Investment Services Act (Alternative Investment Fund Manager)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,690, 27 ta’ Awwissu, 2021

L.N. 334 of 2021

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Alternative Investment Fund Manager)

(Passport) (Amendment) Regulations, 2021

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, scope

Services Act (Alternative Investment Fund Manager) (Passport) and

commencement.

(Amendment) Regulations, 2021, and these regulations shall be read S.L. 370.22.

and construed as one with the Investment Services Act (Alternative

Investment Fund Manager) (Passport) Regulations, hereinafter

referred to as "the principal regulations".

(2) The scope of these regulations is, in part, to transpose

Article 2(5) of Directive (EU) 2019/1160 of the European Parliament

and of the Council of 20 June 2019 amending Directives 2009/65/EC

and 2011/61/EU with regard to cross-border distribution of collective

investment undertakings.

(3) These regulations shall be deemed to have come into force

on 2nd August 2021.

Regulation 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

(a) in sub-regulation (7) thereof, for the words "without

undue delay", there shall be substituted the words "within fifteen

(15) working days of receipt of all the information referred to in

sub-regulation (6)"; and

(b) in sub-regulation (8) thereof, immediately after the

words "and any regulations issued thereunder", there shall be

added the words "and shall notify accordingly the European

regulatory authority of the Maltese AIFM host Member State or

EEA State without undue delay.".

Regulation 4 of the principal regulations shall be amended Amends

regulation 4 of

as follows

the principal

regulations.

(a) in paragraph (b) of sub-regulation (2) thereof, the

words ", or" shall be deleted;

(b) in sub-regulation (7) thereof, for the words "without

undue delay", there shall be substituted the words "within fifteen

(15) working days of receipt of all the information referred to in

sub-regulation (6)"; and

(c)

sub-regulation (8) thereof shall be amended as

follows

(i) for the words "or if an unplanned change has

taken place pursuant to the which", there shall be

substituted the words "or if an unplanned change has taken

place pursuant to which"; and

(ii) immediately after the words "and any

regulations issued thereunder", there shall be inserted the

words "and shall notify accordingly the European

regulatory authority of the host Member State or EEA State

where the branch of the Maltese AIFM is established

without undue delay.".

Regulation 6 of the principal regulations shall be amended

as follows

(a) in paragraph (b) of sub-regulation (2) thereof, the

words ", or" shall be deleted; and

(b) immediately after sub-regulation (6) thereof, there

shall be added the following new sub-regulation

"(7) Where the European AIFM proceeds with the

implementation of a planned change to any of the

information communicated in accordance with sub-

regulation (2), notwithstanding the notification received

pursuant to the first and second sub-paragraphs of Article

33(6) of the AIFM Directive, or if an unplanned change has

taken place pursuant to which the European AIFM’s

management of the Maltese AIF would no longer comply

with the provisions of the AIFM Directive or the European

AIFM otherwise would no longer comply with the

provisions of the AIFM Directive, the competent authority

shall receive notification from the European regulatory

authority of the European AIFM’s home Member State or

EEA State without undue delay of the measures taken in

terms of the third sub-paragraph of Article 33(6) of the

AIFM Directive.".

Regulation 7 of the principal regulations shall be amended Amends

regulation 7 of

as follows

the principal

regulations.

(a) in paragraph (b) of sub-regulation (2) thereof, the

words ", or" shall be deleted; and

(b) immediately after sub-regulation (6) thereof, there

shall be added the following new sub-regulation

"(7) Where the European AIFM proceeds with the

implementation of a planned change to any of the

information communicated in accordance with sub-

regulation (2), notwithstanding the notification received

pursuant to the first and second sub-paragraphs of Article

33(6) of the AIFM Directive, or if an unplanned change has

taken place pursuant to which the European AIFM’s

management of the Maltese AIF would no longer comply

with the provisions of the AIFM Directive or the European

AIFM otherwise would no longer comply with the

provisions of the AIFM Directive, the competent authority

shall receive notification from the European regulatory

authority of the European AIFM’s home Member State or

EEA State without undue delay of the measures taken in

terms of the third subparagraph of Article 33(6) of the

AIFM Directive.".

€0.18