Investment Services Act (Alternative Investment Fund Manager)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,269, 24 ta’ Settembru, 2019

Taqsima B

L.N. 244 of 2019

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Alternative Investment Fund Manager)

(Passport) (Amendment) Regulations, 2019

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, 2019 and they shall be read and construed

as one with the Investment Services Act (Alternative Investment Fund

Manager) (Passport) Regulations, hereinafter referred as "the principal S.L. 370.22

regulations".

(2) These regulations, with the exception of regulation 2, and

of regulation 9(4) in regulation 3, shall enter into force on such date as

the Minister may by notice in the Gazette establish.

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a) immediately after the definition "marketing", there

shall be added the following new definition

" "no-deal Brexit date" means the date on which the

United Kingdom leaves the European Union without a

withdrawal deal;"; and

(b) immediately after the definition "the UCITS

Directive", there shall be added the following new definitions

" "UK Alternative Investment Fund Managers" or

"UK AIFMs" means AIFMs that are authorised by the

respective regulatory authorities of the United Kingdom

within the meaning of Article 6 of AIFMD, that are

exercising a European right to provide services in Malta on

a cross border basis, but shall exclude the European right to

establish a branch in Malta;

"United Kingdom" means the territories of England,

Scotland, Wales, Northern Ireland and, for the purposes of

these regulations, shall also include Gibraltar.".

Immediately after regulation 8 of the principal regulations,

there shall be added a new regulation 9 as follows

"TEMPORARY PERMISSION REGIME FOR UK

ALTERNATIVE INVESTMENT FUND MANAGERS

PASSPORTING INTO MALTA THROUGH

FREEDOM OF SERVICES

(1) Subject to the provisions of these

permission granted

regulations and provided the conditions stipulated in

this regulation are satisfied, the competent authority

shall grant a temporary permission to UK AIFMs

allowing them to continue servicing existing contracts

with existing clients. Such UK AIFMS shall for the

purposes of these regulations continue to be treated as

European AIFMs providing services in Malta.

(2) In order to avail themselves of the

temporary permission regime provided for in this

regulation, UK AIFMs must already be exercising a

European right to provide services in Malta on a cross-

border basis under these regulations, prior to the no-

deal Brexit date.

(3) UK AIFMs which have been granted a

temporary permission under this regulation shall only

be permitted to service those contracts with clients that

were entered into by not later than 30 September 2019.

(4) UK AIFMs wishing to avail themselves of

the temporary permission regime are required to notify

the competent authority on the appropriate form issued

by the said competent authority, stating their intention

to benefit from this regime. This form shall be

submitted to the competent authority by not later than

three weeks from the no-deal Brexit date.

(5) (a) The temporary permission granted

under the temporary permission regime shall be valid

until the 31 March 2020.

(b) UK AIFMs shall, until the 31 March

2020, be exempt from the provisions of article 3

of the Act provided that those UK alternative

investment fund managers are in possession of a

temporary permission by the competent authority.

(c) As from 1 April 2020, such UK

AIFMs shall be treated as third country AIFMs in

terms of the Investment Services Act (Alternative

Investment Fund Manager) (Third Country)

Regulations.".

B

€0.18