MFSA Consultation Procedure on the proposed transposition of certain requirements of the Alternative Investment Fund Managers Directive (AIFMD)

On the 3rd September 2012, the MFSA issued a ‘Consultation on the proposed transposition of certain requirements of the Alternative Investment Fund Managers Directive’ (“AIFMD”) that regulates the activity of alternative investment fund managers.

The final text of the AIFM Directive 2011/61/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 was published in the Official Journal of the European Union on 1st July 2011. It aims to create a comprehensive and effective regulatory and supervisory framework for alternative investment fund managers in the EU.

The Consultation process will run until the end of the month, whereby Licence Holders and other interested parties are invited to submit any comments in relation to the proposed new requirements to transpose certain articles of the AIFMD into Maltese Law.

The proposals are set to amend the Investment Services Act and bring into force the draft regulations to the Investment Services Act in relation to:

• Alternative Investment Fund Manager Passport;
• Marketing of Alternative Investment Funds;
• Alternative Investment Fund Manager Third Country; and
• Alternative Investment Fund Managers.

Member States are required to adopt and publish the laws, regulations and administrative provisions by 22nd July 2013 so as to comply with the provisions of the AIFMD.

For further information on how GVZH Advocates can help you in relation to the Alternative Investment Fund Managers Directive (AIFMD) and your financial services requirements kindly contact us here.