Investment Services Act (Fees) (Amendment) Regulations, 2022

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,774, 27 ta’ Jannar, 2022 B 175

L.N. 20 of 2022

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Fees) (Amendment) Regulations, 2022

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 (Fees) (Amendment) Regulations, 2022, and these commencement.

regulations shall be read and construed as one with the Investment S.L. 370.03.

Services Act (Fees) Regulations, hereinafter referred to as the

"principal regulations".

(2) These regulations shall come into force on such date as the

Minister may by notice in the Gazette establish.

Sub-regulation (1) of regulation 6 of the principal Amends

regulation 6 of

regulations shall be deleted.

the principal

regulations.

The Schedule to the principal regulations shall be Substitutes the

Schedule to the

substituted by the following

principal

regulations.

"SCHEDULE

(Regulations 3, 4 and 5)

Fees

First Column

Second

Third Column

Column

Application Supervisory Fee / Renewal

/

of Notification Fee

Notification

Fee

(a) Investment Services, the

€

€

highest

fee

applies

based on the services

provided

Licence

holders

2,500

For revenue

2,000

up to

authorised to receive

and transmit orders in

€50,000

relation to one or more

350 per

Further

instrument

and,

or

tranches of tranche or part

provide

investment

€50,000 up

thereof

advice and, or place

to a

instruments without a

maximum

firm commitment basis

of

but not to hold or

€1,000,000

control clients’ money

or customers’ assets.

Licence

holders

3,000

For revenue

2,750

authorised to receive

up to

€50,000

and transmit orders,

and,

or

provide

350 per

Further

investment advice in

tranches of tranche or part

relation to one or more

€50,000 up

thereof

instrument and, or place

to a

instruments without a

maximum

firm commitment basis

of

solely for professional

€1,000,000

clients and, or eligible

counterparties but not

to hold or control

clients’

money

or

customers’ assets.

5,000

For revenue

4,500

Licence

holders

up to

authorised to provide

€250,000

any investment service

and to hold or control

Further

400 per

clients’

money

or

tranches of tranche or part

customers’ assets, but

€250,000

thereof

not

to

operate

a

up to a

multilateral

trading

maximum

facility or deal for their

of

own

account

or

€5,000,000

underwrite or place

instruments on a firm

commitment basis.

Licence

holders

7,000

For revenue

6,000

authorised to provide

up to

any Investment Service

€250,000

and to hold and control

Further

400 per

clients’

money

or

tranches of tranche or part

customers’ assets.

€250,000

thereof

up to a

maximum

of

€50,000,00

(b) Custodians

Licence holders authorised to

act as trustees or custodians of

17,000

15,000

collective

investment

schemes.

7,500

5,000

Licence

holders

authorised to act as

custodians

to

the

following

(i)AIFs marketed in

Malta in terms of

regulation 7 of the

Investment Services

Act

(Alternative

Investment

Fund

Manager)

(Third

Country)

Regulations; or

(ii)AIFs which have no

redemption

rights

exercisable during

the five year period

from the date of

initial

investment

and which generally

do not invest in

assets that must be

held in custody in

terms

of

the

Investment Services

Rules.

(c) Collective Investment

2,500

3,000

Schemes which fall

within the scope of

article 4 of the Act; and

which are authorized as

UCITS Schemes, non-

UCITS Retail Schemes

and Retail AIFs

Scheme sub-funds (per

sub-fund)

Up to fifteen

sub-funds (per

sub-fund)

No annual

supervisory

fee will be

payable from

the 16th

Scheme sub-

fund upwards

(d) Collective

Investment

2,000

2,000

Schemes which qualify

as Professional Investor

Funds and Alternative

Investment Funds in

terms of Investment

Services Rules issued for

this purpose by the

competent authority

Scheme sub-funds (per

1,000

sub-fund)

Recognition Fees

(e) Persons

providing

3,000

1,500

administrative services

in terms of article 9A of

the Act

(f)

Private

Schemes

2,000

recognised in terms of

the Investment Services

Act (Recognition of

Private

Collective

Investment

Schemes)

Regulations

Notification Fees

(g) European

investment

firms establishing a

branch in Malta in terms

of regulation 3 of the

European

Passport

Rights for Investment

Firms Regulations

(i) authorised by their

1,200

home Member State

or EEA State to

receive and transmit

orders in relation to

one

or

more

instruments and, or

provide investment

advice and, or place

instrument without

a firm commitment

basis, in terms of

the Directive but

are not authorized

to hold and control

clients’ money or

customers’ assets

1,000

3,000

(ii) authorized by their

home Member State

or EEA State to

provide

any

investment services

in terms of the

Directive and to

hold and control

clients’ money or

customers’

assets

but not to operate a

multilateral trading

facility or to deal

for

their

own

account

or

underwrite or place

instruments on a

firm

commitment

basis

(iii) authorized by their

1,650

3,600

home Member State

or EEA State to

provide

any

investment services

in terms of the

Directive, and to

hold and control

clients’ money or

customers’ assets

(h) European management

1,250

4,000

companies establishing a

branch in Malta in terms

of regulation 9 of the

Investment Services Act

(UCITS

Management

Company

Passport)

Regulations

(i)

European

Alternative

1,250

4,000

Investment

Fund

Managers establishing a

branch in Malta in terms

of regulation 7 of the

Investment Services Act

(Alternative Investment

Fund

Manager)

(Passport) Regulations

(j)

European

UCITS

marketing their units in

Malta in terms of

regulation 8 of the

Investment Services Act

(Marketing of UCITS)

Regulations

(i) UCITS Scheme

2,500

3,000

(ii) Per Scheme sub-

funds (per sub-fund)

Up to 15

Scheme sub-

funds (per

sub-fund).

No annual

supervisory

fee will be

payable from

the 16th

Scheme sub-

fund upwards

(k)

European Alternative

Investment

Funds

having

their

units

marketed in Malta in

terms of regulation 5 of

Investment Services Act

(Marketing

of

Alternative Investment

Funds) Regulations

(i) European AIF

2,500

3,000

(ii) Per Scheme

sub-

funds (per

sub-

Up to 15

fund)

Scheme sub-

funds (per

sub-fund).

No annual

supervision

fee will be

payable from

the 16th

Scheme sub-

fund upwards

(l)

Marketing of units or

shares of an AIF

(whether established in

an EU/EEA Member

State or in a third

country)

by

an

Alternative Investment

Fund Manager (whether

established in an EU/

EEA Member State or in

a

third

country)

pursuant to regulations

7 and 22 of the

Investment Services Act

(Alternative Investment

Fund Managers) (Third

Country) Regulations

(i) AIF

2,500

3,000

(ii) Per AIF sub-funds

(per sub-fund)

Registration Fees

(m) Tied agents registered

by

the

competent

authority in terms of

regulation 5 of the

Appointment of Tied

Agents Regulations

(i) where the tied agent

is an individual

(ii) where the tied agent

350 and 250 per individual employed by such

is not an individual

tied agent and who is directly involved in the

provision of tied agent activities.

(n) Notification

by

the

AIFM on behalf of the

Notified AIF

-

For each Notified

2,000

2,000

AIF

Notified AIF sub-

1,000

funds

(per sub-fund)

€0.36