Marketing of Third Country AIFs by Third Country AIFMs in Malta

Marketing of Third Country AIFs by Third Country AIFMs in Malta

A third country manager may market in Malta units or shares of a third country fund to professional investors subject to at least two of the following conditions being satisfied:

  1. the manager complies with certain transparency provisions contained in the AIFMD and the provisions relating to the acquisition of control of non-listed companies;
  2. Appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the MFSA and the supervisory authorities of home state of the fund and the manager in order to ensure an efficient exchange of information that allows MFSA to carry out its duties in accordance with the provisions of the AIFMD; and
  3. The home state of the fund and manager are not listed as a Non- Cooperative Country and Territory by the FATF.

Registration / Approval Requirements

The following is to be provided to the MFSA as the competent authority in Malta:

  1. Notification form;
  2. Proof of authorisation given by the home regulator of the manager;
  3. Confirmation from the home regulator the manager is authorised to manage the funds which will be marketed in Malta;
  4. clarifications as to the manner in which the third country manager will ensure that the fund will not be marketed to retail investors in Malta;
  5. latest offering documentation of each fund to be marketed in Malta.

Estimated timing before marketing approval / activity

Approximately 2 weeks.

Expense/disbursement estimate

Application Fee

Scheme – € 2,500
Sub-Fund – € 450/sub-fund (if applicable)

Annual Fee

Scheme – 3,000
Sub-fund – € 500/sub-fund (if applicable)

“Pre-marketing” activities before registration/approval and Reverse Solicitation

Premarketing may be undertaken exclusively however solely by means of reverse solicitation. No active marketing in Malta will be permitted.

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