Notified PIFs: MFSA publishes Consultation Document
The Malta Financial Services Authority (‘MFSA’) has published a set of draft Investment Services Rules and draft amendments to existing rulebooks for the proposed framework of ‘Notified Professional Investor Funds’ (Notified PIFs). The MFSA also intends to issue a dedicated application form, appendices, checklists and guidance notes on the new regime.
In drafting the new rules, the MFSA has taken into consideration the features of the existing Notified AIF regime. In fact, Notified PIFs would be subject to a notification process, with various obligations expected to be borne by their main service providers, such as the fund administrator, third-party manager or company service provider.
In terms of the proposed framework, Notified PIFs may be managed by a Malta/EU-licensed de minimis AIFM, or AIFMs licensed in a third country with whom the MFSA has signed a cooperation agreement/memorandum of understanding and which applies similar regulation to that applied by the MFSA. As with fully licensed Professional Investor Funds, Notified PIFs will be available to investors classified as ‘Qualifying Investors’.
The MFSA is seeking stakeholders’ views on the proposed regime as well as the draft set of rulebooks and amendments, by the 31st January 2023. Should you require any further information or assistance, please contact our Financial Services Team at dfcs@dfadvocates.com .