Article 15 – Investment Manager Exemption

1. For the purposes of Clause 6 of Article 14 of this Decree-Law, an Investment Manager shall be considered an independent agent when acting on behalf of a Non-Resident Person, where all of the following conditions are met:

1. 1. The Investment Manager is engaged in the business of providing investment management or brokerage services.
   2. The Investment Manager is subject to the regulatory oversight of the competent authority in the State.
   3. The  transactions  are  carried  out  in  the  ordinary  course  of  the  Investment Manager’s Business.
   4. The Investment Manager acts in relation to the transactions in an independent capacity.
   5. The Investment Manager transacts on an arm’s length basis with the Non-Resident Person and receives due compensation for the provision of services.
   6. The Investment Manager is not the Non-Resident Person’s representative in the State in relation to any other income or transaction that is subject to Corporate Tax for the same Tax Period.
   7. Any such other conditions as may be prescribed in a decision issued by the Cabinet at the suggestion of the

2. For the purposes of Clause 1 of this Article, “transactions” means any of the following:

1. 1. Transactions in commodities, real property, bonds, shares, derivatives or securities of any other description.
   2. Transactions of buying or selling any foreign currency or placement of funds at interest.
   3. Such other transactions permissible to be carried out by the Investment Manager on behalf of a Non-Resident Person under the applicable legislation of the State.