Investment Services Act (Fees) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,366, 24 ta’ Diċembru, 2024

L.N. 370 of 2024

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Fees) Regulations, 2024

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,

commencement

Services Act (Fees) Regulations, 2024.

and

applicability.

(2) The provisions of these regulations shall come into force

on the 1st January 2025.

(3) These regulations shall apply to fees falling due on or after

the coming into force of these regulations.

(regulations 3, 6 to 15)

Application Fees

Fees falling due in Fees falling due in Fees falling due in

2027 and

(€)

(€)

thereafter

(€)

Persons providing, or holding

themselves out as providing, the

investment services

(a) referred to in regulation 3(1)(a)

3,500

4,250

5,000

(b) referred to in regulation 3(1)(b)

4,000

5,000

6,000

(c) referred to in regulation 3(1)(c)

6,500

7,250

8,000

(d) referred to in regulation 3(1)(d)

11,500

15,000

19,000

(e) referred to in regulation 3(1)(e)

6,000

6,750

7,500

(f) referred to in regulation 3(2)

19,000

22,500

26,500

7,500

7,500

7,500

Collective investment schemes

(a) UCITS and Retail AIFs

(i) fund application fee

- managed by a third party

3,750

4,500

5,250

- self-managed

5,000

5,750

6,500

(ii) sub-fund application fee

- first five sub-funds

1,000

1,000

1,000

- every additional sub-fund following

the first five sub-funds

(b) Professional Investor Funds

(i) fund application fee

- managed by a third party

2,250

3,000

3,750

- self-managed

3,000

3,750

4,500

(ii) sub-fund application fee

- first five sub-funds

- every additional sub-fund following

the first five sub-funds

(c) Alternative Investment Funds

(i) fund application fee

- managed by a third party

3,750

4,500

5,250

- self-managed

5,000

5,750

6,500

(ii) sub-fund application fee

- first five sub-funds

1,000

1,000

1,000

- every additional sub-fund following

the first five sub-funds

Provision of administrative services

(a) persons providing administrative

services, other than recognised

incorporated cell companies

4,500

8,000

11,000

(b) recognised incorporated cell

companies

3,000

3,000

3,000

Private collective investment schemes

2,000

2,000

2,000

Tied agents

(a) individuals

(b) non-individuals

Notified AIFs

(a) fund application fee

2,250

2,625

3,000

(b) sub-fund application fee

Notified PIFs

(a) fund application fee

2,000

2,375

2,750

(b) sub-fund application fee

Notification Fees

European investment firms,

establishing a branch in Malta, that are

licensed to provide the investment

services

(a) referred to in regulation 11(1)(a)

(b) referred to in regulation 11(1)(b)

1,000

1,000

1,000

(c) referred to in regulation 11(1)(c)

1,650

1,650

1,650

European management companies -

branch

1,250

1,250

1,250

European AIFMs - branch

1,250

1,250

1,250

European UCITS

(a) fund notification fee

2,500

2,500

2,500

(b) sub-fund notification fee

European AIFMs marketing units or

shares as referred to in regulation

15(1)

(a) fund notification fee

2,500

2,500

2,500

(b) sub-fund notification fee

Maltese or European AIFMs

marketing units or shares as referred to

in regulation 15(5)

(a) fund notification fee

2,500

2,500

2,500

(b) sub-fund notification fee

Third country AIFMs marketing units

or shares as referred to in regulation

15(8)

(a) fund notification fee

2,500

2,500

2,500

(b) sub-fund notification fee

(1) In these regulations, unless the context otherwise Interpretation.

"Act" means the Investment Services Act;

"de minimis AIFM" means an Alternative Investment Fund

Manager which

(a) directly or indirectly, either through a

company with which such AIFM is linked by common

management or control or by a substantive direct or

indirect holding, manages portfolios of AIFs whose assets

under management, including any assets acquired through

use of leverage, in total do not exceed a threshold of one

hundred million euro (€100,000,000); or

(b) directly or indirectly, either through a

company with which the AIFM is linked by common

management or control or by a substantive direct or

indirect holding, manages portfolios of AIFs whose assets

under management in total do not exceed a threshold of

five hundred million euro (€500,000,000) when the

portfolios of AIFs consist of AIFs that are unleveraged and

have no redemption rights exercisable during a period of

five (5) years following the date of initial investment in

each AIF;

"eligible counterparties" shall have the same meaning as is

assigned to it in the Investment Services Rules;

"European AIF" shall have the same meaning as is

assigned to it in the Investment Services Act (Marketing of

Alternative Investment Funds) Regulations;

"European AIFM" shall have the same meaning as is

assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Passport) Regulations;

"European feeder AIF" means a European AIF that

(a) invests at least eighty-five per cent (85%) of

its assets in units or share of another AIF (the ‘master

AIF’); or

(b) invests at least eighty-five per cent (85%) of

its assets in more than one (1) master AIFs where those

master AIFs have identical investment strategies; or

(c) has otherwise an exposure of at least eighty-

five per cent (85%) of its assets to such a master AIF; and

(d) does not fulfil the requirements prescribed in

the second sub-paragraph of Article 31(1) of the AIFM

Directive as transposed in national law;

"European investment firm" shall have the same meaning

as is assigned to it in the European Passport Rights for

Investment Firms Regulations;

"European management company" shall have the same

meaning as is assigned to it in the Investment Services Act

(UCITS Management Company Passport) Regulations;

"European right" shall have the same meaning as that

assigned to it in the Investment Services Act (Tied Agents)

Regulations;

"European UCITS" shall have the same meaning as that

assigned to it in the Investment Services Act (Marketing of

UCITS) Regulations;

"EuSEF fund" shall have the same meaning as that

assigned to "qualifying social entrepreneurship fund" in

Regulation (EU) No 346/2013 of the European Parliament and

of the Council of 17 April 2013 on European social

entrepreneurship funds;

"EuVECA fund" shall have the same meaning as that

assigned to "qualifying venture capital fund" in Regulation (EU)

345/2013 of the European Parliament and of the Council of 17

April 2013 on European venture capital funds;

"home Member State" means

(a) where a European investment firm is a natural

person, the Member State or EEA State in which the head

office of such person is situated; or

(b) where the European investment firm, the

European management company, the European AIFM or

the European UCITS is a legal person, the Member State or

EEA State in which its registered office is situated; or

(c) where the European investment firm, the

European management company, the European AIFM or

the European UCITS has, under its national law, no

registered office, the Member State or EEA State in which

its head office is situated;

"incorporated cell" shall have the same meaning as is

assigned to it in the Companies Act (Recognised Incorporated S.L. 386.15.

Cell Companies) Regulations;

"List of Notified AIFs" shall have the same meaning as

that assigned to it in the Investment Services Act (Notified S.L. 370.34.

CISs) Regulations;

"List of Notified PIFs" shall have the same meaning as that

assigned to it in the Investment Services Act (Notified CISs) S.L. 370.34.

Regulations

"Maltese AIFM" shall have the same meaning as that

assigned to it in the Investment Services Act (Alternative S.L. 370.24.

Investment Fund Manager) (Third Country) Regulations;

"Maltese investment firm" shall have the same meaning as

that assigned to it in the Investment Services Act (Tied S.L. 370.42.

Agents) Regulations;

"net revenue" means the gross revenue indicated in the

annual audited financial statements for the preceding year

which is derived from the activities and investment services

which a licence holder is licensed to provide under the Act, less

any commissions which have been paid or are to be paid by

third parties in connection with the provision of such services

and the performance of such activities;

"Notified AIF" shall have the same meaning as that

assigned to it in the Investment Services Act (Notified CISs)

Regulations;

"Notified PIF" shall have the same meaning as that

assigned to it in the Investment Services Act (Notified CISs)

Regulations;

"private collective investment scheme" means a collective

investment scheme that satisfies the requirements established in

regulation 2 of the Investment Services Act (Recognition of

Private Collective Investment Schemes) Regulations and is

granted recognition under the said regulations;

"Profession Investment Fund" or "PIF" shall have the same

meaning as that assigned to it in the Investment Services Act

(Notified CISs) Regulations;

"professional client" shall have the same meaning as that

assigned to it in the Investment Services Rules or an investor

who has opted to be treated as a professional investor in terms

of the said Rules;

"recognised incorporated cell company" shall have the

same meaning as that assigned to it in the Companies Act

(Recognised Incorporated Cell Companies) Regulations;

"Retail AIF" means an AIF which is marketed exclusively

to retail clients as defined herein;

"retail clients" means a client who is not a professional

client as defined herein;

"third country AIF" shall have the same meaning as that

assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Third Country) Regulations;

"third country AIFM" shall have the same meaning as that

assigned to it in the Investment Services Act (Alternative

Investment Fund Manager) (Third Country) Regulations;

"tied agent" shall have the same meaning as that assigned

to it in the Investment Services Act (Tied Agents) Regulations.

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

also used in the Act or the Companies Act, but which are not herein Cap.386.

defined, shall have the same meaning as assigned to them in the

respective Acts, as applicable.

(regulations 4, 6 to 15)

Annual Supervisory Fee

Fees falling

Fees falling

Fees falling

Fees falling

Persons

Fees falling

due in 2025

due in 2026

due in 2027

due in 2028

due in 2029

providing, or

holding

(€)

(€)

(€)

(€)

and thereafter

(€)

themselves out as

providing, the

investment

services referred

to in regulation

(4)(1)(a)

Minimum fee

3,400

4,000

4,700

5,200

6,000

First €50,000 in

net revenue or

part thereof

3,400

4,000

4,700

5,200

6,000

Every additional

€50,000 in net

revenue or part

thereof

Maximum fee

16,700

17,300

18,000

18,500

19,300

Fees falling

Fees falling

Fees falling

Fees falling

Fees falling

Persons

due in 2027

due in 2028

due in 2029

providing, or

due in 2025

due in 2026

(€)

(€)

(€)

(€)

and thereafter

holding

themselves out as

(€)

providing, the

investment

services referred

to in regulation

(4)(1)(b)

Minimum fee

4,000

4,700

5,500

6,200

7,000

First €50,000 in

net revenue or

part thereof

4,000

4,700

5,500

6,200

7,000

Every additional

€50,000 in net

revenue or part

thereof

Maximum fee

17,300

18,000

18,800

19,500

20,300

Fees falling

Fees falling

Fees falling

Fees falling

Fees falling

Persons

providing, or

due in 2025

due in 2026

due in 2027

due in 2028

due in 2029

and thereafter

holding

(€)

(€)

(€)

(€)

(€)

themselves out as

providing, the

investment

services referred

to in regulation

(4)(1)(c)

Minimum fee

6,500

7,600

8,800

10,000

11,000

First €250,000 in

net revenue or

part thereof

6,500

6,500

8,800

10,000

11,000

Every additional

€250,000 in net

revenue or part

thereof

Maximum fee

19,800

20,900

22,100

23,300

26,200

Fees falling

Fees falling

Fees falling

Fees falling

Fees falling

Persons

providing, or

due in 2025

due in 2026

due in 2027

due in 2028

due in 2029

(€)

(€)

(€)

(€)

and thereafter

holding

themselves out as

(€)

providing, the

investment

services referred

to in regulation

(4)(1)(d)

Minimum fee

15,000

17,500

20,000

22,500

22,500

First €250,000 in

net revenue or

part thereof

15,000

17,500

20,000

22,500

22,500

Every additional

€250,000 in net

revenue or part

thereof

Maximum fee

28,300

30,800

33,300

35,800

40,200

Fees falling

Fees falling

Fees falling

Fees falling

Fees falling

due in 2025

due in 2026

due in 2027

due in 2028

due in 2029

(€)

(€)

(€)

(€)

and thereafter

(€)

Persons

providing, or

holding

themselves out as

providing, the

investment

services

(a) referred to in

regulation 4(1)(e)

6,000

6,750

7,000

7,250

7,500

(b) referred to in

20,500

24,000

28,000

32,000

36,000

regulation 4(4)

6,500

7,500

8,500

9,500

10,500

Collective

investment

schemes

(a) UCITS and

Retail AIFs

(i) fund

supervisory fee

- managed by a

third party

4,000

6,000

6,500

7,500

8,500

- self-managed

6,000

7,200

8,300

9,400

10,500

(ii) sub-fund

supervisory fee

(b) Professional

Investor Funds

(i) fund

supervisory fee

- managed by a

third party

3,000

4,000

5,000

5,500

6,000

- self-managed

4,000

4,750

5,500

6,250

7,000

(ii) sub-fund

supervisory fee

(c) Alternative

Investment Funds

(i) fund

supervisory fee

- managed by a

third party

4,000

5,500

6,500

7,500

8,000

- self-managed

6,000

7,000

8,000

9,000

10,000

(ii) sub-fund

supervisory fee

Provision of

administrative

services

(a) persons

providing

administrative

services, other

than recognised

incorporated cell

companies

4,000

5,500

7,500

9,500

11,000

(b) recognised

incorporated cell

companies

2,000

2,400

2,600

2,800

3,000

Private collective

investment

schemes

1,200

1,300

1,400

1,500

1,600

Tied agents

(a) individuals

(b) non-

individuals

Notified AIFs

(a) fund

supervisory fee

2,500

3,000

3,500

4,000

4,500

(b) sub-fund

supervisory fee

Notified PIFs

(a) fund

supervisory fee

2,000

2,500

3,000

3,500

4,000

(b) sub-fund

supervisory fee

European

investment firms,

having established

a branch in Malta,

that are licensed

to provide the

investment

services

(a) referred to in

regulation

11(1)(a)

1,200

1,200

1,200

1,200

1,200

(b) referred to in

regulation

11(1)(b)

3,000

3,000

3,000

3,000

3,000

(c) referred to in

regulation

11(1)(c)

3,600

3,600

3,600

3,600

3,600

European

management

companies -

branch

4,000

4,000

4,000

4,000

4,000

European AIFMs

- branch

4,000

4,000

4,000

4,000

4,000

European UCITS

(a) fund

supervisory fee

3,000

3,000

3,000

3,000

3,000

(b) sub-fund

supervisory fee

European AIFMs

marketing units or

shares as referred

to in regulation

15(1)

(a) fund

supervisory fee

4,000

4,500

5,000

5,500

6,000

(b) sub-fund

supervisory fee

Maltese or

European AIFMs

marketing units or

shares as referred

to in regulation

15(5)

(a) fund

supervisory fee

3,000

3,000

3,000

3,000

3,000

(b) sub-fund

supervisory fee

Third country

AIFMs marketing

units or shares as

referred to in

regulation 15(8)

(a) fund

supervisory fee

3,000

3,000

3,500

3,500

3,500

(b) sub-fund

supervisory fee

1,000

1,000

1,000

1,000

1,000

€1.26

(1)

A person that intends to provide, or hold himself Application fees

out as providing, any investment services, other than the investment in

provision of

service set out in item 5 of the First Schedule to the Act, in or from investment

services.

Malta shall, upon submission of an application to the competent

authority for a licence in accordance with article 5 of the Act, pay to

the competent authority an application fee as established in the First

Schedule, as applicable, with respect to such application

Provided that such application fee shall vary depending on

whether such person intends

(a)

to provide, or hold himself out as providing, any of

the investment services set out in items 1, 6 and 8 of the First

Schedule to the Act in or from Malta but does not intend to hold

or control clients’ money or customers’ assets;

(b)

to provide, or hold himself out as providing, any of

the investment services set out in items 1, 6 and 8 of the First

Schedule to the Act solely to professional clients and, or eligible

counter-parties, in or from Malta, but does not intend to hold or

control clients’ money or customers’ assets;

(c)

to provide, or hold himself out as providing, any of

the investment services set out in the First Schedule to the Act,

other than those set out in items 3, 5, 7, 9 and 11, in or from

Malta and to hold or control clients’ money or customers’

assets;

(d)

to provide, or hold himself out as providing, any of

the investment services set out in the First Schedule to the

Act, other than those set out in items 5, 9 and 11, in or from

Malta and to hold or control clients’ money or customers’

assets; or

(e)

to act solely as a de minimis AIFM.

(2) Without prejudice to the provisions of sub-regulation (1), a

person that intends to provide, or hold himself out as providing, the

investment service set out in item 5 of the First Schedule to the Act in

or from Malta shall, upon submission of an application to the

competent authority for a licence in accordance with article 5 of the

Act, pay to the competent authority an application fee as established

in the First Schedule, as applicable, with respect to such application

Provided that the lower application fee established in the

First Schedule, as applicable, shall apply where such person intends

to provide, or hold himself out as providing, such investment service

solely to

(a)

Alternative Investment Funds marketed in Malta in

accordance with regulation 7 of the Investment Services Act

(Alternative Investment Fund Manager) (Third Country)

Regulations; and, or

(b)

Alternative Investment Funds which have no

redemption rights exercisable during the five (5) year period

from the date of initial investment and which generally do not

invest in assets that are required to be held in custody in terms

of the Investment Services Rules.

(3) For the purposes of this sub-regulation, holding or

controlling clients’ money or customers’ assets shall include the

holding of a mandate over a client’s bank account or a power of

attorney to control a client’s assets, and it shall not include the

holding or controlling of a client’s money or a customers’ assets if a

recommendation which would be made by a prospective licence

holder can be placed into effect only by such a client or customer, or

by a third party such as a bank acting on such client or customer’s

behalf

Provided that, in the event of any doubt as to whether an

activity would be deemed to constitute the holding or controlling of

clients’ money or customers’ assets, the matter shall be conclusively

determined by the competent authority.

(1)

A person that is licensed to provide, or hold

himself out as providing, any investment services, other than the

investment service set out in item 5 of the First Schedule to the Act,

in or from Malta shall, subject to the provisions of sub-regulation (6),

pay to the competent authority an annual supervisory fee as

established in the Second Schedule, as applicable

Provided that such annual supervisory fee shall vary

depending on whether such person is licensed

(a)

to provide, or hold himself out as providing, any of

the investment services set out in items 1, 6 and 8 of the First

Schedule to the Act in or from Malta but does not intend to hold

or control clients’ money or customers’ assets;

(b)

to provide, or hold himself out as providing, any of

the investment services set out in items 1, 6 and 8 of the First

Schedule to the Act solely to professional clients and, or eligible

counter-parties, in or from Malta, but does not intend to hold or

control clients’ money or customers’ assets;

(c)

to provide, or hold himself out as providing, any of

the investment services set out in the First Schedule to the Act,

other than those set out in items 3, 5, 7, 9 and 11, in or from

Malta and to hold or control clients’ money or customers’

assets;

(d)

to provide, or hold himself out as providing, any of

the investment services set out in the First Schedule to the

Act, other than those set out in items 5, 9 and 11, in or from

Malta and to hold or control clients’ money or customers’

assets; or

(e)

to act solely as a de minimis AIFM.

(2) Without prejudice to the provisions of sub-regulation (1), a

person that is licensed

(a)

to provide, or hold himself out as providing, any of

the investment services set out in items 1, 6 and 8 of the First

Schedule to the Act in or from Malta but does not intend to hold

or control clients’ money or customers’ assets; or

(b)

to provide, or hold himself out as providing, any of

the investment services set out in items 1, 6 and 8 of the First

Schedule to the Act solely to professional clients and, or eligible

counter-parties, in or from Malta, but does not intend to hold or

control clients’ money or customers’ assets,

shall, subject to the provisions of sub-regulation (6), pay the

following annual supervisory fee

(a)

the fee established in the Second Schedule, as

applicable, for the first fifty thousand euro (€50,000) in net

revenue or part thereof; and

(b)

where applicable, the fee established in the Second

Schedule, as applicable, for every additional fifty thousand euro

(€50,000) in net revenue or part thereof

Provided that, in any case, the annual supervisory fee shall

not exceed the maximum annual supervisory fee established in the

Second Schedule, as applicable.

(3) Without prejudice to the provisions of sub-regulation (1), a

person that is licensed

(a)

to provide, or hold himself out as providing, any of

the investment services set out in the First Schedule to the Act,

other than those set out in items 3, 5, 7, 9 and 11, in or from

Malta and to hold or control clients’ money or customers’

assets; or

(b)

to provide, or hold himself out as providing, any of

the investment services set out in the First Schedule to the

Act, other than those set out in items 5, 9 and 11, in or from

Malta and to hold or control clients’ money or customers’

assets,

shall, subject to the provisions of sub-regulation (6), pay the

following annual supervisory fee

(a)

the fee established in the Second Schedule, as

applicable, for the first two hundred and fifty thousand euro

(€250,000) in net revenue or part thereof; and

(b)

where applicable, the fee established in the Second

Schedule, as applicable, for every additional two hundred and

fifty thousand euro (€250,000) in net revenue or part thereof

Provided that, in any case, the annual supervisory fee shall

not exceed the maximum annual supervisory fee established in the

Second Schedule, as applicable.

(4) Without prejudice to the provisions of sub-regulation (1), a

person that is licensed to provide, or hold himself out as providing,

the investment service set out in item 5 of the First Schedule to the

Act in or from Malta shall, subject to the provisions of sub-regulation

(6), pay to the competent authority an annual supervisory fee as

established in the Second Schedule, as applicable

Provided that the lower annual supervisory fee established

in the Second Schedule, as applicable, shall apply where such person

is licensed to provide, or hold himself out as providing, such

investment service solely to

(a)

Alternative Investment Funds marketed in Malta in

accordance with regulation 7 of the Investment Services Act

(Alternative Investment Fund Manager) (Third Country)

Regulations; and, or

(b)

Alternative Investment Funds which have no

redemption rights exercisable during the five (5) 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.

(5) Notwithstanding the provisions of sub-regulations (1) to

(4), the first annual supervisory fee or fees, as applicable, due to the

competent authority by a person as referred to in any of the said sub-

regulations shall be the aggregate of the following

(a)

the minimum annual supervisory fee and, or the

annual supervisory fee, as applicable, established in the Second

Schedule, as applicable, prorated according to the period

remaining between the date when such person is granted a

licence under the Act and the end of the calendar year in which

such licence was granted; and

(b)

the minimum annual supervisory fee and, or the

annual supervisory fee, established in the Second Schedule, as

applicable, prorated according to the period between the start of

the following calendar year and the date when the next

supervisory fee is due in accordance with sub-regulation (6).

(6) The first annual supervisory fee or fees, as applicable, due

in accordance with sub-regulation (5) shall be paid to the competent

authority on the date when a person is granted a licence under the Act,

and every annual supervisory fee or fees, as applicable, following the

first annual supervisory fee or fees, as applicable, which are due by

such person in accordance with the said sub-regulation shall be paid

to the competent authority one (1) month from the date of submission

of the annual audited financial statements as established by law.

(1)

Notwithstanding the provisions of regulation 3, Fees in relation

where more than one (1) application fee is due in accordance with the to

of multiple

provisions of the said regulation, such application fees, other than the investment

services.

highest of the said application fees, shall be reduced by twenty-five

per cent (25%).

(2) Where a person licensed under the Act to carry on any

activity and, or provide any investment services intends to carry on

any activity and, or provide any investment services in addition to

those which it is licensed to carry on or provide, it shall upon

submission of an application to the competent authority to have its

licence modified accordingly, pay to the competent authority the

application fee or fees, as applicable established in regulation 3,

which application fee or fees, as applicable, shall be reduced by

twenty-five percent (25%).

(3) Where a person licensed under the Act to carry on any

activity and, or provide any investment services intends to stop

carrying out one (1) or more, but not all, of the said activities and, or

investment services, it shall upon the submission of a request to the

competent authority to modify its licence accordingly, pay to the

competent authority a modification fee of one thousand euro

(€1,000).

(4) Notwithstanding the provisions of regulation 4, where

more than one (1) annual supervisory fee is due in accordance with

the provisions of the said regulation, such annual supervisory fees,

other than the highest of the said annual supervisory fees, shall be

reduced by twenty-five per cent (25%).

(1)

A collective investment scheme that intends to

issue or create any units or carry on any activity in or from Malta

shall, upon submission of an application to the competent authority

for a licence in accordance with article 5 of the Act, pay to the

competent authority an application fee which shall be the aggregate

of the following

(a)

the fund application fee established in the First

Schedule, as applicable; and

(b)

the sub-fund application fee established in the First

Schedule, as applicable, with respect to every sub-fund

Provided that such application fee shall vary depending on

whether such a collective investment scheme shall be a UCITS, a

Retail AIF, a Professional Investor Fund or an Alternative

Investment Fund.

(2) Where a collective investment scheme licensed under the

Act to carry on any activity as any one (1) of the entities referred to in

the proviso to sub-regulation (1) intends to carry on any activity as a

different type of entity as referred to in the said proviso, it shall upon

submission of an application to the competent authority to have its

licence modified accordingly, pay to the competent authority the

application fee established in the said sub-regulation, which

application fee shall be reduced by twenty-five percent (25%)

(3) A collective investment scheme that is licensed under the

Act to issue or create any units or carry on any activity in or from

Malta shall, subject to the provisions of sub-regulation (4), pay to the

competent authority an annual supervisory fee which shall be the

aggregate of the following

(a)

the fund supervisory fee established in the Second

Schedule, as applicable; and

(b)

the sub-fund application fee established in the

Second Schedule, as applicable, with respect to every sub-fund.

Provided that such annual supervisory fee shall vary

depending on whether such a collective investment scheme is a

UCITS, a Retail AIF, a Professional Investor Fund or an

Alternative Investment Fund.

(4) The annual supervisory fee due in accordance with the

provisions of sub-regulation (3) shall be paid to the competent

authority on the date when a collective investment scheme is granted

a licence under the Act and annually thereafter on the date when such

a licence was granted.

(1)

A person that intends to provide licence holders or Fees in relation

equivalent authorised persons and scheme overseas, be it in or from to

of

Malta, with administrative services which do not themselves administrative

services.

constitute a licensable activity under the Act shall, upon submission

of an application to the competent authority for recognition in

accordance with article 9A of the Act, pay to the competent authority

an application fee as established in the First Schedule, as applicable,

with respect to such application.

(2) Without prejudice to the provisions of sub-regulation (1), a

recognised incorporated cell company that intends to provide

incorporated cells with administrative services, which does not itself

constitute a licensable activity under the Act, in accordance with

regulation 3 of the Companies Act (Recognised Incorporated Cell S.L. 386.15.

Companies) Regulations shall, upon submission of an application to

the competent authority for recognition in accordance with article 9A

of the Act, pay to the competent authority an application fee as

established in the First Schedule, as applicable, with respect to such

application.

(3) A person, including a recognised incorporated cell

company, that has been granted recognition under the Act to provide

administrative services which do not themselves constitute a

licensable activity under the said Act shall, subject to the provisions

of sub-regulation (4), pay to the competent authority an annual

supervisory fee as established in the Second Schedule, as applicable.

(4) The annual supervisory fee due in accordance with sub-

regulation (3) shall be paid to the competent authority on the date

when a person as referred to in the said sub-regulation is granted

recognition under the Act and annually thereafter on the date when

such recognition was granted.

(1)

A collective investment scheme that satisfies the

requirements established in regulation 2 of the Investment Services

Act (Recognition of Private Collective Investment Schemes)

Regulations shall, upon submission of an application to the competent

authority for recognition in accordance with regulation 3 of the said

Regulations, pay to the competent authority an application fee as

established in the First Schedule, as applicable, with respect to such

application.

(2) A private collective investment scheme shall, subject to the

provisions of sub-regulation (3), pay to the competent authority an

annual supervisory fee as established in the Second Schedule, as

applicable.

(3) The annual supervisory fee due in accordance with sub-

regulation (2) shall be paid to the competent authority on the date

when a private collective investment scheme is granted recognition

under the Investment Services Act (Recognition of Private

Collective Investment Schemes) Regulations and annually

thereafter on the date when such recognition was granted.

(1)

A Maltese investment firm or a European

investment firm exercising a European right that intends to appoint a

tied agent established in Malta to carry out business in Malta or

elsewhere shall, upon submission of an application to the competent

authority for registration in accordance with regulation 4 of the

Investment Services Act (Tied Agents) Regulations, pay to the

competent authority an application fee as established in the First

Schedule, as applicable, with respect to such application.

(2) Where a tied agent appointed by a firm as referred to in

sub-regulation (1) has been registered in accordance with the

Investment Services Act (Tied Agents) Regulations, such firm shall,

subject to the provisions of sub-regulation (3), pay to the competent

authority an annual supervisory fee as established in the Second

Schedule, as applicable.

(3) The annual supervisory fee due in accordance with sub-

regulation (2) shall be paid to the competent authority on the date

when a tied agent is registered in accordance with the Investment

Services Act (Tied Agents) Regulations and annually thereafter on

the date when such registration took place.

(1)

An AIFM that intends to have an AIF or one (1) or

more of its sub-funds included in the List of Notified AIFs shall, upon

submission of an application to the competent authority for

notification in accordance with regulation 6 of the Investment

Services Act (Notified CISs) Regulations, pay to the competent

authority an application fee as established in the First Schedule, as

applicable, with respect to such AIF and every such sub-fund.

(2) A PIF that intends to be included, or have one (1) or more

of its sub-funds included, in the List of Notified PIFs shall, upon

submission of an application to the competent authority for

notification in accordance with regulation 17 of the Investment S.L. 370.34.

Services Act (Notified CISs) Regulations, pay to the competent

authority an application fee as established in the First Schedule, as

applicable, with respect to such PIF and every such sub-fund.

(3) Where an AIF has been included in the List of Notified

AIFs upon the request of an AIFM, such AIFM shall, subject to the

provisions of sub-regulation (5), pay to the competent authority an

annual supervisory fee which shall be the aggregate of the following

(a)

the fund supervisory fee established in the Second

Schedule, as applicable; and

(b)

the sub-fund supervisory fee established in the

Second Schedule, as applicable, with respect to every sub-fund

of such AIF.

(4) A PIF that has been included in the List of Notified PIFs

shall, subject to the provisions of sub-regulation (5), pay to the

competent authority an annual supervisory fee which shall be the

aggregate of the following

(a)

the fund supervisory fee established in the Second

Schedule, as applicable; and

(b)

the sub-fund annual supervisory fee established in

the Second Schedule, as applicable, with respect to every sub-

fund of such PIF.

(5) The annual supervisory fee due in accordance with sub-

regulations (3) and (4) shall be paid to the competent authority on the

date when an AIF or a PIF is included in the List of Notified AIFs or

the List of Notified PIFs, as applicable, and annually thereafter on the

date when such inclusion took place.

(1)

A European investment firm that intends to Fees in relation

establish a branch in Malta in accordance with regulation 3 of the to

investment

European Passport Rights for Investment Firms Regulations shall, firms.

upon being notified by the European regulatory authority of its home

Member State in accordance with Article 35(3) of MIFID as

transposed in national law, pay the competent authority a notification

fee as established in the First Schedule, as applicable

Provided that such notification fee shall vary depending on

whether the European investment firm is licensed by the European

regulatory authority of its home Member State

(a)

to provide, or hold itself out as providing, the

investment services referred to in points (1), (5) and, or (7) of

Section A of Annex I of MIFID but not to hold and control

clients’ money or customers’ assets;

(b)

to provide, or hold itself out as providing, any of

the investment services set out in Section A of Annex I of

MIFID, other than those referred to in points (3), (6) and (8) as

set out in the said Section of Annex I of MIFID, and to hold and

control clients’ money or customers’ assets; or

(c)

to provide, or hold itself out as providing, any of

the investment services set out in Section A of Annex I of

MIFID and to hold and control clients’ money or customers’

assets.

(2) A European investment firm that has established a branch

in Malta in accordance with regulation 3 of the European Passport

Rights for Investment Firms Regulations shall, subject to the

provisions of sub-regulation (3), pay to the competent authority an

annual supervisory fee as established in the Second Schedule, as

applicable

Provided that such annual supervisory fee shall vary

depending on whether the European investment firm is licensed by

the European regulatory authority of its home Member State

(a)

to provide, or hold itself out as providing, the

investment services referred to in points (1), (5) and, or (7) of

Section A of Annex I of MIFID but not to hold and control

clients’ money or customers’ assets;

(b)

to provide, or hold itself out as providing, any of

the investment services set out in Section A of Annex I of

MIFID, other than those referred to in points (3), (6) and (8) as

set out in the said Section of Annex I of MIFID, and to hold and

control clients’ money or customers’ assets; or

(c)

to provide, or hold itself out as providing, any of

the investment services set out in Section A of Annex I of

MIFID and to hold and control clients’ money or customers’

assets.

(3) The first annual supervisory fee due in accordance with

sub-regulation (2) shall be paid to the competent authority on the date

when the branch of the European investment firm can commence its

business in Malta in accordance with regulation 3(3) of the European

Passport Rights for Investment Firms Regulations and annually S.L. 370.10.

thereafter on the date when such branch was able to commence its

business in Malta in accordance with the said provision.

(1)

A European management company that intends to Fees in relation

establish a branch in Malta in accordance with regulation 9 of the to

management

Investment Services Act (UCITS Management Company Passport) companies.

Regulations shall, upon being notified by the European regulatory

authority of its home Member State in accordance with Article 35(3)

of MIFID as transposed in national law, pay the competent authority a

notification fee as established in the First Schedule, as applicable.

(2) A European management company that has established a

branch in Malta in accordance with regulation 9 of the Investment S.L. 370.20.

Services Act (UCITS Management Company Passport) Regulations

shall, subject to the provisions of sub-regulation (3), pay to the

competent authority an annual supervisory fee as established in the

Second Schedule, as applicable.

(3) The first annual supervisory fee due in accordance with

sub-regulation (2) shall be paid to the competent authority on the date

when the branch of the European management company can

commence its business in Malta in accordance with regulation 9(3) of

the Investment Services Act (UCITS Management Company S.L. 370.20.

Passport) Regulations and annually thereafter on the date when such

branch was able to commence its business in Malta in accordance

with the said provision.

(1)

A European AIFM that intends to establish a Fees in relation

branch in Malta in accordance with regulation 7 of the Investment to

AIFMs.

Services Act (Alternative Investment Fund Manager) (Passport) S.L. 370.22.

Regulations shall, upon being notified by the European regulatory

authority of its home Member State in accordance with Article 33(4)

of the AIFM Directive as transposed in national law, pay the

competent authority a notification fee as established in the First

Schedule, as applicable.

(2) A European AIFM that has established a branch in Malta

in accordance with regulation 7 of the Investment Services Act S.L. 370.22.

(Alternative Investment Fund Manager) (Passport) Regulations shall,

subject to the provisions of sub-regulation (3), pay to the competent

authority an annual supervisory fee as established in the Second

Schedule, as applicable.

(3) The first annual supervisory fee due in accordance with

sub-regulation (2) shall be paid to the competent authority on the date

when the branch of the European AIFM can commence its business in

Malta in accordance with regulation 7(4) of the Investment Services

Act (Alternative Investment Fund Manager) (Passport) Regulations

and annually thereafter on the date when such branch was able to

commence its business in Malta in accordance with the said

provision.

(1)

A European UCITS that intends to market its units

in Malta in accordance with regulation 8 of the Investment Services

Act (Marketing of UCITS) Regulations shall, upon being notified by

the European regulatory authority of its home Member State in

accordance with Article 93(3) of the UCITS Directive as transposed

in national law, pay the competent authority a notification fee as

established in the First Schedule, as applicable, which shall be the

aggregate of the following

(a)

the fund notification fee established in the First

Schedule, as applicable; and

(b)

the sub-fund notification fee established in the First

Schedule, as applicable, with respect to every sub-fund of such

European UCITS.

(2) A European UCITS that markets its units in Malta in

accordance with regulation 8 of the Investment Services Act

(Marketing of UCITS) Regulations shall, subject to the provisions of

sub-regulation (3), pay to the competent authority an annual

supervisory fee as established in the Second Schedule, as applicable,

which shall be the aggregate of the following

(a)

the fund supervisory fee established in the Second

Schedule, as applicable; and

(b)

the sub-fund supervisory fee established in the

Second Schedule, as applicable, with respect to every sub-fund

of such European UCITS.

(3) The first annual supervisory fee due in accordance with

sub-regulation (2) shall be paid to the competent authority on the date

when the European UCITS can access the Maltese market in

accordance with the regulation 8(4) of the Investment Services Act

(UCITS Management Company Passport) Regulations and annually

thereafter on the date when such European UCITS was able to access

the Maltese market in accordance with the said provision.

(1)

A European AIFM that intends to market the units Fees in relation

or shares of a European AIF that it manages to professional investors to

AIFs and third

in Malta in accordance with regulation 5 of the Investment Services country

Act (Marketing of Alternative Investment Funds) Regulations shall,

upon being notified by the European regulatory authority of its home

Member State in accordance with Article 32(4) of the AIFM

Directive as transposed in national law, pay the competent authority a

notification fee which shall be the aggregate of the following

(a)

the fund notification fee established in the First

Schedule, as applicable; and

(b)

the sub-fund notification fee established in the First

Schedule, as applicable, with respect to every sub-fund of such

European AIF.

(2) A European AIFM that markets the units or shares of a

European AIF that it manages to professional investors in Malta in

accordance with regulation 5 of the Investment Services Act S.L. 370.21.

(Marketing of Alternative Investment Funds) Regulations shall,

subject to the provisions of sub-regulation (3), pay to the competent

authority an annual supervisory fee which shall be the aggregate of

the following

(a)

the fund supervisory fee established in the Second

Schedule, as applicable; and

(b)

the sub-fund supervisory fee established in the

Second Schedule, as applicable, with respect to every sub-fund

of such European AIF.

(3) The first annual supervisory fee due in accordance with

sub-regulation (2) shall be paid to the competent authority on the date

when the European AIFM can start marketing the units or shares of

the European AIF in Malta in accordance with the regulation 5(8) of

the Investment Services Act (Marketing of Alternative Investment S.L. 370.21.

Funds) Regulations and annually thereafter on the date when such

European AIFM was able to start marketing the units or shares of the

European AIF in Malta in accordance with the said provision.

(4) The provisions of sub-regulations (1) to (3) shall not apply

with respect to European AIFs that are EuVECA funds or EuSEF

funds.

(5) A Maltese or a European AIFM that intends to market

units or shares, being units or shares of a third country AIF that it

manages and, or a European feeder AIF, to professional investors in

Malta in accordance with regulation 7 of the Investment Services Act S.L. 370.24.

(Alternative Investment Fund Manager) (Third Country) Regulations

shall, upon being notified by the European regulatory authority of its

home Member State or the competent authority, as applicable, in

accordance with Article 32(4) of the AIFM Directive, as applicable

by virtue of Article 36(1)(a) of the said Directive, both as transposed

in national law, pay the competent authority a notification fee which

shall be the aggregate of the following

(a)

the fund notification fee established in the First

Schedule, as applicable; and

(b)

the sub-fund notification fee established in the First

Schedule, as applicable, with respect to every sub-fund of such

third country AIF and, or European feeder AIF.

(6) A Maltese or a European AIFM that markets units or

shares, being units or shares of a third country AIF that it manages

and, or a European feeder AIF, to professional investors in Malta in

accordance with regulation 7 of the Investment Services Act

(Alternative Investment Fund Manager) (Third Country) Regulations

shall, subject to the provisions of sub-regulation (7), pay to the

competent authority an annual supervisory fee which shall be the

aggregate of the following

(a)

the fund supervisory fee established in the First

Schedule, as applicable; and

(b)

the sub-fund supervisory fee established in the

First Schedule, as applicable, with respect to every sub-fund of

such third country AIF and, or European feeder AIF.

(7) The first annual supervisory fee due in accordance with

sub-regulation (6) shall be paid to the competent authority on the date

when the Maltese or European AIFM can start marketing the units or

shares of the third country AIF and, or the European feeder AIF in

Malta in accordance with regulation 5(8) of the Investment Services

Act (Alternative Investment Fund Manager) (Third Country)

Regulations, as applicable by virtue of article 7(1)(a) of the said

Regulations, and annually thereafter on the date when such Maltese

AIFM or European AIFM was able to start marketing the units or

shares of the third country AIF and, or the European feeder AIF in

Malta in accordance with the said provision.

(8) A third country AIFM that intends to market units or

shares, being units or shares of a third country AIF and, or a European

AIF which is registered in a Member State or EEA State other than

Malta that it manages, to professional investors in Malta in

accordance with regulation 22 of the Investment Services Act

(Alternative Investment Fund Manager) (Third Country) Regulations

shall, upon providing the competent authority with the information

set out in Article 24(2) of the AIFM Directive, as applicable by virtue

of Article 42(1)(a) of the said Directive, both as transposed in

national law, pay the competent authority a notification fee which

shall be the aggregate of the following

(a)

the fund notification fee established in the First

Schedule, as applicable; and

(b)

the sub-fund notification fee established in the First

Schedule, as applicable, with respect to every sub-fund of such

third country AIF and, or European AIF.

(9) A third country AIFM that markets units or shares, being

units or shares of a third country AIF and, or a European AIF which is

registered in a Member State or EEA State other than Malta that it

manages, to professional investors in Malta in accordance with

regulation 22 of the Investment Services Act (Alternative Investment S.L. 370.24.

Fund Manager) (Third Country) Regulations shall, subject to the

provisions of sub-regulation (10), pay to the competent authority an

annual supervisory fee which shall be the aggregate of the following

(a)

the fund supervisory fee established in the First

Schedule, as applicable; and

(b)

the sub-fund supervisory fee established in the

First Schedule, as applicable, with respect to every sub-fund of

such third country AIF and, or European AIF.

(10) The first annual supervisory fee due in accordance with

sub-regulation (9) shall be paid to the competent authority on the date

when it issues a confirmation of receipt of the information referred to

in sub-regulation (7) from the third country AIFM, and annually

thereafter on the date when such confirmation of receipt was issued

by the competent authority.

(1) The fees established and due in terms of these Non-refundable

or prorated fees.

regulations shall not be refundable.

(2) Without prejudice to the provisions of regulation 4(5), the

fees established and due in terms of these regulations shall not be

prorated.

(1)

The Investment Services Act (Fees) Regulations Repeal and

are hereby repealed without prejudice to anything done or omitted saving.

to be done thereunder.

(2) These regulations shall not be deemed to affect the liability

in respect of any fees due under the Investment Services Act (Fees)

Regulations, prior to the coming into force of these regulations.