Late last year, the Malta Financial Services Authority (MFSA) published its second Consultation Note regarding the proposed implementation of AIFMD including the proposed Standard Licensing Conditions (SLCs) for Alternative Investment Fund Managers (AIFM) and for custodians / depositaries of Alternative Investment Funds (AIFs). Our news item on this and a copy of the relevant Consultation Note can be found here.
The MFSA has now published its Feedback Statement on the key issues raised during the consultation and noted that most of the industry’s suggestions were taken on board.
The following are some of the highlights from the MFSA’s responses:
A. The Maltese Investment Funds offering post-22 July, 2013
The MFSA confirmed that the following types of collective investment scheme licences (whether externally or self-managed) will, following publication of the new AIF Rulebook, be available:
- UCITS Schemes;
- Non-UCITS Retail Schemes (Retail AIFs for AIFMs);
- Professional Investor Funds (AIFs for de minimis AIFMs or Non-EU AIFMs); and
- Alternative Investment Funds (AIFs for full AIFMs).
The new Alternative Investment Fund regime is designed to offer full EU AIFMs looking to establish an AIFMD compliant hedge fund an ‘out of the box’ solution through a Maltese AIF.
A copy of the MFSA’s Consultation Note together with a draft of the AIF Rulebook can be found here.
B. The MFSA’s Self-Assessment Questionnaire
Following the MFSA’s impact assessment exercise earlier this year, the MFSA confirmed that it will shortly be issuing a Self-Assessment Questionnaire for Maltese hedge fund managers to assist with their alignment to AIFMD standards by 22 July, 2014.
C. Acceptability of Swiss sub-managers
The MFSA confirmed that it will accept delegations of investment management by AIFMs to Swiss managers that are not FINMA regulated but that are members of a Swiss Self Regulating Organisation (SRO) / Industry Organisation for independent Asset Managers (BOVV) since appropriate cooperation arrangements are nonetheless in place with FINMA including in relation to these entities.
A copy of the MFSA’s Feedback Statement dated 7 May, 2013 can be downloaded here.