Government Notices published in Govt. Gazette No. 20,144 of 5th March 2019

IT is notified for general information that, acting on the advice of the Prime Minister, the President of Malta has directed that the Hon. Chris Fearne, MD, FRCS(Ed), MP, Deputy Prime Minister and Minister for Health, assumes the additional duties of the Prime Minister, on Friday, 1st March, 2019, during the absence from Malta of the Hon. Joseph Muscat, KUOM, BCom, BA (Hons), MA (European Studies), PhD (Bristol), MP.

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 Monday, 4th March, 2019, and that the arrangements made by Government Notice No. 299 of the 28th February, 2019, ceased to have effect accordingly.

IT is notified for general information that the following Bill is published in the Supplement of this Gazette:

Bill No. 79 entitled the Local Councils (Amendment) Act, 2019.

IT is notified for general information that the following Legal Notices were published in the Supplement to the Government Gazette No. 20,143 of the 1st March, 2019.

L.N. 38 of 2019: Traffic Regulation Ordinance (Cap. 65); Motor Vehicles (Carriage of Dangerous Goods by Road) (Amendment) Regulations, 2019.

L.N. 39 of 2019: Malta Communications Authority Act (Cap. 418); Malta Communications Authority Act (Second Schedule) (Amendment) Order, 2019.

L.N. 40 of 2019: Public Administration Act, 2019 (Act No. III of 2019); Commencement Notice.

Appointment of Acting Director General

The Chairman of the Malta Statistics Authority has approved the temporary appointment of Mr Silvan Zammit as Acting Director General (NSO) from the 4th till the 10th March, 2019, in Mr Etienne Caruana's absence.

Mr Etienne Caruana will resume his duties as Acting Director General of the NSO from the 11th of March, 2019.

Fisheries Board

It is notified that in terms of Article 5 of the Fisheries Conservation and Management Act (Cap. 425), the Fisheries Board is composed as follows for the period between 18th February, 2019, and 17th February, 2022.

Chairperson

Mr Randall Caruana

Vice Chairperson

Ms Audrey Grima Baldacchino

Members

Mr Dennis Camilleri

Dr Joseph Carabott D'Amato

Mr Ernest Galea

Mr Vincent Gafà

Mr Joseph Demicoli

Mr Paul Piscopo

Mr Marco Carabott

Mr Jason Grixti

Mr Martin Caruana

Mr Thomas Bajada

Mr Victor Bonello

Mr Duncan Borg

Lt Col. James Grech

Secretary

Mr Dennis Calleja

Notice in terms of Article 61(1)

In terms of the proviso to article 61(1) of the Duty on Documents and Transfers Act, the Commissioner for Revenue hereby notifies the persons listed hereunder to call at the Capital Transfer Duty Department, 46, Triq il-Merkanti, Valletta, to collect the notices made on such persons.

Notice in terms of Article 29(1) and Article 73(2)

IN terms of the proviso to article 29(1) of the Income Tax Management Act and/or article 73(2) of the Value Added Tax Act, the Commissioner for Revenue hereby notifies the persons/companies listed hereunder to call at the Tax Audits Section/Tax Compliance Unit at Block 4 of the Inland Revenue Department, Floriana, within thirty days of this notice to collect the notices made on such persons/companies.

NameReference

and Giovanna Ghallab

and Alison Debattista

THE Commissioner of Police, in terms of articles 7 and 8 of the Private Guards and Community Officers Act 1996, hereby notifies that the following applications as mentioned hereunder have been received:

Application for licence of Private Guards

Any person may, within one month from the publication of this notice, object in writing to the Commissioner about the issue of the above licences on any of the grounds listed in section 10 of the Private Guards and Community Officers Act 1996, which are:

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

(i) has been convicted in Malta or elsewhere of any crime against the safety of the state, or of any crime of voluntary harm or injury to any person or any crime against property or public trust or any other serious crime; or

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

(iii) has been discharged from the police or armed forces or the prison services because of any offence or other misbehaviour; or

(iv) is a public officer or a member of the 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 necessary qualifications as may be prescribed by or under the Act.

THE Commissioner of Inland Revenue notifies that, on the date shown hereunder, the price of gold and silver on which valuations made by the Consul for Goldsmiths and Silversmiths are based has been fixed for the purposes of article 14 of the said Act as follows:

62+ Malta Government Savings Bond– Issue 2019

Summary of the main terms of 62+ Malta Government Savings Bond- Issue 2019:

The following summary must be read as an introduction to this prospectus and any decision to invest in this Bond 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 2019;

ISIN Number: MT4000010044;

Amount on issue: €65,000,000;

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

Type: Fixed rate Bond;

Term: 5 Years;

Interest rate (coupon): The rate of interest of the 62+ Malta Government Savings Bond - Issue 2019 is 3% p.a.;

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

Who can invest? Individuals born in 1957 or before;

Amount that can be invested: An eligible individual can invest a minimum amount of €500 up to a maximum amount of €10,000 in this Bond;

Non-Transferable and non-negotiable debt Instrument: The 62+ Malta Government Savings Bond – Issue 2019 cannot be negotiated, assigned or transferred onto any other individual or legal person and cannot be pledged;

When is the interest paid? The interest is payable semi-annually in arrears on 20th March and 20th September during the tenor of the Bond (unless withdrawn before) in the bank account nominated by the holder;

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

How can one invest in the 62+ Malta Government Savings Bond – Issue 2019?

Category 'A' applicants:  New eligible applicants in the 62+ Malta Government Savings Bond– Issue 2019 made up of (i) individuals born in 1957 and (ii) individuals born before 1957 who were eligible to apply in the past issuance of the 62+ Malta Government Savings Bond held in 2017 and 2018 but did not apply for any reason whatsoever, may obtain and lodge the application form (Form 'A') at Authorised Financial Institutions and Authorised Investment Service Providers;

Category 'B' applicants:  Existing holders of the 62+ Malta Government Savings Bonds issued in 2017 and 2018 and whose name appeared on the register at close of business of Tuesday 5th February 2019, shall receive by post an application form (Form 'B') which can be lodged at Authorised Financial 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 Wednesday, 13th March, 2019 and close at 5.00 p.m. on Thursday, 14th March, 2019, or earlier at the discretion of the Accountant General;

Maturity:The 62+ Malta Government Savings Bond – Issue 2019 will be repaid at par on 20th March, 2024;

What happens at the end of the investment term? The Malta Government Savings Bond – Issue 2019 is a special issue and therefore there is no guarantee that another bond issue will be available when the Bond is repaid.

Terms and Conditions

1. Application and Interpretation

(a) The 62+ Malta Government Savings Bond- Issue 2019 is a retail debt instrument offered by the Accountant General under the Government Borrowing and Management of Public Debt Act (Cap. 575 of the Laws of Malta) and is subject to the Malta Government Retail Savings Bonds Regulations (the Regulations) as amended or re-enacted from time to time. 

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

2. Definitions:

In these terms and conditions:

(a) "Accountant General" means the Accountant General of the Government of Malta who heads the Treasury Department;

(b) "Bond" the term Bond used in this prospectus means the 62+ Malta Government Savings Bond– Issue 2019;

(c) "Bondholder" or "Holder" means any individual in whose name the Bond is entered in the register;

(d) "Business day" means a day other than a Saturday, a national or public holiday listed in articles 2 and 5(1) of the National Holidays and other Public Holidays Act, a bank holiday as declared under article 3(2)(b) of the Banking Act, or a day when the Trans-European Automated Real-time Gross settlement Express Transfer System (TARGET), owned and operated by the Eurosystem, is closed 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 1957and (ii) individuals born before 1957 who were eligible to participate in past issuances of the 62+ Malta Government Savings Bond held in 2017 and 2018 but did not apply for any reason whatsoever, hereinafter called New eligible applicants;

(f) "Category 'B' applicants" for the purpose of this prospectus means all individuals who participated in the past issuances of the 62+ Malta Government saving Bond held in 2017 and 2018 and whose name appeared on the register at the close of business of Tuesday 5th February 2019 (the Cut-Off Date), hereinafter called Existing holders;

(g) "Claims" in respect of the 62+ Malta Government Savings Bond – Issue 2019 include both the principal repayment and the interest due if any on the said 62+ Malta Government Savings Bond – Issue 2019;

(h) "Eligible individual" means a natural person born in 1957 or before who is eligible 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 Malta Government Retail Savings Bonds Regulations. 

3. Issuance Amount

The Accountant General is offering €65,000,000 of the 62+ Malta Government Savings Bond – Issue 2019 which may be increased by an additional maximum amount of €35,000,000 in the event demand exceeds the amount on issue.

4. Investment Terms

The 62+ Malta Government Savings Bond– Issue 2019 earns interest at a fixed rate of 3% per annum for the whole five-year term of the Bond. The term of the Bond starts on the date of issuance which is 20th March, 2019 up to the last day which immediately precedes the date of the maturity of the Bond set for the 20th March, 2024.

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 1957 and (ii) individuals born before 1957 who were eligible to apply in the past issuances of the 62+ Malta Government Savings Bond held in 2017 and 2018, but did not participate in the said issuances for any reason whatsoever. These applicants must also satisfy the conditions for eligibility listed in paragraph 5 (2);

(b) Category 'B': Applicants who participated in the past issuances of the 62+ Malta Government Savings Bond held in 2017 and 2018, and whose name appeared on the register at the close of business of Tuesday 5th February 2019, (the cut-off date). 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 and hold the Bond on behalf of eligible individuals who lack capacity including individuals interdicted by court.

(d) An individual or a legal person may purchase the Bond in the name of another eligible 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 be deemed to be held by the eligible individual on whose behalf it was purchased.

6. General Limitations

The following individuals are not eligible to invest in the Bond:

(i) In respect of Category 'A' applicants, applications for underlying individuals submitted under the nominee or clients account system. Category 'B' applicants have already satisfied this condition;

(ii) Individuals born in 1957 or before who lack capacity including individuals interdicted by Court unless the application is made in accordance with paragraph 5 (2) (c); and

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

7. Non- Transferability

The Bond or any interest therein may not be transferred or assigned to any other individual or legal person or pledged, in whole or in part.  There is no secondary trading market for the Bond.

8. Date of Issuance, applications and holding limits

a) Applications open at 8.30 a.m. on Wednesday, 13th March 2019 and close at 5.00 p.m. on Thursday, 14th March 2019 or earlier at the discretion of the Accountant General.

b) (i) The application form (Form 'A') for Category 'A' applicants (new applicants) may be downloaded from Treasury's website (www.treasury.gov.mt) or obtained from, and lodged at authorised financial institutions and authorised investment service providers.

(ii) The application form (Form 'B') for Category 'B' applicants (existing holders of the 62+ Malta Government Savings Bonds) shall be sent by post and this can be lodged at authorised financial institutions and authorised investment service providers.

c) All applications will be irrevocable after closing time.

d) The minimum amount of the Bond that may be purchased is €500 and the maximum holding in the Bond is €10,000 per eligible individual.

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

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

9. Evidence of identity

In respect of Category A applicants, the Accountant General reserves the right to conduct the necessary verification to confirm the identity, age and address of the applicant by using Government of Malta's databases. In accepting the terms and conditions the eligible applicant confirm that s/he is aware that her/his identity, age and address can be checked.

10. Over-allotment option

In the event that the original sum on issue of €65,000,000 is oversubscribed, the Accountant General reserves the right to exercise the over-allotment option and allocate an additional amount up to a maximum of €35,000,000 for a total aggregate amount not exceeding €100,000,000.

11. Allotment Policy

(a) The Accountant General will be giving preference to applications for the Bond to new eligible applicants (Category 'A') such that these will be satisfied in full provided that the amount 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 option there still remains applications from Category 'A' applicants (new eligible applicants) which are unsatisfied, then the Accountant General will scale down applications among Category 'A' applicants as deemed appropriate.  In such event there shall not be any amounts left to be allocated to Category 'B' applicants. 

(c) In the event that where Category 'A' applicants are satisfied in full there remains amounts to be allocated, such unutilized amount shall become available for allocation to Category 'B' applicants and will be allotted in accordance with the discretion of the Accountant General.

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

12. Interest payments and interest payment dates

(a) The interest is paid semi-annually in arrears on the 20th March and 20th September in every year during the tenor of the Bond at the rate of 1.5% calculated on the Face Value (nominal) of the Bond.

(b) The first semi-annual interest payment at the rate of 1.5% covering the period from 20th March 2019 (issue date) up to 19th September 2019 (both dates inclusive) shall be paid on 20th September 2019.

(c) If an interest payment date falls on a non-business day, payment will be made on 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 Euro denominated bank accounts for which the Accountant General has been supplied with a valid International Bank Account Number (IBAN).

(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,

shall be made by credit transfer through the Single Euro Payments Area (SEPA) scheme in the IBAN indicated in the respective application form or the latest bank account number (IBAN) held in the register.

The Treasury does not charge for sending payments, however the beneficiary's bank could charge a fee to receive the funds when these exceed certain amounts. The Accountant General shall not be responsible for any bank charges arising in connection with any payment in respect of this Bond.

14. Tax

The interest earned from the 62+ Malta Government Savings Bond-Issue 2019 is taxed 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, resident individual holders can opt to receive the interest payment gross and declare the investment income earned in their income tax returns or net of tax (withholding tax).

Every year, the Accountant General will render (i) an account to the Maltese Commissioner for Revenue of all amounts so deducted and the identity of the recipient as well as (ii) will advise the Maltese Commissioner for Revenue of all interest paid gross and of the identity of all such recipients.

Any tax election made by the resident Bondholder at the time of subscription maybe subsequently changed by giving notice in writing to the Registrar. Such election or revocation will be effective within the time limit set out in the Income Tax Act.

15. Early redemptions and cancellation

(a) Bondholders may withdraw the whole amount invested in the 62+ Malta Government Savings Bond- Issue 2019 before the maturity date of the Bond subject to the payment of a penalty for early redemption in terms of paragraph 17. No application for a partial withdrawal from individual's holding will be entertained during the life of the Bond.

(b) Applications for early redemptions shall be made on the prescribed form which can be downloaded from the Treasury's website and sent to the Treasury Department. The Accountant General will normally initiate the electronic transfer of funds within 30 days and typically payable on the 5th day of the month.

(c) Bondholders' requests for early redemptions are irrevocable and cannot be withdrawn 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 specified in this paragraph will be cancelled.

16. Calculation of accrued interest on early redemption

Where the holder withdraws the principal before the first interest payment date, the holder shall be entitled to interest from the issue date of the Bond up to the last day which immediately precedes the repayment date.

Where a holder withdraws the principal before the maturity date but after the first interest payment date, the holder shall be entitled to interest from the last interest payment date up to the last day which immediately precedes the early repayment date.

In the case of inheritance occurring during the term of the Bond, upon the notification of the death of a Bondholder, the account is put on hold.  The principal together with (i) withheld interest payments and (ii) accrued interest from the last interest payment date up to the last day which immediately precedes the repayment date of the Bond will be paid to the beneficiaries of the deceased Bondholder through the transmission Causa Mortis procedure. The Bond held by the deceased is not transferable onto the beneficiaries of the deceased Bondholder.

On the payment of principal to the beneficiaries of the deceased bondholder through the transmission causa mortis procedure, the bond will be cancelled.

17. Penalty for early redemption

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

            Penalty Amount = P x R x 3

                                           12

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

By way of example, a Bondholder who invested the maximum permissible amount of €10,000 who opts for early redemption of the Bond will incur a penalty of €75.00.

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

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

18. Redemption of the 62+ Malta Government Savings Bond - Issue 2019

The 62+ Malta Government Savings Bond Issue – 2019 shall be redeemed at par on 20th March 2024.

19. Cut-off date for amendments in the register

The register shall be closed for a period of ten (10) days immediately preceding each date upon which the semi-annual interest on the bond falls due and no amendments such as, change of (i) address, (ii) tax option and (iii) bank account details, shall be made during that period.

20. Security

The principal and the interest payments thereon of the 62+ Malta Government Savings Bond– Issue 2019 will be a charge on the consolidated fund and other public funds of the Government of Malta.

21. Registration advice and other statements

On registration, the 62+ Malta Government Savings - Issue 2019 Bondholders will receive a registration advice from the Malta Stock Exchange (MSE) through normal post or through the MSE's internal electronic system managed by the MSE.

As soon as the holders receive the registration advice from the MSE they should examine it carefully and report any errors or omissions to the Accountant General as soon as possible. It is the responsibility of the Bondholder to ensure that the registration advice and other correspondence received in connection with the 62+ Malta Government Savings Bond – Issue 2019 are kept safely.

22. Prescription

Claims in respect of 62 + Malta Government Savings Bond– Issue 2019 issued under this prospectus will become prescribed unless presented for payment within six years from the maturity date of the Bond.

23. Data protection clauses

The Accountant General guarantees that any personal data the holder may provide in the Application form will be processed in accordance with the requirements of the Data Protection Act (Cap. 586 of the Laws of Malta) and the EU legislation on Data Protection - GDPR (Regulation (EU)2016/679) in force at the time of data processing.

Personal data collected in the application form will be retained by the Accountant General for six years after the maturity date of the 62+ Malta Government Savings Bond – Issue 2019. However, data required to satisfy judicial or administrative authorities will be held for the period stipulated in the respective Acts and other relevant legislation.

Moreover, the personal data of a holder as submitted in the application form will be passed on to the Registrar appointed by the Accountant General to maintain the register on its behalf. The personal data, will be subject to the Registrar's data protection policy.

24. Governing Law

The relevant legislation under which this Bond is being issued are (a) The Government Borrowing and Management of Public Debt Act (Cap. 575 of the Laws of Malta) and (b) the Malta Government Retail Savings Bonds Regulations.

25. Jurisdiction

Exclusive place of jurisdiction for any legal proceedings arising under the 62+ Malta Government Savings Bond– Issue 2019 is Malta.

26. Contact Details

Investors can obtain further information on the 62+ Malta Government Savings Bond – Issue 2019 and on other Government Securities by contacting the Treasury Department through one of the below listed contact details: -

Address: Treasury Department, Development House, Level 2-3, St. Anne Street, Floriana.

Telephone: 25967100 (General Line)

Email: treasury.malta@gov.mt

Website: www.treasury.gov.mt

Notice is hereby given that I have received an application for the registration of and/or amendment to rules regulating the following condominia:

Dr Claude Sapiano, LLD

Acting Land Registrar