MFSA Launches new fund structure: Notified AIF’s

On 11 February 2016 the Malta Financial Services Authority (“MFSA”) announced the launch of a new fund regime for Alternative Investment Funds (“AIFs”), namely the Notified AIF will not require licensing by MFSA and will not be subject to on-going MFSA supervision. The MFSA will publish a list of Notified AIFs on their website and the new structure will begin from mid-May 2016.
The Notified AIF may be set up in any structure under Maltese law and may target professional investors who meet the requirements of the framework set out by the MFSA.
Any EU/EEA full-scope AIFMs, licensed by the MFSA or in possession of the management passport under Article 33 of the AIFMD, may request to the MFSA for an AIF to be included on the List of Notified AIFs. The timeframe of 10 business days from the date of filing a duly completed notification pack has been indicated by the MFSA for inclusion of the AIF on to the Notified AIF list. Providing that the AIFs falling within the constraints of the notification criteria are managed by a full-scope AIFM, and jointly with the governing body of the AIF will take full responsibility for the Notified AIF. Interestingly, third country AIFMs may also submit requests for a notification of an AIF if pass porting rights have been granted to the country where the AIFM has been established.
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MFSA Launches new fund structure: Notified AIF’s