Investment Services Act (Alternative Investment Fund Managers)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,685, 10 ta’ Lulju, 2026 B 2133

L.N. 186 of 2026

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Alternative Investment Fund Managers)

(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 Managers) (Amendment) scope.

Regulations, 2026 and these regulations shall be read and construed as

one with the Investment Services Act (Alternative Investment Fund S.L. 370.23.

Managers) Regulations, hereinafter referred to as the "principal

regulations".

(2) The scope of these regulations is to transpose Article 1(13)

and (21)(c) 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.

The principal regulations shall be amended as follows

General

amendment to

the principal

(a) the words "non-EU AIFMs", wherever they occur,

regulations.

shall be substituted by the words "third country AIFMs";

(b) the words"non-EU AIFs", wherever they occur, shall

be substituted by the words "third country AIFs";

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a)

immediately after the definition "Directive 95/46/EC"

there shall be added the following new definitions

" "EBA" means the European Banking

Authority established by Regulation (EU) No 1093/

2010 of the European Parliament and of the Council

of 24 November 2010 establishing a European

Supervisory

Authority

(European

Banking

Authority), amending Decision No 716/2009/EC and

repealing Commission Decision 2009/78/EC;

"EIOPA" means the European Insurance and

Occupational Pensions Authority established by

Regulation (EU) No 1094/2010 of the European

Parliament and of the Council of 24 November 2010

establishing a European Supervisory Authority

(European Insurance and Occupational Pensions

Authority), amending Decision No 716/2009/EC and

repealing Commission Decision 2009/79/EC;

"ESAs" means ESMA, EBA and EIOPA;

"ESCB" means the European System of Central

Banks as established by the Treaty on European

Union;";

(b) immediately after the definition "ESRB" there shall

be added the following new definitions

" "European AIF" shall have the same meaning

as assigned to it in paragraph (k) of Article 4(1) of

the AIFM Directive;

"European AIFM" shall have the same meaning

as assigned to it in paragraph (l) of Article 4(1) of the

AIFM Directive;

"home Member State of the AIFM" shall have

the same meaning as assigned to it in paragraph (q)

of Article 4(1) of the AIFM Directive;".

In paragraph (c) of sub-regulation (1) of regulation 5 of the

principal regulations the words "systemically relevant institutions."

shall be substituted by the words "systemically relevant institutions;

or"; and immediately thereafter there shall be added the following new

"(d) in the interest of investors, in exceptional

circumstances and after consulting the AIFM, require third

country AIFMs that are marketing in the European Union AIFs

that they manage, or European AIFMs managing third country

AIFs, to activate or deactivate the liquidity management tool

referred to in point (1) of Annex V of the AIFM Directive, as

transposed into the Investment Services Rules, where there are

risks to investor protection or financial stability that, on a

reasonable and balanced view, necessitate such activation or

deactivation.".

Sub-regulation (2) of regulation 6 of the principal Amends

regulations shall be substituted by the following new sub-regulation: regulation

"(2) Where Malta is the home Member State of

the AIFM, the competent authority shall ensure that

all information gathered under Article 24 of the

AIFM Directive, as transposed in the Investment

Services Rules, in respect of all AIFMs that it

supervises and the information gathered under Article

7 of the AIFM Directive, as transposed in the

Investment Services Rules, is made available to the

relevant European regulatory authorities, the ESAs

and the ESRB, whenever necessary for the purposes

of carrying out their duties, in accordance with the

procedures established in article 17 to article 17B of

the Act and regulations 26 and 27 of the Investment

Services Act (Alternative Investment Fund Manager)

(Third Country) Regulations

Provided that the competent authority

shall ensure that all the information gathered under

Article 24 of the AIFM Directive, as transposed in the

Investment Services Rules, in respect of all AIFMs

that it supervises shall be made available, for

statistical purposes only, to the ESCB, in accordance

with the procedures established in article 17 to article

17B of the Act and regulations 26 and 27 of the

Investment Services Act (Alternative Investment

Fund Manager) (Third Country) Regulations

Provided further that the competent

authority shall, without delay, provide information in

accordance with the procedures established in article

17 to article 17B of the Act and regulations 26 and 27

of the Investment Services Act (Alternative

Investment Fund Manager) (Third Country)

Regulations, and bilaterally to the European

regulatory authorities directly concerned, if an AIFM

under its responsibility, or an AIF managed by that

AIFM, could potentially constitute an important

source of counterparty risk to a credit institution or

other systemically relevant institutions in any

Member States other than Malta, or to the financial

system in any such Member State.".

€0.18