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Malta Rationalizes Fund Structures

by Jason Gorringe, Lowtax.net, London
02 December, 2016

The Malta Financial Services Authority, the financial services regulator, has issued a consultation paper on its April 2016 proposal to consolidate and reduce the number of fund structures available to fund promoters.

The purpose of the consultation exercise is to provide industry with revised versions of rulebooks and forms and to solicit feedback on the changes. These rulebooks are also being reviewed internally by the Authority and at the end of the whole process all feedback will be collated.

The fund structure reforms include the replacement of the Non-UCITS Retail schemes regime with retail Alternative Investment Funds (AIFs), whilst retaining the UCITS regime, and the phasing out of Professional Investor Funds targeting experienced and extraordinary investors.

The Authority has also restricted the categories of AIFs to those targeting "Professional Investors," as defined in the European Union's Markets in Financial Instruments Directive, and AIFs targeting qualifying investors.

The closing date to submit comments on the consultation paper is January 5, 2017.

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