Investment Services Act (Alternative Investment Fund Manager)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 19,925, 22 ta’ Diċembru, 2017

Taqsima B

L.N. 404 of 2017

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Alternative Investment Fund Manager)

(Passport) (Amendment) Regulations, 2017

IN EXERCISE of the powers conferred by article 12 of the

Investment Services Act, the Minister responsible for the regulation of

financial services, acting on the advice of the Malta Financial Services

Authority, has made the following regulations:-

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

Services Act (Alternative Investment Fund Manager) (Passport) commencement.

(Amendment) Regulations, 2017 and these regulations shall be read

and construed as one with the Investment Services Act (Alternative S.L. 370.22.

Investment Fund Manager) (Passport) Regulations, hereinafter

referred to as "the principal regulations".

(2) The purpose of these regulations is to transpose the

provisions of Article 92 of Directive 2014/65/EU of the European

Parliament and of the Council of 15 May 2014 on markets in financial

instruments, and they shall be interpreted and applied accordingly.

(3)

These regulations shall come into force on the 3rd January

2018.

The definition "European AIFM host Member State or EEA Amends

State" in regulation 2(1) of the principal regulations shall be amended regulation

the principal

as follows

regulations.

(a) in sub-paragraph (a) thereof for the words "AIFs; or"

there shall be substituted the word "AIFs;";

(b)

in sub-paragraph (b) thereof, for the words "a

European AIF;" there shall be substituted the words "a European

AIF; or"; and

(c)

immediately following sub-paragraph (b) thereof,

there shall be inserted the following new sub-paragraph

"(c) a Member State or EEA State, other than the

home Member State or EEA State, in which a European

AIFM provides the services referred to in Article 6(4) of

the AIFM Directive.".

Regulation 3 of the principal regulations shall be amended

as follows

(a) for sub-regulation (1) thereof, there shall be

substituted the following

"(1) A Maltese AIFM may

(a) manage a European AIF directly, provided the

Maltese AIFM is authorised to manage that type of AIF;

and

(b) provide directly in another Member State or

EEA State the services referred to in Article 6(4) of the

AIFM Directive for which it has been authorised."; and

(b) in sub-regulation (2) thereof, for the words "manage a

European AIF" there shall be substituted the words "directly

provide the activities and services referred to in sub-regulation

(1)".

Regulation 4 of the principal regulations shall be amended

as follows

(a) for sub-regulation (1) thereof, there shall be

substituted the following

"(1) A Maltese AIFM may

(a) manage a European AIF through the

establishment of a branch, provided the Maltese AIFM is

authorised to manage that type of AIF; and

(b) provide in another Member State or EEA State

through the establishment of a branch the services referred

to in Article 6 (4) of the AIFM Directive for which it has

been authorised."; and

(b)

sub-regulation (2) thereof, shall be amended as

follows

(i) for the words "to manage a European AIF"

there shall be substituted the words "to provide the

activities and services referred to in sub-regulation (1)";

(ii) in sub-paragraph (a) of sub-regulation (2),

immediately after the words "to establish a branch" there

shall be inserted the words "and, or provide the services

referred to in sub-regulation (1); and";

(iii) in sub-paragraph (b), the word "and" shall be

deleted and there shall be substituted for it the term "and,

or"; and

(iv) sub-paragraphs (c) to (e) shall thereafter be

deleted.

Regulation 6 of the principal regulations shall be amended Amends

regulation 6 of

the principal

regulations.

(a) for sub-regulation (1) thereof, there shall be

substituted the following

"(1) A European AIFM may

(a) manage a Maltese AIF directly in Malta,

provided the European AIFM is authorised to manage that

type of AIF; and

(b) provide directly in Malta the services referred

to in Article 6(4) of the AIFM Directive for which it has

been authorised

Provided that the European AIFM shall be exempt

from the provisions of article 3 of the Act.";

(b) in sub-regulation (2) thereof, for the words "manage

Maltese AIFs" there shall be substituted the words "provide the

activities and services referred to in sub-regulation (1)";

(c) in sub-paragraph (a) of sub-regulation (2) thereof, for

the words "manage AIFs directly" there shall be substituted the

words "directly provide the activities and services referred to in

sub-regulation (1)"; and

(d) in sub-paragraph (b) of sub-regulation (2) thereof, for

the word "and" there shall be substituted the words "and, or".

Regulation 7 of the principal regulations shall be amended Amends

regulation 7 of

the principal

regulations.

(a) for sub-regulation (1) thereof, there shall be

substituted the following

"(1) A European AIFM may

(a)

manage a Maltese AIF in Malta through the

establishment of a branch, provided the European AIFM is

authorised to manage that type of AIF; and

(b) provide in Malta through the establishment of a

branch the services referred to in Article 6 (4) of the AIFM

Directive for which it has been authorised

Provided that the European AIFM shall be exempt

from the provisions of article 3 of the Act.";

(b) in sub-regulation (2) thereof, for the words "manage a

Maltese AIF" there shall be substituted the words "provide the

activities and services referred to in sub-regulation (1)";

(c) in sub-paragraph (a) of sub-regulation (2) thereof, for

the words "manage AIFs directly in Malta" there shall be

substituted the words "provide the activities and services referred

to in sub-regulation (1) in Malta through the establishment of a

branch"; and

(d) in sub-paragraph (b) of sub-regulation (2) thereof, for

the word "and" there shall be substituted the words "and, or".

€0.18