As part of the AIFMD implementation process, on Monday 7th January 2013, the MFSA organised an industry update session on the on the transposition and implementation process of the Directive. The event was attended by 145 delegates.
Four MFSA officials delivered a presentation during this event. This panel of speakers was chaired by Mr Mike Duignan, Director - Securities and Markets Supervision Unit. In his introductory speech, Mr Duignan invited the industry to provide the Authority with feedback to its consultation documents on the AIFMD.
Mr. Christopher Buttigieg, Deputy Director - Securities and Markets Supervision Unit delivered a presentation entitled “The AIFMD legislative framework and the Malta Implementation Process”. Mr Buttigieg provided the attendees with an overview of the:
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AIFMD legislative process at EU Level, including the status of the Level I Directive, the Level II Commission Delegated Acts and ESMA’s Technical Standards;
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Transitional Arrangements prescribed in Article 61(1) of the AIFMD for existing fund managers; and
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Transposition and implementation process in Malta, including practical implementation issues relating to this Directive.
Mr. Jonathan Sammut, Analyst - Securities and Markets Supervision Unit explained the Role of ESMA with regards to the Negotiations with Third Countries”. During the presentation Mr. Sammut provided an overview of:
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ESMA’s AIFMD co-operation agreements with third countries which cover all the situations prescribed in the Directive;
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The ESMA negotiation process with the relevant non-EU Supervisory Authorities;
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The current state of play with regards to MOUs with third countries.
Dr. Isabelle Agius, Regulatory Development Unit, was entitled “The MFSA Consultation Documents: Content and Way Forward”. Dr Agius provided the audience with an overview of:
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The consultation exercise which was launched by the Authority in September 2012 concerning the proposed amend-ments to the Investment Services Act and the new Regulations issued thereunder;
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Certain important amendments to the Investment Services Act; and
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The consultation exercise, which was launched by the Authority in December 2012 and which expired on the 7th Janu-ary 2013, concerning the proposed amendments to the Investment Services Rules for Investment Services Providers.
Ms. Clare Farrugia Analyst – Authorisation Unit, provided an overview of the transitional arrangements in a presentation entitled “Transitional Arrangements for the upgrading of the licence of existing managers and self-managed schemes in terms of article 61 (1) of the AIFMD”. Ms. Farrugia explained the:
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Transitional provisions for the upgrading of the licence of existing managers and self-managed schemes in terms of Article 61(1) AIFMD;
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Key issues which must be taken into consideration by existing fund managers falling within the remit of the Directive; and
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the self-assessment Questionnaires which the Authority is preparing and which existing AIFMS and self-managed AIFs licenced prior to July 2013 and falling within the scope of the Directive will be required to complete.
A Q&A session followed the four presentations. During this session, the audience was informed that the Authority was plan-ning to organise another session some time during February/March. All presentations are available for download from the MFSA Website through the following web-link: http://www.mfsa.com.mt/pages/viewcontent.aspx?id=287
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