Investment Services Act (UCITS Management Company Passport)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 21,686, 14 ta’ Lulju, 2026 B 2205

L.N. 196 of 2026

INVESTMENT SERVICES ACT

(CAP. 370)

Investment Services Act (UCITS Management Company Passport)

(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 (UCITS Management Company Passport) (Amendment) scope.

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

one with the Investment Services Act (UCITS Management Company S.L. 370.20.

Passport) Regulations, hereinafter referred to as the "principal

regulations".

(2) The scope of these regulations is to transpose Article 2(7)

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.

Paragraph (a) of sub-regulation (1) of regulation 6 of the Amends

principal regulations shall be substituted by the following new regulation

the principal

paragraph

regulations.

"(a) the written agreement with the depositary

pursuant to regulation 5 of the Investment Services Act

(Depositaries of Collective Investment Schemes)

Regulations; and".

Immediately after regulation 7 of the principal regulations Adds a new

regulation to the

principal

regulations.

there shall be added the following new regulation

(1) A Maltese management company shall

regularly report to the competent authority or the

European regulatory authority, as applicable, of the

UCITS home Member State or EEA State on the

markets and instruments in which it trades on behalf of

UCITS it manages, and provide information on the

instruments in which it is trading, on markets of which

it is a member or where it actively trades, and on the

exposures and assets of the UCITS, which information

shall include the identifiers that are necessary to

connect the data provided on assets, UCITS and

management companies to other supervisory or

publicly available data sources.

(2) A Maltese management company shall, for

each of the UCITS it manages, provide the following to

the competent authority or the European regulatory

authority, as applicable, of the UCITS home Member

State or EEA State

(a) the arrangements for managing the

liquidity of the UCITS, including the current

selection of liquidity management tools, and any

activation or deactivation thereof;

(b) the current risk profile of the UCITS,

including the market risk, liquidity risk,

counterparty risk, other risks including operational

risk, and the total amount of leverage employed by

the UCITS;

(c) the results of the stress tests performed

in accordance with Article 51 of the UCITS

Directive, as transposed in the Investment Services

Rules;

(d) information

regarding

delegation

arrangements concerning portfolio management or

risk management functions as follows

(i) information on the delegates,

specifying their name and domicile or

registered office or branch, whether they

have any close links with the Maltese

management company, whether they are

authorised or regulated entities for the

purposes of asset management, their

supervisory authority, where relevant, and

including the identifiers of the delegates that

are necessary to connect the information

provided to other supervisory or publicly

available data sources;

(ii) the

number

of

full-time

equivalent human resources employed by the

Maltese

management

company

for

performing day-to-day portfolio management

or risk management tasks within such

Maltese management company;

(iii) a list and description of the

activities concerning portfolio management

and risk management functions which are

delegated;

(iv) where the portfolio management

function is delegated, the amount and

percentage of the UCITS’ assets which are

subject

to

delegation

arrangements

concerning the portfolio management

function;

(v) the

number

of

full-time

equivalent human resources employed by the

Maltese management company to monitor the

delegation arrangements;

(vi) the number and dates of the

periodic due diligence reviews carried out by

the Maltese management company to monitor

the delegated activity, a list of issues

identified and, where relevant, the measures

adopted to address those issues and the date

by which such measures are to be

implemented;

(vii) where

sub-delegation

arrangements are in place, the information

required under sub-paragraphs (i), (iii) and

(iv) in respect of the sub-delegates and the

activities

related

to

the

portfolio

management and risk management functions

that are sub-delegated; and

(viii) the commencement and expiry

dates of the delegation and sub-delegation

arrangements; and

(e) the list of Member States in which the

units of the UCITS are actually marketed by its

Maltese management company or by a distributor

which is acting on behalf of such Maltese

management company.

(3) The competent authority shall ensure that all

information gathered in accordance with this regulation

in respect of all the UCITS that it supervises, and the

information gathered in accordance with Article 7 of

the UCITS Directive, as transposed in the Investment

Services Rules, shall be made available to the relevant

European regulatory authorities, the ESAs and the

ESRB whenever necessary for carrying out their duties,

in accordance with the procedures established in article

17 to article 17B of the Act

Provided that the competent authority shall

ensure that all the information gathered in accordance

with this regulation in respect of all the UCITS that it

supervises shall be made available, for statistical

purposes only, to the European System of Central Banks,

in accordance with the procedures established in article

17 to article 17B of the Act.

(4) Where Malta is the UCITS home Member

State and a Maltese management company or a UCITS

managed by such Maltese management company may

potentially constitute an important source of

counterparty risk to a credit institution or other

systematically relevant institutions in any Member States

other than Malta, or to the stability of the financial

system of any such Member State, the competent

authority shall, without delay, provide information in

accordance with article 17 to article 17B of the Act, and

bilaterally to the European regulatory authorities directly

concerned.

(5) Where Malta is the UCITS home Member

State and where it is necessary for the effective

monitoring of systemic risk, the competent authority may

require, on a periodic or ad hoc basis, additional

information to that established in sub-regulations (1) and

(2) may be required, and it shall inform ESMA of any

such additional reporting requirements

Provided that in exceptional circumstances,

and where required in order to ensure the stability and

integrity of the financial system or to promote long-term

sustainable growth, the competent authority may be

required by ESMA, following consultation with the

ESRB, to impose additional reporting requirements.".

4. In paragraph (a) of sub-regulation (1) of regulation 12 of Amends

the principal regulations, the word "custodian" shall be substituted by regulation

the principal

the word "depositary".

regulations.

5. Immediately after regulation 12 thereof, as amended, there Adds a new

regulation to the

shall be added the following new regulation

principal

regulations.

(1) A European management company

that manages Maltese UCITS shall regularly report to

the competent authority on the markets and instruments

in which it trades on behalf of the Maltese UCITS it

manages, and provide information on the instruments in

which it is trading, on markets of which it is a member

or where it actively trades, and on the exposures and

assets of such Maltese UCITS, which information shall

include the identifiers that are necessary to connect the

data provided on assets, UCITS and management

companies to other supervisory or publicly available

data sources.

(2) A European management company that

manages Maltese UCITS shall, for each of the Maltese

UCITS it manages, provide the following to the

competent authority

(a)

the arrangements for managing the

liquidity of the Maltese UCITS, including the

current selection of liquidity management tools,

and any activation or deactivation thereof;

(b) the current risk profile of the Maltese

UCITS, including the market risk, liquidity risk,

counterparty risk, other risks including

operational risk, and the total amount of leverage

employed by the Maltese UCITS;

(c) the results of the stress tests performed

in accordance with Article 51 of the UCITS

Directive, as transposed in the Investment Services

Rules;

(d) information

regarding

delegation

arrangements concerning portfolio management or

risk management functions as follows

(i) information on the delegates,

specifying their name and domicile or

registered office or branch, whether they

have any close links with the European

management company, whether they are

authorised or regulated entities for the

purposes of asset management, their

supervisory authority, where relevant, and

including the identifiers of the delegates that

are necessary to connect the information

provided to other supervisory or publicly

available data sources;

(ii) the

number

of

full-time

equivalent human resources employed by the

European management company for

performing day-to-day portfolio management

or risk management tasks within such

European management company;

(iii) a list and description of the

activities concerning portfolio management

and risk management functions which are

delegated;

(iv) where the portfolio management

function is delegated, the amount and

percentage of the Maltese UCITS’ assets

which

are

subject

to

delegation

arrangements concerning the portfolio

management function;

(v) the

number

of

full-time

equivalent human resources employed by

the European management company to

monitor the delegation arrangements;

(vi) the number and dates of the

periodic due diligence reviews carried out

by the European management company to

monitor the delegated activity, a list of

issues identified and, where relevant, the

measures adopted to address those issues

and the date by which such measures are to

be implemented;

(vii) where

sub-delegation

arrangements are in place, the information

required under sub-paragraphs (i), (iii) and

(iv) in respect of the sub-delegates and the

activities related to the portfolio management

and risk management functions that are sub-

delegated; and

(viii) the commencement and expiry

dates of the delegation and sub-delegation

arrangements; and

(e) the list of Member States in which the

units of the Maltese UCITS are actually marketed

by its European management company or by a

distributor which is acting on behalf of such

European management company.

(3) The competent authority shall ensure that all

information gathered in accordance with this regulation

in respect of all the UCITS that it supervises, and the

information gathered in accordance with Article 7 of

the UCITS Directive, as transposed in the Investment

Services Rules, shall be made available to the relevant

European regulatory authorities, the ESAs and the

ESRB whenever necessary for carrying out their duties,

in accordance with the procedures established in article

17 to article 17B of the Act

Provided that the competent authority shall

ensure that all the information gathered in accordance

with this regulation in respect of all the UCITS that it

supervises shall be made available, for statistical

purposes only, to the European System of Central Banks,

in accordance with the procedures established in article

17 to article 17B of the Act.

(4) Where a Maltese UCITS managed by a

European management company may potentially

constitute an important source of counterparty risk to a

credit institution or other systematically relevant

institutions in any Member States other than Malta, or to

the stability of the financial system of any such Member

State, the competent authority shall, without delay,

provide information in accordance with article 17 to

article 17B of the Act, and bilaterally to the European

regulatory authorities directly concerned.

(5) Where Malta is the UCITS home Member

State and where it is necessary for the effective

monitoring of systemic risk, the competent authority may

require, on a periodic or ad hoc basis, additional

information to that established in sub-regulations (1) and

(2) may be required, and it shall inform ESMA of any

such additional reporting requirements

Provided that in exceptional circumstances, and

where required in order to ensure the stability and

integrity of the financial system or to promote long-

term sustainable growth, the competent authority may

be required by ESMA, following consultation with the

ESRB, to impose additional reporting requirements.".

€0.36