The MFSA has announced its intention to consolidate and reduce the number of fund frameworks which are currently available to fund promoters in terms of the Investment Services Act and the applicable Investment Services Rules. This process is the first phase of an exercise aimed at improving the fund frameworks.
There are currently twelve fund frameworks available to promoters in Malta and these can be divided into two categories namely: Retail Schemes, Professional Investor Funds (PIFs) and Alternative Investment Funds (AIFs). As part of the first phase of this project, a number of fund frameworks will be consolidated while others will be reduced. Details of these changes are outlined in the Circular available on the MFSA website, through the link: https://goo.gl/cNA9B5
With effect from 3 June 2016, the MFSA will not be accepting any applications for the licencing of the following collective investment schemes:
- Non-UCITS Retail Schemes,
- PIFs targeting Experienced Investors and Extraordinary Investors, and
- AIFs targeting Experienced Investors and Extraordinary Investors.
The revised Investment Services Rules applicable to Retail Schemes, PIFs and AIFs will be published to reflect the consolidation of the fund regimes. Moreover the Authority will take the opportunity to revise certain provisions in the aforementioned Rulebooks and these will be issued for consultation.
MFSA To Consolidate Maltese Fund Framework
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
