount of €8,000 in this Bond;

Non-Transferable andnon-negotiable debt Instrument: The 62+ Malta GovernmentSavings Bond – Issue 2018 cannot be negotiated, assigned or transferred ontoany other individual or legal person and cannot be pledged;

When is the interest paid?The interest is payable semi-annually in arrears on 19th June and 19th Decemberduring the tenor of the Bond (unless withdrawn before) in the bank accountnominated by the holder;

Tax:Resident Individual holders can opt to receive the interest net of tax or grossand declare the investment income (interest) received in the income tax return;

How can one invest in the 62+Malta Government Savings Bond – Issue 2018?

Category ‘A’ applicants: New eligible applicants in the 62+Malta Government Savings Bond – Issue 2018 made up of (i) individuals born in1956 and (ii) individualsborn before 1956 who were eligible but did not participate in last year’sissuance of the 62+ Savings Bond, may obtain and lodge the application form (Form ‘A’) at the Authorised FinancialInstitutions and Authorised Investment Service Providers;

Category‘B’ applicants:  Existing holders of the62+ Malta Government Savings Bond issued in September or October 2017 shallreceive by post an application form (Form ‘B’) which can belodged at the AuthorisedFinancial Institutions and Authorised Investment Service Providers;

Public Offer Period:  Dates and Time: Applications for both Category‘A’ and Category ‘B’ applicants shall open at 8:30 a.m. on Monday, 11th June, 2018 and close at 5.00 p.m.on Tuesday, 12thJune, 2018, or earlier at the discretion of the Accountant General;

Maturity:  The 62+ Malta GovernmentSavings Bond – Issue 2018 will be repaid at par on 19th June 2023;

What happens at the end of theinvestment term? The Malta Government Savings Bond - Issue 2018is a special issue and therefore there is no guarantee that another bond issuewill be available when the Bond is repaid.

Termsand Conditions

1.Application and Interpretation

(a)The 62+ Malta Government Savings Bond - Issue 2018 is a retail debt instrumentoffered by the Accountant General under the Government Borrowing and Managementof Public Debt Act (Cap. 575) and is subject to the Malta Government RetailSavings Bonds Regulations (the Regulations) as amended or re-enacted from timeto time.    

(b)This prospectus is being published in accordance with article 25 (3) of theGovernment Borrowing and Management of Public Debt and regulation 4 of theRegulations. This prospectus in conjunction with the Government Borrowing andManagement of Public Debt Act and Malta Government Retail Savings BondsRegulations shall govern this issuance.

2.Definitions:

Inthese terms and conditions:

(a) “Accountant General” means the Accountant General ofthe Government of Malta who heads the Treasury Department;

(b)“Bond” the term Bond used in this prospectus means the 62+ Malta GovernmentSavings Bond – Issue 2018;

(c)“Bondholder” or “Holder” means any individual in whose name the Bond is enteredin the register;

(d)“Business day” means a day other than a Saturday, a national or public holidaylisted in articles 2 and 5(1) of the National Holidays and other PublicHolidays Act, a bank holiday as declared under article 3(2)(b) of the BankingAct, or a day when the Trans-European Automated Real-time Gross settlementExpress Transfer System (TARGET), owned and operated by the Eurosystem, isclosed for business as may be published on the European Central Bank’s website;(www.ecb.europa.eu);

(e)“Category ‘A’ applicants” for the purpose of this prospectus means (i)individuals born in 1956 and (ii) individuals born before 1956 who wereeligible to participate in 62 + Malta Government Savings Bond issues held in2017 but did not participate for any reason whatsoever, hereinafter called Neweligible applicants;

(f)“Category ‘B’ applicants” for the purpose of this prospectus means allindividuals listed on the 62+ Malta Government Savings Bond issued registerpertaining to the 2017 issue as held on 7th May 2018 (“the Cut-Off Date”),hereinafter called Existing holders;

(g)“Claims” in respect of the 62+ Malta Government Savings Bond - Issue 2018include both the principal repayment and the interest due if any on the said62+ Malta Government Savings Bond – Issue 2018;

(h)“Eligible individual” means a natural person born in 1956 or before who iseligible to purchase and hold this Bond;

(i)“Individual” means a natural person;

(j)“Maturity date” is the date when the Bond falls due for repayment;

(k)“Regulations” the word regulations in this prospectus means the MaltaGovernment Retail Savings Bonds Regulations. 

3.Issuance Amount

The Accountant General is offering €65,000,000 of the 62+Malta Government Savings Bond – Issue 2018 which may be increased by anadditional maximum amount of €35,000,000 in the event demand exceeds the amounton issue.

4.Investment Terms

The62+ Malta Government Savings Bond – Issue 2018 earns interest at a fixed rate of 3%per annum for thewhole five-year term of the Bond.  Theterm of the Bond starts on the date of issuance which is 19thJune 2018 up tothe last day which immediately precedes the date of the maturity of the Bondset for the 19th June 2023.

5.Who may Purchase the Bond?

(1)There are two categories of applicants who can participate in this issue:

(a)Category ‘A’: - New eligible applicants made up of (i) individuals born in 1956and (ii) individuals born before 1956 who were eligible to apply in 62+ MaltaGovernment Savings Bond issued in September and October 2017, but did notparticipate in the said issuances for any reasons whatsoever. These applicantsmust also satisfy the conditions for eligibility listed in paragraph 5 (2);

(b)Category ‘B’: – Applicants made up of existing holders of the 62+ MaltaGovernment Savings Bond issued in 2017 listed on the register on 7th May2018.  These applicants, if applicable,are also subject to satisfying the conditions of eligibility in paragraph 5 (2)(c), (d) and (e).

(2)Other conditions for eligibility 

(a)The Bond cannot be held jointly with another individual.

(b)Except of para 5 (2) (c), the Bond is to be held in the applicant’s own name.

(c)  Curators appointed by court can purchase andhold the Bond on behalf of eligible individuals who lack capacity includingindividuals interdicted by court.

(d)An individual or a legal person may purchase the Bond in the name of anothereligible individual where acting under a valid Power of Attorney.

(e)In the case of a Bond purchased as per (c) and (d) above, the Bond shall bedeemed to be held by the eligible individual on whose behalf it was purchased.

6.General Limitations

Thefollowing individuals are not eligible to invest in the Bond:

(i)In respect of Category ‘A’ applicants, applications for underlying individualssubmitted under the nominee or clients account system. Category B applicantshave already satisfied this condition;

(ii)Individuals born in 1956 or before who lack capacity including individualsinterdicted by Court unless the application is made in accordance withparagraph 5 (2) (c); and

(iii)Individuals who are either non-EU citizens or non-EU residents for taxpurposes.

7.Non-transferability

TheBond or any interest therein may not be transferred or assigned to any otherindividual or legal person or pledged, in whole or in part.  There is no secondary trading market for theBond. 

8.Date of Issuance, applications and holding limits

(a)Applications open at 8.30 a.m. on Monday, 11th June 2018 and close at 5.00 p.m.on Tuesday, 12th June, 2018 or earlier at the discretion of the AccountantGeneral.

(b)(i) The application form for Category ‘A’ applicants (new applicants) may bedownloaded from Treasury’s website (www.treasury.gov.mt) or obtained from, andlodged at the authorised Financial Institutions and authorised InvestmentService Providers;

(ii)The application form for Category ‘B’ applicants (existing holders of the 62+Malta Government Savings Bond) shall be sent by post and this can be lodged atthe authorised Financial Institutions and authorised Investment ServiceProviders.

(c)All applications will be irrevocable after closing time.

(d)The minimum amount of the Bond that may be purchased is €500 and the maximumholding in the Bond is €8,000 per eligible individual.

(e)Applications are to be made in multiplies of €100 on the prescribed applicationform.

(f)The Accountant General has the right to reject the applications if (i) theapplicant has failed to comply in a material manner with the terms andconditions contained in this prospectus or (ii) on any grounds whatsoever.

9.Evidence of identity

Inrespect of Category A applicants, the Accountant General reserves the right toconduct the necessary verification to confirm the identity, age and address ofthe applicant by using Government of Malta’s databases. In accepting the termsand conditions the eligible applicant confirms that s/he is aware that her/hisidentity, age and address can be checked.

10.Over-allotment option

Inthe event that the original sum on issue of €65,000,000 is oversubscribed, theAccountant General reserves the right to exercise the over-allotment option andallocate an additional amount up to a maximum of €35,000,000 for a totalaggregate amount not exceeding €100,000,000.

11.Allotment Policy

(a)The Accountant General will be giving preference to New eligible applicants(Category ‘A’) such that these will be satisfied in full provided that theamount on issue or the aggregate amount that can be issued is not exceeded.

(b)In the case that notwithstanding the exercise of the over-allotment optionthere still remains applications from Category ‘A’ applicants (new eligibleapplicants) which are unsatisfied, then the Accountant General will scale downthe applications among Category ‘A’ applicants, as deemed appropriate.  In such event there shall not be any amountsleft to be allocated to Category ‘B’ applicants. 

(c)In the event that where Category ‘A’ applicants are satisfied in full thereremains amounts to be allocated, such unutilized amount shall become availablefor allocation to Category ‘B’ applicants and will be allotted in accordancewith the discretion of the Accountant General.

(d)Refund of amounts in respect of applications which are not wholly allotted willbe effected before the issue of the relevant Registration Advice.  No interest is due on any unallocated amountsuntil such amounts are refunded.

12.Interest payments and interest payment dates

(a)The interest is paid semi-annually in arrears on the 19th June and 19th Decemberin every year during the tenor of the Bond at the rate of 1.5% calculated onthe Face Value (nominal) of the Bond.

(b)The first semi-annual interest payment at the rate of 1.5% covering the periodfrom 19th June 2018 (issue date) up to 18th December 2018 (both datesinclusive) shall be paid on 19th December 2018.

(c)If an interest payment date falls on a non-business day, payment will be madeon the succeeding business day without payment of additional interest.

13.Form of payments

(a)All payments in respect of this Bond must be made in Euro and to Eurodenominated bank accounts for which the Accountant General has been suppliedwith a valid IBAN account number.

(b)The settlement of all types of payments linked to this Bond, including:

(i)Semi-annual interest payments;

(ii)refunds of unallocated monies;

(iii)early repayment of principal; and

(iv)redemption of the Bond on its maturity date,

shallbe made by credit transfer through the Single Euro Payments Area (SEPA) schemein the International Bank Account Number (IBAN) indicated in the respectiveapplication form or the latest bank account number (IBAN) held in the register.

14.Tax

Theinterest earned from the 62+ Malta Government Savings Bond - Issue 2018 istaxed in accordance with the investment income provisions of the Income Tax Act(Cap. 123 of the Laws of Malta). As stated in the information summary, residentindividual holders can opt to receive the interest payment gross and declarethe investment income earned in their income tax returns or net of tax(withholding tax).

15.Early redemptions and cancellation

(a)Bondholders may withdraw the whole amount invested in the 62+ Malta GovernmentSavings Bond – Issue 2018 before the maturity date of the Bond subject to thepayment of a penalty for early redemption in terms of paragraph 17. Noapplication for a partial withdrawal from individual’s holding will beentertained during the life of the Bond.

(b)Applications for early redemptions shall be made on the prescribed form whichcan be downloaded from the Treasury’s website and sent to the TreasuryDepartment. The Accountant General will normally initiate the electronictransfer of funds within 30 days and typically payable on the 5th day of themonth.

(c)Bondholders’ requests for early redemptions are irrevocable and cannot bewithdrawn after they are submitted to and received by the Accountant General.

(d)The Bonds which are redeemed before the maturity date of the Bond as specifiedin this paragraph will be cancelled.

16.Calculation of accrued interest on early redemption

(a)Where the holder withdraws the principal before the first interest paymentdate, the holder shall be entitled to interest from the issue date of the Bondup to the last day which immediately precedes the repayment date.

(b)Where a holder withdraws the principal before the maturity date but after thefirst interest payment date, the holder shall be entitled to interest from thelast interest payment date up to the last day which immediately precedes theearly repayment date.

(c) In the case of inheritance occurring during the termof the Bond, upon the notification of the death of a Bondholder, the account isput on hold.  The principal together with(i) withheld interest payments and (ii) accrued interest from the last interestpayment date up to the last day which immediately precedes the repayment dateof the Bond will be paid to the beneficiaries of the deceased Bondholderthrough the transmission causa mortisprocedure. The Bond held by the deceased is not transferable onto thebeneficiaries of the deceased Bondholder.

(d)On the repayment of principal to the beneficiaries of the deceased bondholderthrough the transmission causa mortis procedures, the bond will be cancelled.

17.  Penalty for early redemption

(a)Except where paragraph (c) applies, a penalty equivalent to three (3) monthsgross interest on the principal withdrawn, at the interest rate the Bond isearning, i.e. 3% per annum, will be deducted from the repayment. The formulafor calculation and application of the penalty is as follows:

PenaltyAmount = P x R x 3

                 12

Where:  P is the principal amount withdrawn; and Rthe annual interest rate of 3% the Bond is earning.   

Byway of example, a Bondholder who invested the maximum permissible amount of€8,000 who opts for early redemption of the Bond will incur a penalty of €60.

(b)If there is insufficient interest due in the current interest period to meetthe early redemption charge, an adjustment to the principal being repaid willbe made to meet the penalty. If a Bondholder cashes in the Bond within thefirst three months of its commencement, the Bondholder will get back less thanoriginally invested.

(c)No penalty will be charged where the Bond is repaid before maturity to thebeneficiaries of the deceased Bondholder through the causa mortis procedure.

18.Redemption of the 62+ Malta Government Savings Bond - Issue 2018

The62+ Malta Government Savings Bond Issue - 2018 shall be redeemed at par on 19thJune, 2023.

19.Cut-off date for amendments in the register 

Thecut-off date established for entering amendmentsto the registered holder’s details such as address, tax option, bank accountwhere interest is receivedor other similar changes is ten calendar days before the interest payment date.

20.Security

Theprincipal and the interest payments thereon of the 62+ Malta Government SavingsBond – Issue 2018 will be a charge on the consolidated fund and other publicfunds of the Government of Malta.

21.Registration advice and other statements

Onregistration, the 62+ Malta Government Savings - Issue 2018 Bondholders willreceive a registration advice from the Malta Stock Exchange (MSE) throughnormal post or through the MSE’s internal electronic system managed by the MSE.

Assoon as the holders receive the registration advice from the MSE they shouldexamine it carefully and report any errors or omissions to the AccountantGeneral as soon as possible. It is the responsibility of the Bondholder toensure that the registration advice and other correspondence received inconnection with this savings bond are kept safely.

22.Prescription

Claimsin respect of 62 + Malta Government Savings Bond – Issue 2018 issued under thisprospectus will become prescribed unless presented for payment within six yearsfrom the maturity date of the Bond.

23.Data protection clauses

TheAccountant General may process the personal data that the holder may provide inthe Application Form in accordance with the Data Protection Act 2001 (Cap. 440of the Laws of Malta). 

24.Governing Law

Therelevant legislation under which this Bond is being issued are (a) The BudgetMeasures Implementation Act (Cap. 577), (b) The Government Borrowing andManagement of Public Debt Act (Cap. 575)and (c) the Malta Government Retail Savings Bonds Regulations.

25.Jurisdiction

Exclusiveplace of jurisdiction for any legal proceedings arising under the 62+ MaltaGovernment Savings Bond – Issue 2018 is Malta.

26.Contact Details

Investorscan obtain further information on the 62+ Malta Government Savings Bond – Issue2018 and on other Government Securities by contacting the Treasury Departmentthrough one of the means of communications listed below:

Address:Treasury Department, Development House, Level 2-3, Triq Sant’Anna, Floriana.

Telephone:2596 7100 (General Line)

Email:treasury.malta@gov.mt

Website:www.treasury.gov.mt

THE Commissioner of Inland Revenuenotifies that, on the date shown hereunder, the price of gold and silver onwhich valuations made by the Consuls for Goldsmiths and Silversmiths are basedhas been fixed for the purposes of article 14 of the said Act as follows: