On 18 June, 2013 the Malta Financial Services Authority (MFSA) issued a consultation note regarding proposed amendments to the Retail Non-UCITS Rules (the Retail AIF Rulebook) to further implement the Alternative Investment Fund Managers Directive (AIFMD). The consultation period runs until 1 July, 2013.
A copy of the MFSA’s consultation note and the draft amended Retail AIF Rulebook can be obtained here.
The key amendments being proposed are:
- Retail AIFs will be able to benefit from the derogation under Art 61(5) of AIFMD giving them the flexibility to either appoint a local custodian or a custodian bank established in another EU Member State. This derogation will last until 2017;
- Retail AIFs will be able to appoint an administrator based outside Malta; and
- Self-managed Retail AIFs that fall below the AIFMD de minimis thresholds will be subject to a de minimis authorisation regime.
Malta will, post-22nd July, 2013, not be permitting EU AIFMs to market AIFs to retail investors in Malta unless certain additional conditions (in addition to the normal AIFMD marketing passport) are satisfied including that the AIF would not be a “complex product” in terms of MiFID.
This consultation marks the MFSA’s 6th consultation paper on Malta’s implementation of AIFMD which will see the introduction of a new Maltese AIF Rulebook (alongside the Retail AIF Rulebook), the continuation of Malta’s Professional Investor Fund regime, the introduction of a Maltese de minimis fund manager authorisation as well as the fully fledged AIFM authorisation in line with AIFMD.
The MFSA has also issued self-assessment questionnaires for currently authorised fund managers to assist with their alignment with the new AIFMD regimes as well as a consultation on cross-sub-fund investment.