Investment Funds) Regulations, 2016

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,543, 4 ta’ Marzu, 2016

L.N. 70 of 2016

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act

(European Long-Term

Investment Funds) Regulations, 2016

IN exercise of the powers conferred by article 12 of the

Investment Services Act, the Minister for Finance, acting on the

advice of the Malta Financial Services Authority as the competent

authority for the purposes of the Act, has made the following

regulations:-

(1) The title of these regulations is the Investment Citation and

Services Act (European Long-Term Investment Funds) Regulations, scope.

2016. (2) The purpose of these regulations is to implement the

relevant provisions of the ELTIF Regulation.

(1)

In these regulations, unless the context otherwise Interpretation.

requires

"the Act" shall mean the Investment Services Act;

"AIFM Directive" means Directive 2011/61/EU of the European

Parliament and of the Council of 8 June 2011 on Alternative

Investment Fund Managers and amending Directives 2003/41/EC and

2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No.

1095/2010, as amended from time to time, and includes any

implementing measures that have been not may be issued thereunder;

"Alternative Investment Fund" or "AIF" shall mean a collective

investment scheme, including sub-funds thereof, which raises capital

from a number of investors, with a view to investing it in accordance

with a defined investment policy for the benefit of those investors,

and which does not qualify as a UCITS Scheme in terms of the

UCITS Directive;

"Alternative Investment Fund Manager" or "AIFM" shall mean

a legal person whose regular business is managing one or more AIFs;

"the competent authority" shall mean the Malta Financial

Services Authority established by the Malta Financial Services Cap. 330.

Authority Act;

"European long-term investment fund" or "ELTIF" shall mean

an EU AIF authorised as a European long-term investment fund in

accordance with the ELTIF Regulation;

"EU AIF" shall mean

(a)

an AIF which is authorised or registered in a

Member State or an EEA State under the applicable national

law; or

(b) an AIF which is not authorised or registered in a

Member State or an EEA State, but has its registered office and,

or head office in a Member State or an EEA State;

"EU AIFM" shall mean an AIFM which has its registered office

in a Member State or an EEA State;

"ELTIF Regulation" means Regulation (EU) No. 2015/760 of

the European Parliament and of the Council of 29 April 2015 on

European long-term investment funds, as may be amended from time

to time;

"home Member State" shall mean

(a) in relation to an ELTIF, the Member State or EEA

State where the ELTIF is authorised; and

(b) in relation to the manager of an ELTIF, the Member

State or EEA State in which the manager has its registered

office;

"manager of an ELTIF" shall mean the authorised EU AIFM

approved to manage an ELTIF, or the internally managed ELTIF

where the legal form of the ELTIF permits internal management and

where no external AIFM has been appointed; and

"the UCITS Directive" means Council Directive 85/611/EEC of

20 December 1985 on the co-ordination of laws, regulations and

administrative provisions relating to undertakings for collective

investment in transferable securities (UCITS), as amended from time

to time, and includes any implementing measures that may be issued

thereunder.

(2) Words and expressions used in these regulations which are

also used in the Act but which are not defined herein, shall have the

same meaning assigned to them in the Act.

(3) In the event that any of these regulations conflict with the

provisions of the ELTIF Regulation, the latter shall prevail.

The provisions of the ELTIF Regulation shall apply to

Applicability of

the ELTIF

Regulation.

(a) ELTIFs for which Malta is the home Member State

or which are marketed in Malta in terms of the ELTIF

Regulation; and

(b) the managers of ELTIFs for which Malta is the home

Member State or which market ELTIFs in Malta in terms of the

ELTIF Regulation.

The competent authority shall, in its capacity as competent The competent

authority in Malta of ELTIFs and of the managers of ELTIFs in terms authority.

of the ELTIF Regulation, be responsible for supervising compliance

on an ongoing basis with the relevant provisions of the ELTIF

Regulation.

(1) The competent authority shall exercise all the Powers of the

functions, obligations and powers and shall satisfy all the competent

authority.

requirements imposed on competent authorities by the ELTIF

Regulation.

(2) The competent authority shall also exercise, with respect to

the ELTIF Regulation, the powers conferred on it in accordance with

the AIFM Directive, as transposed in Maltese law, including the

power to impose an administrative penalty and any other measure in

terms of article 16A of the Act.

(3) Without prejudice to sub-regulation (1), the competent

authority may, for the better implementation of the ELTIF Regulation,

exercise any of the powers assigned to it under the Act in relation to

ELTIFs and to the managers of ELTIFs.

For the better carrying out of the provisions of the ELTIF Investment

Regulation and of these regulations, the competent authority may, services rules.

from time to time, issue and publish investment services rules which

shall be binding on ELTIFs and on the managers of ELTIFs. Such

rules may lay down additional requirements and conditions in relation

to ELTIFs and to the managers of ELTIFs and any other matters as the

competent authority may deem appropriate, including

(a)

the operation of the ELTIF Regulation or of these

regulations;

(b) any matter relating to the functions, obligations and

powers of the competent authority under the ELTIF Regulation;

and

(c)

any other matter arising in connection with the

ELTIF Regulation or these regulations.

B

€0.18