Investment Services Act (Fees) (Amendment) Regulations, 2025

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,413, 28 ta’ Marzu, 2025 B 569

L.N. 61 of 2025

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Fees) (Amendment) Regulations, 2025

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:-

The title of these regulations is the Investment Services Citation.

Act (Fees) (Amendment) Regulations, 2025 and these regulations shall

be read and construed as one with the Investment Services Act (Fees) S.L. 370.52.

Regulations, hereinafter referred to as the "principal regulations".

In sub-regulation (1) of regulation 2 of the principal Amends

regulations, in the definition "net revenue" the words "from the regulation

the principal

activities and investment services" shall be substituted by the words regulations.

"from the relevant activities and investment services" and the words

"paid by third parties" shall be substituted by the words "paid to third

parties".

Regulation 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) the words "the investment service set out in

item 5" shall be substituted by the words "the investment

services set out in items 5, 9 and 11";

(ii) the words "as applicable, with respect to such

application:" shall be substituted by the words "as

applicable:";

(iii) paragraph (d) of the proviso of sub-regulation

(1) thereof shall be substituted by the following new

paragraph

"(d) to provide, or hold himself out as

providing, any of the investment services set out in

items 1, 2, 4, 6, 8, 10 of the First Schedule to the Act

and any of the investment services set out in items 3

and 7 of the said Schedule to the Act, or any of the

latter alone, in or from Malta and to hold or control

clients’ money or customers’ assets; or";

(b)

sub-regulation (2) thereof shall be amended as

(i) the words "Without prejudice to the provisions

of sub-regulation (1), a person" shall be substituted by the

words "A person";

(ii) the words "as applicable, with respect to such

application:" shall be substituted by the words "as

applicable:";

(iii) in the proviso thereof the words "Investment

Services Rules." shall be substituted by the words

"Investment Services Rules:";

(iv) immediately after paragraph (b) of the proviso

thereof, as amended, there shall be added the following

new proviso

"

Provided further that the provisions of

this sub-regulation shall not apply where a person

intends to provide the investment service set out in

item 5(a) and, or (b) of the First Schedule to the Act

solely in connection with any other investment

service set out in the said Schedule.";

(c) immediately after sub-regulation (2) thereof, as

amended, there shall be added the following new sub-

regulations

"(2a) Where a person intends to provide, or hold

himself out as providing, the investment services set out

in item 9 of the First Schedule to the Act in or from

Malta, the provisions of regulation 5(1) of the Financial

Markets (Fees) Regulations shall apply.

(2b) Where a person intends to provide, or hold

himself out as providing, the investment services set out

in item 11 of the First Schedule to the Act in or from

Malta, the provisions of regulation 6(1) of the Financial

Markets (Fees) Regulations shall apply.".

Regulation 4 of the principal regulations shall be

amended as follows

(a)

sub-regulation (1) thereof shall be amended as

(i) the words "the investment service set out in

item 5" shall be substituted by the words "the investment

services set out in items 5, 9 and 11";

(ii) paragraph (d) of the proviso thereof shall be

substituted by the following new paragraph

"(d) to provide, or hold himself out as

providing, any of the investment services set out in

items 1, 2, 4, 6, 8, 10 of the First Schedule to the Act

and any of the investment services set out in items 3

and 7 of the said Schedule to the Act, or any of the

latter alone, in or from Malta and to hold or control

clients’ money or customers’ assets; or";

(b) in paragraph (b) of sub-regulation (3) thereof the

words "(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 be

substituted by the words "(b) to provide, or hold himself out as

providing, any of the investment services set out in items 1, 2, 4,

6, 8, 10 of the First Schedule to the Act and any of the

investment services set out in items 3 and 7 of the said Schedule

to the Act, or any of the latter alone, in or from Malta and to hold

or control clients’ money or customers’ assets,";

(c)

sub-regulation (4) thereof shall be amended as

(i) in the proviso thereof, the words "Investment

Services Rules." shall be substituted by the words

"Investment Services Rules:";

(ii) immediately after the proviso thereof, as

amended, there shall be added the following new proviso

"

Provided further that the provisions of

this sub-regulation shall not apply where a person is

licensed to provide the investment service set out in

item 5(a) and, or (b) of the First Schedule to the Act

solely in connection with any other investment

service set out in the said Schedule.";

(d) in paragraph (a) of sub-regulation (5) thereof the

words "is granted a licence under the Act" shall be substituted by

the words "is licensed under the Act" and the words "such

licence was granted" shall be substituted by the words "such

person was licensed";

(e) in sub-regulation (6) thereof the words "is granted a

licence under the Act" shall be substituted by the words "is

licensed under the Act";

(f) immediately after sub-regulation (6) thereof, as

amended, there shall be added the following new sub-

regulations

"(7) Where a person is licensed to provide, or

hold himself out as providing, the investment services

set out in item 9 of the First Schedule to the Act in or

from Malta, the provisions of regulation 5(2) to (4) of

the Financial Markets (Fees) Regulations shall apply.

(8) Where a person is licensed to provide, or

holds himself out as providing, the investment services

set out in items 11 of the First Schedule to the Act in or

from Malta, the provisions of regulation 6(2) to (4) of

the Financial Markets (Fees) Regulations shall apply.".

Sub-regulation (2) of regulation 5 of the principal

regulations shall be substituted by the following new regulation

(2) Without prejudice to regulation 7(3) of the

Financial Markets (Fees) Regulations, where a person

licensed under the Act to carry on any activity and, or

provide any investment service intends to carry on any

activity and, or provide any investment service 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 established in these regulations

and, or the Financial Markets (Fees) Regulations, as

applicable, which application fee or fees shall be

reduced by twenty-five percent (25%).".

Regulation 6 of the principal regulations shall be

amended as follows

(a)

sub-regulation (1) thereof shall be amended as

follows

(i) in paragraph (a) thereof the words "fund

application fee" shall be substituted by the words "scheme

application fee";

(ii) in paragraph (b) thereof the words "the sub-

fund application fee" shall be substituted by the words

"where applicable, the sub-fund application fee";

(b) immediately after sub-regulation (1) thereof, as

amended, there shall be added the following new sub-regulation

"(1a) Where 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 intends to create one (1) or

more new sub-funds, such person shall pay to the

competent authority the sub-fund application fee

established in the First Schedule, as applicable, with

respect to every such sub-fund.";

(c)

sub-regulation (3) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

supervisory fee" shall be substituted by the words "scheme

supervisory fee";

(ii) in paragraph (b) thereof the words "the sub-

fund application fee" shall be substituted by the words

"where applicable, the sub-fund supervisory fee".

Regulation 10 of the principal regulations shall be Amends

regulation 10 of

amended as follows

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

(i) the words "every such sub-fund." shall be

substituted by the words "every such sub-fund:";

(ii) immediately thereafter there shall be added the

following new proviso

"

Provided that the provisions of this sub-

regulation shall not apply where an AIF or a sub-fund

as referred to in the said sub-regulation are licensed

under the Act.";

(b)

sub-regulation (2) thereof shall be amended as

(i) the words "every such sub-fund." shall be

substituted by the words "every such sub-fund:";

(ii) immediately thereafter there shall be added the

following new proviso

"

Provided that the provisions of this sub-

regulation shall not apply where a PIF or a sub-fund

as referred to in the said sub-regulation are licensed

under the Act.";

(c)

sub-regulation (3) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

supervisory fee" shall be substituted by the words "scheme

supervisory fee";

(ii) in paragraph (b) thereof the words "the sub-

fund supervisory fee" shall be substituted by the words

"where applicable, the sub-fund supervisory fee";

(d)

sub-regulation (4) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

supervisory fee" shall be substituted by the words "scheme

supervisory fee";

(ii) in paragraph (b) thereof the words "the sub-

fund annual supervisory fee" shall be substituted by the

words "where applicable, the sub-fund supervisory fee".

Regulation 14 of the principal regulations shall be

amended as follows

(a)

sub-regulation (1) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

notification fee" shall be substituted by the words "scheme

notification fee";

(ii) in paragraph (b) thereof the words "the sub-

fund notification fee" shall be substituted by the words

"where applicable, the sub-fund notification fee";

(b)

sub-regulation (2) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

supervisory fee" shall be substituted by the words "scheme

supervisory fee";

(ii) in paragraph (b) thereof the words "the sub-

fund supervisory fee" shall be substituted by the words

"where applicable, the sub-fund supervisory fee".

Regulation 15 of the principal regulations shall be Amends

regulation 15 of

amended as follows

the principal

regulations.

(a)

sub-regulation (1) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

notification fee" shall be substituted by the words "scheme

notification fee";

(ii) in paragraph (b) thereof the words "the sub-

fund notification fee" shall be substituted by the words

"where applicable, the sub-fund notification fee";

(b)

sub-regulation (2) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

supervisory fee" shall be substituted by the words "scheme

supervisory fee";

(ii) in paragraph (b) thereof the words "the sub-

fund supervisory fee" shall be substituted by the words

"where applicable, the sub-fund supervisory fee";

(c)

sub-regulation (5) thereof shall be amended as

(i) in paragraph (a) thereof the words "fund

notification fee" shall be substituted by the words "scheme

notification fee";

(ii) in paragraph (b) thereof the words "the sub-

fund notification fee" shall be substituted by the words

"where applicable, the sub-fund notification fee";

(d)

sub-regulation (6) thereof shall be amended as

follows

(i) in paragraph (a) thereof the words "fund

supervisory fee established in the First Schedule" shall be

substituted by the words "scheme supervisory fee

established in the Second Schedule";

(ii) in paragraph (b) thereof the words "the sub-

fund supervisory fee established in the First Schedule"

shall be substituted by the words "where applicable, the

sub-fund supervisory fee established in the Second

Schedule";

(e)

sub-regulation (8) thereof shall be amended as

follows

(i) in paragraph (a) thereof the words "fund

notification fee" shall be substituted by the words "scheme

notification fee";

(ii) in paragraph (b) thereof the words "the sub-

fund notification fee" shall be substituted by the words

"where applicable, the sub-fund notification fee";

(f)

sub-regulation (9) thereof shall be amended as

follows

(i) in paragraph (a) thereof the words "fund

supervisory fee established in the First Schedule" shall be

substituted by the words "scheme supervisory fee

established in the Second Schedule";

(ii) in paragraph (b) thereof the words "the sub-

fund supervisory fee established in the First Schedule"

shall be substituted by the words "where applicable, the

sub-fund supervisory fee established in the Second

Schedule".

In the First Schedule to the principal regulations the

words "fund application fee", wherever they occur, shall be

substituted by the words "scheme application fee".

The Second Schedule to the principal regulations shall be

amended as follows

(a) in the third column of the first instance of the item

"First €250,000 in net revenue or part thereof" thereof the figure

of "6,500" shall be substituted by the figure "7,600";

(b) the words "fund supervisory fee", wherever they

occur, shall be substituted by the words "scheme supervisory

fee";

(c) the item "European AIFMs marketing units or shares

as referred to in regulation 15(1):" thereof shall be substituted by

the item "European AIFMs marketing units or shares as referred

to in regulation 15(2):";

(d) the item "Maltese or European AIFMs marketing

units or shares as referred to in regulation 15(5):"thereof shall be

substituted by the words "Maltese or European AIFMs marketing

units or shares as referred to in regulation 15(6):";

(e) the item "Third country AIFMs marketing units or

shares as referred to in regulation 15(8):" thereof shall be

substituted by the words "Third country AIFMs marketing units

or shares as referred to in regulation 15(9):".

€0.45