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.

A copy of the MFSA’s consultation note and the draft amended PIF Rulebook can be obtained by clicking here.

The key amendments being proposed are:

  • the risk spreading requirement for Qualifying Investor Funds and Extraordinary Investor Funds will be removed. Although the MFSA retained the option to consider expanding this to other fund types, UCITS Funds, Retail Non-UCITS Funds and Experienced Investor Funds will remain subject to the risk spreading requirement;
  • the definition of “experienced investor” is to be amended by increasing the minimum amount of transactions over the past 2 years from €/$50,000 to €/$100,000;
  • the addition of a new section in the supplementary rules for self-managed PIFs implementing the AIFMD de minimis obligations.

Malta’s successful Professional Investor Fund regime will continue post-AIFMD for de minimis AIFMs or self-managed AIFs and Non-EU AIFMs.

For more information or if you have any questions, please feel free to contact the author or any of the Key Contacts for GANADO’s Investment Management & Funds Industry Grouping.