Investment Services Act (Alternative Investment Fund Manager)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,685, 10 ta’ Lulju, 2026 B 2129

L.N. 185 of 2026

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Alternative Investment Fund Manager)

(Third Country) (Amendment) Regulations, 2026

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) (Third Country) scope.

(Amendment) Regulations, 2026 and these regulations shall be read

and construed as one with the Investment Services Act (Alternative S.L. 370.24.

Investment Fund Manager) (Third Country) Regulations, hereinafter

referred to as the "principal regulations".

(2) The scope of these regulations is to transpose the relevant

provisions of Article 1(14) to (18) of Directive (EU) 2024/927 of the

European Parliament and of the Council of 13 March 2024 amending

Directives 2011/61/EU and 2009/65/EC as regards delegation

arrangements, liquidity risk management, supervisory reporting, the

provision of depositary and custody services and loan origination by

alternative investment funds.

In the principal regulations the word "custodian", wherever General

amendment to

it occurs, shall be substituted by the word "depositary".

the principal

regulations.

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

regulations, immediately after the definition "competent authority" regulation

the principal

there shall be added the following new definition

regulations.

" "Directive (EU) 2015/849" means Directive (EU) 2015/

849 of the European Parliament and of the Council of 20 May

2015 on the prevention of the use of the financial system for the

purposes of money laundering or terrorist financing, amending

Regulation (EU) No 648/2012 on the European Parliament and

of the Council, and repealing Directive 2005/60/EC of the

European Parliament and of the Council and Commission

Directive 2006/70/EC;".

3. Sub-regulation (3) of regulation 4 of the principal

regulations shall be amended as follows

(a) paragraph (b) thereof shall be substituted by the

following new paragraph

"(b) the country where the third country AIF is

established is not identified as a high-risk third country in

accordance with Article 9(2) of Directive (EU) 2015/849;";

(b) in paragraph (c) thereof the words "including any

multilateral tax agreements." shall be substituted by the words

"including any multilateral tax agreements, and such country is

not mentioned in Annex I to the Council conclusions on the

revised EU list of non-cooperative jurisdictions for tax

purposes.".

Sub-regulation (1) of regulation 7 of the principal

regulations shall be amended as follows

(a) paragraph (c) thereof shall be substituted by the

following new paragraph

"(c) the country where the third country AIF is

established is not identified as a high-risk third country in

accordance with Article 9(2) of Directive (EU) 2015/849;";

(b) immediately after paragraph (c) thereof, as

substituted, there shall be added the following new paragraph

"(d) the country where the third country AIF is

established has signed an agreement with Malta or with the

competent authority, and with each other Member State or

EEA State in which the units or shares of the third country

AIF are intended to be marketed which fully complies with

the standards stipulated in Article 26 of the OECD Model

Tax Convention on Income and on Capital and ensures an

effective exchange of information in tax matters, including

any multilateral tax agreements, and such country is not

mentioned in Annex I to the Council conclusions on the

revised EU list of non-cooperative jurisdictions for tax

purposes.".

Regulation 9 of the principal regulations shall be amended

as follows

(a)

sub-regulation (20) thereof shall be amended as

follows

(i) paragraph (e) thereof shall be substituted by the

following new paragraph

"(e) the country where the third country AIFM

is established is not identified as a high-risk third

country in accordance with Article 9(2) of Directive

(EU) 2015/849;";

(ii) in paragraph (f) thereof the words "including

any multilateral tax agreements." shall be substituted by the

words "including any multilateral tax agreements, and such

country is not mentioned in Annex I to the Council

conclusions on the revised EU list of non-cooperative

jurisdictions for tax purposes;";

(b) immediately after sub-regulation (22) thereof there

shall be added the following new sub-regulation

"(22a) Where the country where the third country

AIFM is established is identified as a high-risk third

country in accordance with Article 9(2) of Directive (EU)

2015/849, as referred to in sub-regulation (20)(e), or is

added to Annex I to the Council conclusions on the revised

EU list of non-cooperative jurisdictions for tax purposes, as

referred to in sub-regulation (20)(f), after the time of

authorisation of the third country AIFM, such third country

AIFM shall, within an appropriate period, take such

measures as are necessary to rectify the situation in respect

of the AIFs that it manages, taking due account of the

interests of investors, provided that such period shall not be

longer than two (2) years.".

Sub-regulation (2) of regulation 13 of the principal Amends

regulation 13 of

regulations shall be amended as follows

the principal

regulations.

(a) paragraph (b) thereof shall be substituted by the

following new paragraph

"(b) the country where the third country AIF is

established is not identified as a high-risk third country in

accordance with Article 9(2) of Directive (EU) 2015/849;";

(b) in paragraph (c) thereof the words "including any

multilateral tax agreements." shall be substituted by the words

"including any multilateral tax agreements, and such country is

not mentioned in Annex I to the Council conclusions on the

revised EU list of non-cooperative jurisdictions for tax

purposes;".

The proviso to sub-regulation (1) of regulation 22 of the

principal regulations shall be amended as follows

(a) paragraph (c) thereof shall be substituted by the

following new paragraph

"(c) the country where the third country AIFM or

the third country AIF is established is not identified as a

high-risk third country in accordance with Article 9(2) of

Directive (EU) 2015/849;";

(b) immediately after paragraph (c) thereof, as

substituted, there shall be added the following new paragraph

"(d) the country where the third country AIFM or

the third country AIF is established has signed an

agreement with Malta or with the competent authority and

with each other Member State or EEA State in which the

units or shares of the third country AIF are intended to be

marketed which fully complies with the standards

stipulated in Article 26 of the OECD Model Tax

Convention on Income and on Capital and ensures an

effective exchange of information in tax matters, including

any multilateral tax agreements, and such third country is

not mentioned in Annex I to the Council conclusions on the

revised EU list of non-cooperative jurisdictions for tax

purposes.".

€0.18