Following the success with the Notified AIF regime, the Malta Financial Services Authority (“MFSA”) launched a proposed framework for Notified Professional Investor Funds (“Notified PIFs”) in Malta. Interested parties have until 31 January 2023 to submit comments on the main features of the proposed Notified PIF regime and the dedicated ‘Rules for Notified PIFs and related Due Diligence Service Providers’.

Notified PIFs will be subject to a notification process and will not be licensed by the MFSA. Promoters may therefore benefit from lower setup and other operational/regulatory costs, which fully licensed funds currently experience. Furthermore, the Notified PIF regime acknowledges time-to-market pressures experienced within the fund industry since the MFSA will include a Notified PIF in the List of Notified PIFs within 10 working days from the filing of a complete notification request.

Notified PIFs, as non-retail collective investment schemes, will be available to institutional/high net worth investors. The new product will be particularly attractive to UK, US and Swiss investment managers since Notified PIFs may be managed by:

  • locally licensed de minimis AIFMs;
  • EU/EEA de minimis AIFMs; and
  • third-country AIFMs from reputable jurisdictions recognised by the MFSA.

While lending activities are excluded, Notified PIFs will be allowed to engage in any investment strategy. Another core feature of the proposed framework is that the due diligence exercise will not be undertaken by the MFSA, but rather to competent service providers such as fund administrators recognised by the MFSA, full-scope AIFMs and certain CSPs authorised under the Company Service Providers Act in Malta.

The new Notified PIF regime has been welcomed by various stakeholders and should be rolled out in Malta in the coming months.

 

'Investment Funds & Asset Management' Related News Articles

01
The INSIGHT Interview: Herald Bonnici, Secretary General, Private Equity & Venture Capital Association (PEVCA)
FinanceMalta

by FinanceMalta

17th June 2024

DORA Trifecta – Three delegated regulations adopted by the Commission
Ganado Advocates

by Ganado Advocates

23rd April 2024

ESG
GRC in Malta: Governance and ESG – Navigating the Intersection between Profit and Purpose
Ganado Advocates

by Ganado Advocates

5th April 2024

BOV OFFERS MAPFRE MSV Life CAPITAL GUARANTEED AND INCOME PLANS
Bank of Valletta

by Bank of Valletta

5th March 2024

Stable Return Fund of SCM Sicav plc was selected among the best flexible funds at the Diaman Awards
Solutions Capital Management SICAV p.l.c.

by Solutions Capital Management SICAV p.l.c.

4th March 2024

ESMA Consults on the ‘Classification of Crypto-Assets as Financial Instruments’ and ‘Reverse Solicitation’ under MiCA
Ganado Advocates

by Ganado Advocates

23rd February 2024

Agreement reached on the proposed Anti-Money Laundering Regulation and Sixth Anti-Money Laundering Directive
Ganado Advocates

by Ganado Advocates

19th February 2024

MFSA Circular on the Newly Published Accountancy Profession Regulations, 2023 (Legal Notice 299 of 2023)
Ganado Advocates

by Ganado Advocates

22nd January 2024

The Guaranteed Capital & Income Plan 2026 II now available from all BOV Branches, Investment Centres and Private Banking
Bank of Valletta

by Bank of Valletta

6th September 2023

New Guidance: Practical Guidance for Economic Operators: Detecting and Preventing Sanctions Evasion and Circumvention in Trade
Ganado Advocates

by Ganado Advocates

16th August 2023

ESG
ESG is here to stay as both the Asset Wealth Management and the policymakers seem set on an irreversible course of action
Zeta

by Zeta

26th July 2023

BOV Asset Management Limited launches the Global Multi-Asset Thematic 60 Fund managed by Fidelity International
Bank of Valletta

by Bank of Valletta

7th May 2023

INFOCREDIT GROUP AMONG THE SPONSORS OF MALTA FINANCIAL CRIME COMPLIANCE CONFERENCE 2023
Infocredit Group Limited

by Infocredit Group Limited

3rd May 2023

The CJEU clarifies key issues on the adoption of enforcement measures in respect of sanctioned entities
Ganado Advocates

by Ganado Advocates

4th January 2023

BOV Asset Management named official representative of Fidelity International in Malta
Bank of Valletta

by Bank of Valletta

25th November 2022

High calibre international speakers for FinanceMalta’s 15th Annual Conference
FinanceMalta

by FinanceMalta

28th October 2022

CJEU clarifies when dividend payments by fund managers must comply with the sound remuneration principles under AIFMD and UCITS Directive
Ganado Advocates

by Ganado Advocates

14th October 2022

New EU Cross-Border Distribution of Funds Rules: Key Considerations for UCITS and AIFs and their Asset Managers
Ganado Advocates

by Ganado Advocates

20th January 2022

ESMA Guidelines on the application of the appropriateness assessment and execution-only requirements under MiFID II
Ganado Advocates

by Ganado Advocates

20th January 2022

SAXO Bank Chief Economist optimistic for recovery in Malta’s Trade, Transport and Tourism
Bank of Valletta

by Bank of Valletta

25th May 2021

The future of Trade, Transport and Tourism in Malta – a business webinar by BOV, Saxo Bank and Malta Maritime Forum
Bank of Valletta

by Bank of Valletta

17th May 2021

What to expect: BOV, Malta Chamber and Saxo Bank debate on the future of businesses
Bank of Valletta

by Bank of Valletta

29th September 2020