MFSA Rolls Out New Investment Fund Structure

MFSA Rolls Out New Investment Fund Structure

The Malta Financial Services Authority (MFSA) has announced the launch of a new framework applicable for notification of Alternative Investment Funds (“Notified AIFs”) promoted to qualifying or professional investors and which are managed by a full-scope AIFM. Such Notified AIFs will not be authorised or in any way approved by the MFSA and will not be subject to ongoing supervision. The MFSA will maintain a publicly available list of Notified AIFs on its website.

The key feature of the new structure is that the AIFM will assume full responsibility for the Notified AIF as well as for the fulfilment of the ongoing obligations of the Notified AIF.

The key feature of the new structure is that the AIFM will assume full responsibility for the Notified AIF as well as for the fulfilment of the ongoing obligations of the Notified AIF

To this end, it is understood that the MFSA will be publishing a list of documents required together with a ‘proforma’ prospectus template to be submitted as part of the notification process of the Notified AIF/s. The AIF is expected to be duly included in the List of Notified AIFs within 10 business days from the date of submission of the relative notification.

It will also be possible for EU/EEA AIFMs to submit a notification to the MFSA for an AIF to be included on the aforementioned List of Notified AIFs and third country AIFMs will be able to submit such a notification request once the country where these have been established has been granted passporting rights pursuant to the AIFM Directive.

Finally, the MFSA indicated that it will be holding an information session for industry players on the 1st April 2016 where it will present the new framework applicable for notification of Alternative Investment Funds.

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