scroll to explore

Notified PIFs: Two Weeks to go until the end of the consultation period

Investment Funds & Asset Management

Notified PIFs: Two Weeks to go until the end of the consultation period

by Ganado Advocates

18th January 2023

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

Notified PIFs: Two Weeks to go until the end of the consultation period

'Investment Funds & Asset Management' Related News Articles

Keeping Tabs on Market Perception and Knowledge about Investments

Investing in Malta ¦ Startup Festival Malta

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

The Crowdfunding Service Providers Act

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

The Virtual Financial Assets Framework: Non-Fungible Tokens Guidelines

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

Member spotlight: Q Securities

Breach of contractual obligations emanating from an investment agreement

BOV Launches Investor Education Sessions

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

MALTA COUNTRY ANALYSIS REPORT

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

BOV Offers MAPFRE MSV Life Capital Guaranteed Product

Member spotlight: Apex Group

Brussels forecasts 3.1% economic growth for Malta, second-highest in EU

The applicability of Regulation (EU) No 1286/2014 on PRIIPs KID to funds and fund managers

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

Insight Newsletter – Issue 4 | 2022

BOV Asset Management named official representative of Fidelity International in Malta

BOV introduces a Voluntary Occupational Pension Scheme for its Staff

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

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

Malta Asset Servicing Association – its journey and objectives

BOV appoints Kenneth Farrugia as new Chief Executive Officer

The future of financial services in Malta

STEP Malta Conference 2022

Member Spotlight: Elephant Tree Capital

What you need to know about private foundations in Malta.

Member Growth Story: Fexserv Fund Services

The Next Leap Forward: Succeeding through Change

The Business Cooperation on Blue Growth in Europe | May 10 – May 12, 2022

Creating Value from Emerging Trends in Business

Webinar: Whistleblower Protection

MiFID II ‘quick-fix’: A response to the Covid-19 pandemic and related disruptions

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

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

Creditinfo awarded license as Malta’s first Credit Bureau

The MFSA Asset Management Strategy – Boosting a Key Sector

Malta Funds Industry Records Largest Percentage Growth in Europe | MFSA

Industry Insights: What’s Next for Asset Managers?

Member Spotlight – GAEL Fund Services: New addition to Malta’s Growing Fund Administration Hub

Several benefits for students with the BOV Club 2021

An overview of trade-based money laundering

Dr Katya Azzopardi wins the BOV Prize in Medicine for 2021

Bank of Valletta stages a revival in profitability

The role of Internal Audit within the AML Framework

Financing green energy investments

Digital Solutions can cushion the crisis and create opportunities

Banking on green with the BOV Energy Loans

BOV Chief Executive Officer Rick Hunkin re-elected Chairman of the MBA

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

MFSA: Guidance on IT related Arrangements

Regenerating the economy – a business webinar on the new Malta Enterprise Schemes

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

BOV staff go green beyond the hour

A GBC and BOV debate on Women in Entrepreneurship and Business

Bank of Valletta increases daily limits of its Debit Cards

Bank of Valletta announces further COVID-19 measures

Stronger security for online shopping with Bank of Valletta

BOV Marsaxlokk Agency back in service

Generational Change driving Investor Sentiment

Welcome To Dolfin Europe

From Hope to Optimism – Webinar by BOV Asset Management

Banking on Green Energy

Preparing for AML regulatory visits

The Equity Market beyond the Pandemic

Cybersecurity: Identifying Threats and taking Preventive Measures

‘Managing Funds in these COVID Times’ by BOV Asset Management

29 Bags of Blood from BOV Employees

Bank of Valletta extends further support to Local Businesses

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

Infocredit Group is a proud sponsor of the 3rd Compliance Forum

Foreign Direct Investment in Malta

COVID-19 and the World of Private Equity

Search for a Business in Malta