Funds) (Amendment) Regulations, 2026

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,685, 10 ta’ Lulju, 2026 B 2157

L.N. 190 of 2026

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Marketing of Alternative Investment

Funds) (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 (Marketing of Alternative Investment Funds) scope.

(Amendment) Regulations, 2026 and these regulations shall be read S.L. 370.21.

and construed as one with the Investment Services Act (Marketing of

Alternative Investment Funds) Regulations, hereinafter referred to as

the "principal regulations".

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

provisions of Article 1(8), (19) and (22) 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.

Immediately after sub-regulation (6) of regulation 6 of the Amends

principal regulations there shall be added the following new sub- regulation

the principal

regulation

regulations.

"(6a) An AIFM may market units or shares of a European

AIF which invests predominantly in the shares of a particular

company, to employees of such company or of its affiliated

entities within the framework of employee savings schemes or

employee participation schemes, on a domestic or cross-border

basis

Provided that where such an AIF is marketed to

employees in Malta, it shall not be subject to any requirements in

addition to those applicable in the home Member State of the

Immediately after regulation 6 of the principal regulations,

there shall be added the following new heading and regulations

"MISCELLANEOUS

(1) Where Malta is the European AIFM

host Member State or EEA State, the competent

authority may, where it has reasonable grounds for

doing so, request the European regulatory authority

of the European AIFM home Member State or EEA

State to exercise, without delay, powers pursuant to

Article 46(2) of the AIFM Directive, other than

paragraph (j) thereof, as transposed in national law,

specifying the reasons for their request in as specific

a manner as possible and informing ESMA and, if

there are potential risks to the stability and integrity

of the financial system, the ESRB thereof.

(2) Where the European regulatory authority

of the Maltese AIFM host Member State or EEA

State makes a request to the competent authority in

accordance with Article 50(5f) of the AIFM

Directive, as transposed in national law, to exercise,

without delay, any of its powers in accordance with

Article 46(2) of the AIFM Directive, other than

paragraph (j) thereof, as transposed in the Act, the

competent authority shall, without undue delay,

inform such European regulatory authority, ESMA

and, if there are potential risks to the stability and

integrity of the financial system, the ESRB, of the

powers exercised and its findings.

(1) The competent authority shall

Notification regarding

liquidity management

inform, without delay, the European regulatory

authorities of the Maltese AIFM host Member State

or EEA State, ESMA and, if there are potential risks

to the stability and integrity of the financial system,

the ESRB, of any notification received in accordance

with Article 16(2d) of the AIFM Directive, as

transposed in the Investment Services Rules

Provided that ESMA may share the

information received pursuant to this sub-regulation

with the European regulatory authorities referred to

in this sub-regulation.

(2) Where the competent authority exercises

powers in accordance with Article 15(2)(l) of the

Act, it shall notify the European regulatory

authorities of the Maltese AIFM host Member State

or EEA State, ESMA and, if there are potential risks

to the stability and integrity of the financial system,

the ESRB thereof.

(3) Where Malta is the European AIFM host

Member State or EEA State, the competent authority

may request the European regulatory authorities of

the European AIFM home Member State or EEA

State to exercise powers pursuant to paragraph (j) of

Article 46(2) of the AIFM Directive, as transposed in

national law, specifying the reasons for the request

and informing ESMA and, if there are potential risks

to the stability and integrity of the financial system,

the ESRB thereof.

(4) Where the competent authority does not

agree with a request received in accordance with

Article 50(5b) of the AIFM Directive, as transposed

in national law, it shall inform the requesting

European regulatory authorities of the Maltese AIFM

host Member State or EEA State, ESMA and, where

the ESRB was informed of such request in

accordance with the said Article, as transposed in

national law, the ESRB thereof, stating the reasons

for the disagreement

Provided that in such case, an opinion

shall be issued by ESMA in accordance with Article

50(5d) of the AIFM Directive.

(5) Where the competent authority does not

act in accordance with ESMA’s opinion as referred to

in sub-regulation (4), or does not intend to comply

with such opinion, it shall inform ESMA and the

requesting European regulatory authorities of the

Maltese AIFM host Member State or EEA State

thereof, stating the reasons for its non-compliance or

intention not to comply

Provided that in the event of a serious

threat to investor protection, to the orderly

functioning and integrity of financial markets or to

the stability of the whole or part of the financial

system in the European Union and unless such

publication conflicts with the legitimate interests of

the AIF’s unit holders or of the public, the fact that

the competent authority does not comply or does not

intend to comply with ESMA’s opinion, together with

the reasons provided by the competent authority for

its non-compliance or intention not to comply, may

be published by ESMA

Provided further that an analysis shall be

carried out by ESMA whether the benefits of

publication would outweigh the amplification of the

threats to investor protection, to the orderly

functioning and integrity of financial markets or to

the stability of the whole or part of the financial

system in the European Union resulting from such

publication, and the competent authority shall be

given advance notice of such publication.".

€0.18