MFSA Circular to the financial services industry on the AIFMD National Private Placement Regime (NPPR)

The MFSA recently published a set of documents formalising the implementation of the National Private Placement Regime (‘NPPR’) in Malta.

The NPPR allows Alternative Investment Fund Managers (‘AIFMs’) to market in Malta Alternative Investment Funds (‘AIFs’) which fall outside the passporting framework set in the Alternative Investment Fund Managers Directive (‘AIFMD’).

The documents consist of three notification forms in Excel format, as follows:

1. Notification Form for EU AIFMs wishing to market in Malta non-EU AIFs which they manage;
2. Notification Form for non-EU AIFMs wishing to market in Malta AIFs which they manage;; and
3. Notification Form for EU AIFMs (below threshold) marketing AIFs.

The MFSA also released Guidance Notes on the compilation of the NPPR forms to help the industry in properly completing the said forms.

Updated AIFMD FAQs have also been published by the MFSA, which have been revised with further Q&As on the application and implementation of the NPPR along with additional questions on further relevant topics.

By means of NPPR, AIFs which fall outside the passporting framework of the AIFMD may now be sold in Malta by submitting to the MFSA a duly completed appropriate form. Thus it will not necessary for an AIFM to apply for authorisation by the MFSA in order to market an AIF in Malta to professional investors – a duly completed notification form including a confirmation that the AIF complies with the relevant conditions set out in the Regulations along with the appropriate fee would be enough.

A confirmation of receipt will then be sent by the MFSA together with a notification number to the AIFMs following which the AIFM would be able to commence marketing in Malta. It is to be noted however that the MFSA may reserve the right to request further information if necessary.

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