INVESTMENT SERVICES ACT (ALTERNATIVE INVESTMENT FUND MANAGER) (PASSPORT) REGULATIONS

SUBSIDIARY LEGISLATION 370.22

INVESTMENT SERVICES ACT (ALTERNATIVE

INVESTMENT FUND MANAGER) (PASSPORT)

REGULATIONS

22nd July, 2013 *

LEGAL NOTICE 114 of 2013, and by Legal Notices 404 of 2017, 244 of

2019, 334 of 2021, 147 of 2023 and 60 of 2025.

PRELIMINARY

(1) The title of these regulations is the Investment Services

Act (Alternative Investment Fund Manager) (Passport)

Regulations.

(2) These regulations shall apply to Maltese Alternative

Investment Fund Managers providing services in a Member State or

EEA State, other than Malta, through the establishment of a branch

or under th e freedom t o provi de services, and to E uropean

Alternative Investment Fund Managers providing services in Malta

through the establishment of a branch or under the freedom to

provide services.

(3) These regulations transpose and implement, in part, the

provisions of Article 4(1)(a), (b), (c), (h), (j)(i) and (ii), (k), (l), (p),

(q) and (r)(i) and (ii), (i), (x), Article 33(1) to (6), Article 45(1) to

(8) and Article 61(2) of the AIFM Directive, and they shall be

interpreted and applied accordingly.

(1)

In these regulations, unless the context otherwise

requires

"the Act" means the Investment Services Act;

"the AIFM Directive" means Directive 2011/61/EU of the

European Parliam ent and of the Council of 8 June 2011 on

Alternative Investment Fund Managers and amending Directives

2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009

and (EU) No 1095/2010 as amended from time to time, and

includes any implementing measures that may be issued

thereunder;

"Alternative Investment Fund" or "AIF" means a collective

investment scheme, including subfunds thereof, which raises

capital from a number of investors, with a view to investing it in

accordance with a defined investment policy for the benefit of

those investors, and which does not qualify as a UCITS Scheme in

terms of the UCITS Directive;

"Alternative Investment Fund Manager" or "AIFM" means a

legal person whose regular business is managing one or more AIFs;

*see regulation 1(2) of these regulations as originally promulgated.

"branch", when relating to an AIFM, means a place of business

which is a part of an AIFM, which has no legal personality and

which provides the services for which the AIFM has been

authorised; all the places of business established in the same

Member State or EEA State by an AIFM with its registered office

in another Member State or EEA State or in a third country shall be

regarded as a single branch;

"competent authority" means the Malta Financial Services

Authority established by the Malta Financial Services Authority

Act, which body shall also carry out the duties as competent

authority for all purposes of the AIFM Directive;

"ESMA" means the European Securities and Markets Authority

established by Regulation (EU) No. 1095/2010 of the European

Parliament and of the Council of the 24 November 2010;

"established" means

(a) in relation to an AIF, the place where the AIF is

authorised or registered or if the AIF is not authorised

or registered, the place where the AIF has its

registered office;

(b) in relation to an AIFM, the place where the AIFM has

its registered office.

"European AIF" means

(a) an AIF which is authorised or registered in a Member

State or EEA State, other than Malta, under the

applicable national law; or

(b) an AIF which is not authorised or registered in a

Member State or EEA State but has its registered

office and, or head office in a Member State or EEA

State other than Malta;

"European AIFM" means an AIFM which has its registered

office in a European Member State or EEA State, other than Malta;

"European AIFM home Member State or EEA State" means the

Member State or EEA State, other than Malta, in which the

European AIFM has its registered office;

"European AIFM host Member State or EEA State" means

(a) a Member State or EEA State, other than the home

Member State or EEA State, in which a European

AIFM manages European AIFs;

(b) a Member State or EEA State, other than the home

Member State or EEA State, in which a European

AIFM markets units or shares of a European AIF; or

(c)

a Member State or EEA State, other than the home

Member State or EEA State, in which a European AIFM

provides the services referred to in Article 6(4) of the

AIFM Directive.

"European regulatory authority" means the body or bodies

designated by a Member State or an EEA State other than Malta in

accordance with Article 44 of the AIFMD to carry out the duties

provided for in the AIFM Directive;

"home Member State of the AIF" means

(a) the Member State or EEA State in which the AIF is

authorised or registered under applicable national law,

or in case of multiple authorisations or registrations,

the Member State or EEA State in which the AIF has

been authorised or registered for the first time; or

(b) if the AIF is neither authorised nor registered in a

Member State or EEA State, the Member State or EEA

State in which the AIF has its registered office and, or

head office;

"Maltese AIF" means

(a) an AIF which is authorised or registered in Malta, in

accordance with Maltese law; or

(b) an AIF which is not authorised or registered in Malta

but has its registered office and, or head office in

Malta;

"Maltese AIFM" means an AIFM which is licenced in terms of

the Act and which has its registered office in Malta;

"Maltese AIFM host Member State or EEA State" means

(a) a Member State or EEA State, other than Malta, in

which a Maltese AIFM manages European AIFs; or

(b) a Member State or EEA State, other than Malta, in

which a Maltese AIFM markets units or shares of a

European AIF;

"managing AIFs" means performing at least investment

management functions referred to in point 1(a) or (b) of Annex I of

the Directive for one or more AIFs;

"marketing" means a direct or indirect offering or placement at

the initiative of the AIFM or on behalf of the AIFM of units or

shares of an AIF that it manages to or with investors domiciled or

with a registered office in a Member State or EEA State;

"Tribunal" means the Financial Services Tribunal established in

terms of the Malta Financial Services Authority Act;

"the UCITS Directive" means Council Directive 85/611/EEC of

20 December 1985 on the co-ordination of laws, regulations and

administrative provisions relating to undertakings for collective

investment in transferable securities (UCITS), as amended from

time to time, and includes any implementing measures that may be

issued thereunder.

(2) Words and expressions used in these regulations which are

also used in the Act but which are not defined herein shall have the

same meaning as in the Act.

(3) In the event that any of these regulations conflict with the

provisions of the AIFM Directive, the latter shall prevail.

FREEDOM TO PROVIDE SERVICES AND FREEDOM OF

ESTABLISHMENT BY MALTESE AIFMs

(1) A Maltese AIFM may

(a) manage a European AIF directly, provided the Maltese

AIFM is authorised to manage that type of AIF; and, or

(b) provide directly in another Member State or EEA State

the services referred to in Article 6(4) of the AIFM

Directive for which it has been authorised.

(2) A Maltese AIFM intending to manage a European AIF for

the first time shall communicate the following information to the

competent authority

(a) the Member State or EEA State in which it intends to

provide the activities and services referred to in sub-

regulation (1); and

(b) a programme of operations stating the particular

services which the Maltese AIFM intends to perform

and identifying the AIFs it intends to manage.

(3) The competent authority shall within one month of

receiving the complete documentation submitted in accordance

with sub-regulation (2) transmit the complete documentation to the

European regulatory authority of the Maltese AIFM host Member

State or EEA State. The competent authority shall also enclose a

statement to the effect that the Maltese AIFM is licensed in terms

of the Act

Provided that such transmission shall occur only if the

Maltese AIFM’s management of the European AIF complies and

will continue to comply with the provisions of the AIFM Directive

and if the Maltese AIFM otherwise complies with the provisions of

the AIFM Directive.

(4) The competent authority shall immediately notify the

Maltese AIFM about the transmission of the notification pursuant

to sub-regulation (3).

(5) Upon receipt of the transmitted notification referred to in

sub-regulation (4), the Maltese AIFM may start to provide its

services in the host Member State or EEA State.

(6) In the event of a change to any of the information

communicated in accordance with sub-regulation (2), the Maltese

AIFM shall give written notice of such change to the competent

authority at least one month before implementing planned changes,

or immediately after an unplanned change has occurred.

(7) Where, pursuant to a planned change, the Maltese AIFM’s

management of the European AIF would no longer comply with the

provisions of the AIFM Directive or the Maltese AIFM would

otherwise no longer comply with the provisions of the AIFM

Directive, the competent authority shall inform the Maltese AIFM

within fifteen (15) working days of receipt of all the information

referred to in sub-regulation (6) that it is not to implement the

change.

(8) Where the Maltese AIFM proceeds with the implementation

of the planned change, notwithstanding the notification made

pursuant to sub-regulations (6) and (7), or if an unplanned change

has taken place pursuant to which the Maltese AIFM’s management

of the European AIF no longer complies with the provisions of the

AIFM Directive or the Maltese AIFM otherwise no longer complies

with the provisions of the AIFM Directive, the competent authority

shall take all due measures in accordance with the provisions of the

A c t a n d a n y r e g u l a t i o n s i s s u e d t h e r e u n d e r and shall notify

accordingly the European regulatory authority of the Maltese AIFM

host Member State or EEA State without undue delay.

(9) If the planned changes are acceptable because they do not

affect the compliance by the Maltese AIFM’s management of the

European AIF with the provisions of the AIFM Directive, or the

compliance by the Maltese AIFM with the provisions of the AIFM

Directive, the competent authority shall, without undue delay,

inform the European regulatory authority of the Maltese AIFM host

Member State or EEA State of those changes.

(1)A Maltese AIFM may

(a) manage a European AIF through the establishment of a

branch, provided the Maltese AIFM is authorised to

manage that type of AIF; and, or

(b) provide in another Member State or EEA State through

the establishment of a branch the services referred to

in Article 6 (4) of the AIFM Directive for which it has

been authorised.

(2) A Maltese AIFM intending to provide the activities and

services referred to in sub-regulation (1) in another Member State or

EEA State for the first time and establish a branch shall

communicate the following information to the competent authority

(a) the Member State or EEA State in which it intends to

provide the activities and services referred to in sub-

regulation (1); and;

(b) a programme of operations stating the particular

services which the Maltese AIFM intends to perform

and identifying the AIFs it intends to manage;

(3) The competent authority shall within two months of

receiving the complete documentation submitted in accordance

with sub-regulation (2), transmit the said complete documentation

to the European regulatory authority of the host Member State or

EEA State where the Maltese AIFM intends establishing a branch.

The competent authority shall also enclose a statement to the effect

that the Maltese AIFM is licensed in terms of the Act

Provided that such transmission shall occur only if the

Maltese AIFM’s management of the European AIF complies and

will continue to comply with the provisions of the AIFM Directive

and the Maltese AIFM itself otherwise complies with the

provisions of the AIFM Directive.

(4) The competent authority shall immediately notify the

Maltese AIFM about the transmission pursuant to sub-regulation

(3).

(5) Upon receipt of the transmission notification referred to in

sub-regulation (4), the Maltese AIFM may start to provide its

services in the host Member State or EEA State.

(6) In the event of a change to any of the information

communicated in accordance with sub-regulation (2), the Maltese

AIFM shall give written notice of such change to the competent

authority at least one month before implementing planned changes,

or immediately after an unplanned change has occurred.

(7) Where, pursuant to a planned change, the Maltese AIFM’s

management of the European AIF would no longer comply with the

provisions of the AIFM Directive or the Maltese AIFM itself would

otherwise no longer comply with the provisions of the AIFM

Directive, the competent authority shall inform the Maltese AIFM

within fifteen (15) working days of receipt of all the information

referred to in sub-regulation (6) that it shall not implement the

change.

(8) Where the Maltese AIFM proceeds with the implementation

of the planned change, notwithstanding the notification received

pursuant to sub-regulations (6) and (7), or if an unplanned change

has taken place pursuant to which the Maltese AIFM’s management

of the European AIF no longer complies with the provisions of the

AIFM Directive or the Maltese AIFM otherwise no longer complies

with the provisions of the AIFM Directive, the competent authority

shall take all due measures in accordance with the provisions of the

A c t a n d a n y r e g u l a t i o n s i s s u e d t h e r e u n d e r and shall notify

accordingly the European regulatory authority of the host Member

State or EEA State where the branch of the Maltese AIFM is

established without undue delay.

(9) If the planned changes are acceptable because they do not

affect the compliance of the Maltese AIFM’s management of the

European AIF with the provisions of the AIFM Directive, or the

compliance by the Maltese AIFM of the provisions of the AIFM

Directive, the competent authority shall, without undue delay,

inform the European regulatory authority of the AIFM host

Member State or EEA State of those changes.

(1) The competent authority shall be responsible for the

prudential supervision of a Maltese AIFM, whether the Maltese

AIFM manages and, or markets AIFs in another Member State or

EEA State or not, without prejudice to the provisions of the AIFM

Directive conferring responsibility for supervision on the European

regulatory authority of the host Member State or EEA State of the

Maltese AIFM.

(2) The supervision of the Maltese AIFM’s compliance with

Articles 12 and 14 of the AIFM Directive shall be the responsibility

of the European regulatory authority of the host Member State or

EEA State where the Maltese AIFM manages and, or markets AIFs

through a branch in that Member State or EEA State.

(3) A Maltese AIFM managing or marketing AIFs in a Member

State or EEA State other than Malta whether or not through a

branch, may be required by the European regulatory authority of

the host Member State or EEA State to provide information

necessary for the supervision of its compliance with the applicable

regulatory requirements for which that European regulatory

authority is responsible.

(4) Where a Maltese AIFM is managing and, or marketing AIFs

in a Member State or EEA State other than Malta, whether or not

through a branch, and is in breach of one of the regulatory

requirements for which the European regulatory authority is

responsible for ensuring compliance, the competent authority shall

receive notification from the European regulatory authority of the

host Member State or EEA State of its request made to the Maltese

AIFM to put an end to that breach.

(5) If the Maltese AIFM refuses to provide the European

regulatory authority with information falling under its

responsibility, or fails to take the necessary steps to put an end to

breach referred to in sub-regulation (4), the European regulatory

authority shall inform the competent authority thereof.

(6) Where the competent authority receives a notification from

a European regulatory authority pursuant to sub-regulation (5), the

competent authority shall, at the earliest opportunity

(a) take all appropriate measures to ensure that the

Maltese AIFM concerned provides the information

requested by the European regulatory authority of the

host Member State or EEA State, pursuant to sub-

regulation (3) or puts an end to the breach referred to

in sub-regulation (4);

(b) request the necessary information from the relevant

supervisory authorities in third countries

Provided that the competent authority shall communicate to

the European regulatory authority of the host Member State or EEA

State the nature of the measures taken pursuant to this sub-

regulation.

(7) Where a Maltese AIFM continues to refuse to provide the

information requested by the European regulatory authority in the

host Member State or EEA State pursuant to sub-regulation (3) or

persists in breaching the legal or regulatory provisions referred to

in sub-regulation (4) in force in the host Member State or EEA

State, despite the measures taken by the competent authority

pursuant to sub-regulations (5) and (6), or due to the inadequacy or

unavailability of such measures in Malta, the competent authority

shall be notified of any measures that are proposed to be taken by

the European regulatory authority of the host Member State or EEA

State against the Maltese AIFM to prevent or penalise further

irregularities by the Maltese AIFM.

(8) Where the European regulatory authority of the host

Member State or EEA State of the Maltese AIFM has clear and

demonstrable grounds for believing that such Maltese AIFM is in

breach of regulatory provisions in relation to which such European

regulatory authority has no responsibility for supervising

compliance, the competent authority shall receive notification of

such breach from the European regulatory authority in the host

Member State or EEA State. The competent authority shall take

appropriate measures including if necessary, request additional

information from the relevant supervisory authorities in third

countries.

(9) Where despite the measures taken by the competent

authority, or due to the inadequacy of such measures or because the

competent authority fails to act within a reasonable time, a Maltese

AIFM persists in acting in a manner that is clearly prejudicial to the

interests of the investors of the relevant AIF, the financial stability

or the integrity of the market in the host Member State or EEA

State, the competent authority shall receive notification by the

European regulatory authority of the host Member State or EEA

State of any measures proposed to be taken in order to protect the

investors of the relevant AIF, the financial stability and integrity of

the market in the European Member State or EEA State including

the possibility of preventing the Maltese AIFM concerned to

further market the units or shares of the relevant AIF in the host

Member State or EEA State.

FREEDOM TO PROVIDE SERVICES AND FREEDOM OF

ESTABLISHMENT BY EUROPEAN AIFMs

(1)A European AIFM may

(a) manage a Maltese AIF directly in Malta, provided the

European AIFM is authorised to manage that type of

AIF; and, or

(b) provide directly in Malta the services referred to in

Article 6(4) of the AIFM Directive for which it has

been authorised

Provided that the European AIFM shall be exempt from

the provisions of article 3 of the Act.

(2) A European AIFM intending to provide the activities and

services referred to in sub-regulation (1) in Malta for the first time

shall communicate the following information to the European

regulatory authority in its home Member State or EEA State

(a) the intention to directly provide the activities and

services referred to in sub-regulation (1) in Malta; and;

(b) a programme of operations stating the particular

services which the European AIFM intends to perform

and identifying the AIFs it intends to manage.

(3) The competent authority shall, within one month from

submission by the European AIFM to the European regulatory

authority of the complete documentation in accordance with

subregulation (2), receive the complete documentation from the

European regulatory authority of the European AIFM’s home

Member State or EEA State. The competent authority shall receive

a statement to the effect that the European AIFM is authorised by

the European regulatory authority in terms of the AIFM Directive

Provided that such transmission shall occur only if the

European AIFM’s management of the Maltese AIF complies and

will continue to comply with the provisions of the AIFM Directive

and the European AIFM otherwise complies with the provisions of

the AIFM Directive.

(4) Upon notification by the European regulatory authority of

the home Member State or EEA Member State to the European

AIFM that the transmission referred to in sub-regulation (3) has

occurred, the European AIFM may start to provide its services in

Malta.

(5) The competent authority shall not impose any additional

requirements on the European AIFM concerned in respect of

matters which are covered by the AIFM Directive.

(6) In the event of a change to any of the information

communicated in accordance with sub-regulation (2), which

changes do not affect the compliance by the European AIFM’s

management of the Maltese AIF with the provisions of the AIFM

D i r e c t i v e o r t h e c o m p l i a n c e b y t h e Eu r op e a n A I F M o f t h e

provisions of the AIFM Directive, the competent authority shall

receive notification of such changes from the European regulatory

authority of the home Member State or EEA State of the European

AIFM.

(7) Where the European AIFM proceeds with the implementation

of a planned change to any of the information communicated in

accordance with sub-regulation (2), notwithstanding the notification

received pursuant to the first and second sub-paragraphs of Article

33(6) of the AIFM Directive, or if an unplanned change has taken

place pursuant to which the European AIFM’s management of the

Maltese AIF would no longer comply with the provisions of the AIFM

Directive or the European AIFM otherwise would no longer comply

with the provisions of the AIFM Directive, the competent authority

shall receive notification from the European regulatory authority of the

European AIFM’s home Member State or EEA State without undue

delay of the measures taken in terms of the third sub-paragraph of

Article 33(6) of the AIFM Directive.

(1)A European AIFM may

(a) manage a Maltese AIF in Malta through the

establishment of a branch, provided the European

AIFM is authorised to manage that type of AIF; and, or

(b) provide in Malta through the establishment of a branch

the services referred to in Article 6 (4) of the AIFM

Directive for which it has been authorised

Provided that the European AIFM shall be exempt

from the provisions of article 3 of the Act.

(2) A European AIFM intending to provide the activities and

services referred to in sub-regulation (1) in Malta for the first time

through the establishment of a branch shall communicate the

following information to the European regulatory authority in its

home Member State or EEA State

(a) the intention to provide the activities and services

referred to in sub-regulation (1) in Malta through the

establishment of a branch;

(b) a programme of operations stating the particular

services which the European AIFM intends to perform

and identifying the AIFs it intends to manage;

(c) the organisational structure of the branch;

(d) the address in the home Member State or EEA State of

the AIF from which documents may be obtained; and

(e) the names and contact details of the persons

responsible for the management of the branch.

(3) The competent authority shall within two months from

submission by the European AIFM of the complete documentation

in accordance with sub-regulation (2), receive the complete

documentation from the European regulatory authority of the

E u r o p e a n A I F M ’s h o m e M e m b e r St a t e o r E E A St a t e . T h e

competent authority shall receive a statement to the effect that the

European AIFM is authorised by the European regulatory authority

in terms of the AIFM Directive

Provided that such transmission shall occur only if the

European AIFM’s management of the Maltese AIF complies and

will continue to comply with the provisions of the AIFM Directive

and the European AIFM otherwise complies with the provisions of

the AIFM Directive.

(4) Upon notification by the European regulatory authority of

the home Member State or EEA Member State to the European

AIFM that the transmission referred to in sub-regulation (3) has

occurred, the European AIFM may start to provide its services in

Malta.

(5) The competent authority shall not impose any additional

requirements on the European AIFM concerned in respect of

matters which are covered by the AIFM Directive.

(6) In the event of a change to any of the information

communicated in accordance with sub-regulation (2), which

changes do not affect the compliance by the European AIFM’s

management of the Maltese AIF with the provisions of the AIFM

D i r e c t i ve o r t h e co m pl i a n c e b y t h e E u r o p e a n A I F M o f t h e

provisions of the AIFM Directive, the competent authority shall

receive notification of such changes from the European regulatory

authority of the home Member State or EEA State of the European

AIFM.

(7) Where the European AIFM proceeds with the implementation

of a planned change to any of the information communicated in

accordance with sub-regulation (2), notwithstanding the notification

received pursuant to the first and second sub-paragraphs of Article

33(6) of the AIFM Directive, or if an unplanned change has taken

place pursuant to which the European AIFM’s management of the

Maltese AIF would no longer comply with the provisions of the AIFM

Directive or the European AIFM otherwise would no longer comply

with the provisions of the AIFM Directive, the competent authority

shall receive notification from the European regulatory authority of the

European AIFM’s home Member State or EEA State without undue

delay of the measures taken in terms of the third sub-paragraph of

Article 33(6) of the AIFM Directive.

(1) The competent authority may require a European

AIFM managing or marketing AIFs in Malta, whether or not

through a branch, to provide the information necessary for the

s u p e r v i s i o n o f t h e E u r o p e a n A I F M ’s c o m p l i a n c e w i t h t h e

applicable regulatory provisions for which the competent authority

is responsible

Provided that the requirements imposed shall not be more

stringent than those which the competent authority imposes on

Maltese AIFMs for monitoring compliance with the same

provisions.

(2) Where the competent authority ascertains that a European

AIFM managing and, or marketing Maltese, and, or European AIFs

in Malta, whether or not through a branch, is in breach of one of the

provisions in relation to which the competent authority is

responsible for supervising compliance, the competent authority

shall require the European AIFM concerned to put an end to that

breach and shall proceed to notify the European regulatory

authority of the home Member State or EEA State thereof.

(3) If the European AIFM concerned refuses to provide the

competent authority with information for which such authority is

responsible, or fails to take the necessary steps to put an end to the

breach identified in sub-regulation (2), the competent authority

shall inform the European regulatory authority of its home Member

State or EEA State thereof

Provided that the competent authority shall be notified by

the European regulatory authority of the nature of any measures

taken.

(4) Where a European AIFM continues in its refusal to provide

information requested by the competent authority in terms of sub-

regulation (1), or persists in breaching the legal or regulatory

provisions referred to in sub-regulation (2) in force in Malta,

despite the measures taken by the European regulatory authority of

the home Member State or EEA State or due to the inadequacy or

unavailability of such measures in the said Member State or EEA

State, the competent authority may, after informing the European

regulatory authority of the home Member State or EEA State of the

European AIFM, take appropriate measures, including those laid

down in Articles 46 and 48 of the AIFM Directive, to prevent or

penalise further irregularities and, in so far as necessary, to prevent

the European AIFM from initiating any further transactions in

Malta. Where the function carried out in Malta by the European

AIFM is the management of AIFs, the competent authority may

require that the European AIFM cease managing those AIFs.

(5) Where the competent authority has clear and demonstrable

grounds for believing that a European AIFM is in breach of the

obligations arising from provisions in relation to which the

competent authority has no responsibility for supervising

compliance, the competent authority shall refer those finding to the

European regulatory authority of the home Member State or EEA

St a t e o f t h e E u r o p e a n A I F M , w h i c h s h a l l t a k e a p p r o p r i a t e

measures, including if necessary, request additional information

from the relevant supervisory authorities in third countries.

(6) Where a European AIFM persists in acting in a manner that

is clearly prejudicial to the interests of the investors of the relevant

AIF, the financial stability or the integrity of the Maltese market,

despite the measures taken by the European regulatory authority in

the home Member State or EEA State of the European AIFM, or

due to the inadequacy of such measures in the European Member

State or EEA State or because the European regulatory authority

fails to act within a reasonable time, the competent authority may,

after informing the European regulatory authority in the home

Member State or EEA State, take all appropriate measures needed

in order to protect the investors of the relevant AIF, the financial

stability and integrity of the Maltese market, including the

possibility of preventing the European AIFM concerned to further

market the units or shares of the relevant AIF in Malta.

(7) The supervision of a European AIFM’s compliance with

Articles 12 and 14 of the AIFM Directive shall be the responsibility

of the competent authority where the European AIFM manages and,

or markets AIFs through a branch established in Malta.

Repealed by Legal Notice 147 of 2023.