Following the Malta Financial Services Authority's
(the "MFSA") announcement earlier this year, we are
pleased to announce the registration of the first Notified
Alternative Investment Fund ("NAIF") in Malta by Abalone Asset
Management Limited, assisted by GANADO Advocates. The NAIF is also
the first AIF to be established in Malta in terms of the European
Venture Capital Fund ("EuVECA") EU Regulation No 345/2013.
GANADO Advocates is pleased to announce the registration by the
MFSA on the 21st July 2016 of Ventura SICAV p.l.c; the first NAIF,
and first EuVECA, to be registered in Malta. The AIFM, Abalone
Asset Management Limited, submitted the NAIF registration request
to the MFSA on the 11th July 2016 and was granted registration
within 10 working days from the date of filing, as stipulated by
the Investment Services Act (List of Notified AIFs)
EU AIFMs now have the possibility of setting up and launching
AIFs targeting Professional Clients within 10 working days, thus
allowing investment managers to meet time to market requests. The
fast track registration of a NAIF relies on the regulated status of
the AIFM, in terms of the Alternative Investment Fund Managers
Directive, and its obligation to ensure compliance with the
applicable law and to monitor the fitness and properness of the
NAIF's service providers.
GANADO Advocates also advised Abalone Asset Management Limited
in the structuring of Ventura SICAV p.l.c. as the first EuVECA to
be set up in Malta. This brings the total number of EuVECAs
registered in Europe to 20.
The EuVECA Regulation became directly applicable in all EU
Member States in 2013. Its objective is the stimulation of economic
growth through the financing of small and medium sized enterprises.
Capital may be raised from investors throughout Europe, provided a
commitment of at least EUR100,000 is made. In addition, an EuVECA
benefits from a European marketing passport and is also registered
in ESMA's central database.
We believe that the registration of the first NAIF and the first
EuVECA will be followed by many more. Firstly, AIFMs, including
below threshold AIFMs, may raise funds for private equity and
venture capital funding through the EuVECA brand. Secondly, the
NAIF regime is the local regulator's innovative response to
time to market pressures faced by AIFMs. There is no doubt that a
great number ofEU AIFMs will exploit the advantages of the NAIF
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UCITS may invest in financial derivative instruments for investment purposes subject to a variety of conditions as outlined below relating to the nature of the exposures taken, the leverage generated through such positions, the process employed by the UCITS to manage the risks arising from derivatives investment as well as rules relating to OTC counterparty exposure and to the valuation of derivatives positions.
The MFSA issued a Circular highlighting the importance for regulated entities to conduct an appropriate assessment in all instances prior to proposing the appointment of individuals to be involved in or to hold key functions in a regulated structure...
As the UCITS acronym suggests, its original focus was on investment in "transferable securities" although UCITS do offer far wider investment possibilities, as explained below.
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