On 24 May, 2013 the Malta Financial Services Authority (MFSA) issued a consultation note regarding proposed amendments to the Professional Investor Fund Rules (the PIF Rulebook). The consultation period runs until 6 June, 2013. Malta's professional investor fund regime will continue post-AIFMD for de minimis AIFMs or self-managed AIFs and Non-EU AIFMs.
News & Events
On 24 May, 2013, the European Securities and Markets Authority (ESMA) published the final guidelines on key concepts of AIFMD (the Guidelines). Click here for a copy of the Guidelines. The Guidelines expand upon the definition of Alternative Investor Fund (AIF) in European Union Directive 2011/61/EU (AIFMD) by providing interpretative guidance on concepts such as ‘collective investment undertaking’, ‘raising capital’, ‘number of investors’ and ‘defined investment policy’. The Guidelines also provide guidance on the treatment of sub-funds in umbrella structures by providing that if a sub-fund of an umbrella fund satisfies the definition of AIF then the umbrella fund as a whole is an AIF.
The Maritime Labour Convention has been given the force of law in Malta 'via' the "Merchant Shipping (Maritime Labour Convention) Rules, 2013" that were published on the 10 May 2013 as "Legal Notice 145 of 2013".
The Malta Financial Services Authority (MFSA) has today issued two Self-Assessment Questionnaires for already authorised Maltese Fund Managers and Self-Managed Funds (other than UCITS Schemes) in order to assist them in the transition to the new AIFMD regime by 22 July, 2014. In this regard, the MFSA indicates that a completed Self-Assessment Questionnaire should be submitted before 31 March, 2014 in order to meet the deadline for compliance.
In October of last year, the Malta Financial Services Authority (MFSA) published a circular regarding the proposed introduction of a new rule in the MFSA’s Rulebook for Professional Investor Funds (the PIF Rulebook) permitting cross sub-fund investments by Maltese Professional Investor Funds (PIFs) targeting Qualifying Investors (QIFs) or Extraordinary Investors (ExtraIFs). A copy of the original circular can be obtained here to which GANADO Advocates provided its comments. The MFSA has today issued its Feedback Statement setting out its conclusions and the relevant new Rule.
On 3 December, 2012 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.
On the 30th of April 2013, the Malta Financial Services Authority (the “MFSA”) issued a report on the 2012 MFSA Standard Formula Exercise for Solvency II. This report summarises the results of the calculation of the standard formula for re/insurance undertakings that participated in the 2012 MFSA standard formula exercise.