News & Events

Third-party managed Maltese funds must appoint an MLRO by 30th April, 2013 (Updated)

David Borg-Carbott - March 8, 2013 - Categories: Practice News
Following an alignment of the interpretation of the phrase “marketing its units or shares” with the concept of marketing in the AIFMD, Maltese investment funds managed by third-party managers will now be considered to be “subject persons” under the Prevention of Money Laundering & Terrorist Financing Regulations (PMLFTR). These investment funds are expected to appoint a Money Laundering Reporting Officer (MLRO) by not later than 30th April, 2013. The same amendments to the PMLFTR Implementing Procedures also added a new chapter (Chapter 9) formally recognising AML outsourcing arrangements by funds with no physical operational set-up to their fund administrator including the possibility of appointing the MLRO of the administrator as the fund's MLRO.

MFSA implements ESMA’s Guidelines on ETFs and other UCITS issues

David Borg-Carbott - March 1, 2013 - Categories: Practice News
On 1st March, 2013 the MFSA published a revised set of Investment Services Rules for Retail Collective Investment Schemes (the “RCIS Rules”) and appendices (including a revised Appendix 11 Investment Services Rules for Investment Services Providers) to the reflecting ESMA’s Guidelines on ETFs and other UCITS issues (ESMA/2012/832) (the “Guidelines”) issued in December, 2012.