Malta's burgeoning family office scene is set to receive another boost.
On 27 November 2024, the Malta Financial Services Authority (the "MFSA" or the "Authority") issued a circular to the public, informing the financial services industry of the changes carried out by the Authority to inter alia the Notified PIF Rulebook in order to offer flexible and efficient fund management structures for single family offices.
Amongst other changes, Part A of the Notified PIF Rulebook has been amended to allow family office Notified PIFs, which invest investors' private wealth without raising external capital, to be managed by Maltese managers that are exempt from the requirements for an investment services licence. In practical terms, therefore, subject to certain conditions being satisfied, family office Notified PIFs can be managed by Maltese exempt fund managers. Amendments have also been made to the Family Trusts Rulebook to streamline this initiative.
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