Investment Services Act (Marketing of UCITS)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,686, 14 ta’ Lulju, 2026 B 2161

L.N. 191 of 2026

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (Marketing of UCITS)

(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 UCITS) (Amendment) Regulations, 2026 scope.

and these regulations shall be read and construed as one with the S.L. 370.18.

Investment Services Act (Marketing of UCITS) Regulations, hereinafter

referred to as the "principal regulations".

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

provisions of Article 2(13) and (14) 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.

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 "feeder UCITS"

there shall be added the following new definition

" "home Member State of the UCITS management

company" means the Member State or EEA State in which

the management company has its registered office;";

(b) the definition "UCITS home Member State or EEA"

shall be substituted by the following new definition

" "UCITS home Member State" or "UCITS home

Member State or EEA State" means the Member State or

EEA State in which the UCITS is authorised in accordance

with Article 5 of the UCITS Directive, as transposed in

national law;";

(c)

immediately after the definition "UCITS home

Member State" there shall be added the following new

definitions

" "UCITS host Member State" or "UCITS host

Member State or EEA State" means a Member State or

EEA State, other than the UCITS home Member State, in

which the units of the UCITS are marketed;

"UCITS management company" means a Maltese

management company or a European management

company, as applicable.".

Immediately after regulation 10 of the principal

regulations there shall be added the following new heading and

regulations

" MISCELLANEOUS

(1) Where the European regulatory authority

with European

of the UCITS host Member State makes a request to the

competent authority in accordance with Article 98(3) of

the UCITS Directive, as transposed in national law, to

exercise, without delay, any of its powers in accordance

with Article 98(2) of the UCITS 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.

(2) Where Malta is the UCITS host Member State,

the competent authority may, where it has reasonable

grounds for doing so, request the European regulatory

authority of the UCITS home Member State or EEA State

to exercise, without delay, powers pursuant to Article 98(2)

of the UCITS Directive, other than paragraph (j) thereof, as

transposed in national law, specifying the reasons for its

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.

(1)

Where Malta is the UCITS home

Member State, the competent authority shall inform,

without delay, the European regulatory authority of the

UCITS management company where Malta is not the home

Member State of the UCITS management company, the

European regulatory authority of the UCITS host Member

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 84(3) of the

UCITS Directive, as transposed in the Investment Services

Rules

Provided that ESMA may share the

information received in accordance with 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)(m) of the Act, it

shall notify the European regulatory authority of the

UCITS host Member State, the European regulatory

authority of the UCITS management company where

Malta is not the home Member State of the UCITS

management company, ESMA, and if there are potential

risks to the stability and integrity of the financial system

the ESRB thereof.

(3) Where Malta is the UCITS host Member State

and, or the home Member State of the UCITS management

company, the competent authority may request the

European regulatory authority of the UCITS home Member

State to exercise powers in accordance with paragraph (b)

of Article 84(2) of the UCITS 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 Malta is the UCITS home Member State

and the competent authority does not agree with a request

received in accordance with Article 84(3b) of the UCITS

Directive, as transposed in national law, it shall inform the

requesting European regulatory authorities, 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

84(3d) of the UCITS Directive of the AIFM.

(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 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 UCITS’ 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 as to 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 that

publication and the competent authority shall be

given advance notice of such publication.".

€0.27