Investment Services Supervision
Through its supervision, the function assesses compliance with prudential requirements, as well as the adequacy of systems and controls, governance arrangements, risk management and risk mitigation, within licensed entities falling within its remit. The function applies various onsite and desk-based supervisory tools to achieve its objectives.
Investment Firms
Fund Managers
Custodians / Depositaries
Funds
Recognised Persons
Investment Firms
- Legislation
- Rules
- Conduct
- Application Forms
- Supervisory Disclosures
- Guidance
- MiFID Firms Reporting Requirements
- EBA Reporting Requirements
- FAQs
- Newsroom
- Licence Holder Portal Corporate Profile
- Information Point
Secondary Legislation
S.L. 370.01 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 370.02 – Investment Services Act (Exemption) Regulations
S.L. 370.03 (R) – Investment Services Act (Fees) Regulations
Repealed by:
S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations
Amended by:
S.L. 370.05 – Investment Services Act (Control of Assets) Regulations
S.L. 370.09 – Investor Compensation Scheme Regulations
S.L. 370.10 – European Passport Rights for Investment Firms Regulations
Repealed by:
S.L. 370.12 – Investment Services Act (Performance Fees) Regulations
S.L. 370.14 (R) – Investments Services Act (Tied Agents) Regulations
Repealed by:
S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations
S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations
S.L. 370.17 (R) – Investment Services Act (Financial Capital Adequacy Consolidation) Regulations
Repealed by:
S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations
S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations
S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations
S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations
S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations
Amended by:
S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations
S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations
S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations
S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations
S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations
S.L. 370.29 – Over-Reliance on Credit Rating Regulations
S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations
S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations
S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations
S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations
Amended by:
S.L. 370.35 – Local Central Counterparties Access Regulations
S.L. 370.37 – Data Reporting Services Regulations
Amended by:
S.L. 370.38 – Algorithmic Trading Regulations
S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 370.41 – Markets in Financial Instruments Regulations
S.L. 370.42 – Investment Services Act (Tied Agents) Regulations
S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations
Repealed by:
Amended by:
S.L. 370.47 – Investment Services Act (Supervisory Review Investment Firms Directive) Regulations
S.L. 370.49 – Supervisory Consolidation (Investment Firms Directive) Regulations
S.L. 370.50 – Investment Services Act (Cross-Border Distribution of Funds) Regulations
S.L. 370.51 – Financial Markets (Fees) Regulations
Amended by:
S.L. 370.52 – Investment Services Act (Fees) Regulations
Amended by:
S.L. 370.53 – Investment Services Act (Special Limited Partnership Funds) Regulations
Amended by:
Superseded Versions and Links
Part A – The Application Process (applicable up to 11 December 2024)
Part A – The Application Process (applicable up to 19 November 2024)
Part A – The Application Process (applicable up to 4 September 2023)
Part A – The Application Process: Investment Services Rule for Investment Services Providers
Appendix 2A – Financial Return for Category 1 & Category 4b (only)
Appendix 2C – Automated COREP Return
Appendix 9 – Definition of ‘Close Links’
Appendix 12 – Remuneration Policy
ESMA Documents
Other Applications
Schedule B – Application Form for Registration of Tied Agents
Schedule C – Financial Resources Statement
Schedule D – Provision of cross-border services under freedom to provide services:
Schedule E – Provision of cross-border services via the establishment of a branch:
In terms of ArtIcle 4(1) of the MiFID Directive (Directive/EU 65/2014), an investment firm is legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis (…)“.
As listed in the First Schedule of the Investment Services Act, the list of investment services and/or activities which investment firms may be licensed to perform is the following:
- Reception and transmission of orders in relation to one or more financial instruments;
- Execution of orders on behalf of clients;
- Dealing on own account;
- Management of Investments;
- Trustee, Custodian or Nominee Services;
- Investment advice;
- Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis;
- Placing of financial instruments without a firm commitment basis;
- Operation of an MTF;
- Operation of an OTF.
In terms of the supervisory disclosures requirement stipulated in Article 57(1) of the Investment Firm Directive of (EU 2019/2034) (“IFD”), the MFSA is required to aggregate and publish information on the implementation of the IFD in Malta and disclose information related to the transposition of the IFD in Malta. The Commission Implementing Regulation (2022/389) specifies the format, structure, contents list and annual publication date of the information to be disclosed. The disclosures will help stakeholders to compare information between the EU countries. This serves to enhance both the uniformity of supervisory methods and the integration of the EU single market.
The required information published by the MFSA is represented in the following sections.
Rules and Guidance
Annex I specified information on National laws, regulations and guidelines pertaining to prudential supervision.
Options and National Discretions
Annex II, offers a series of information on the Options and National Discretions exercised by the Authority on the basis of EU regulations.
Supervisory Review
Annex III within this section, provides information on the application of international regulations concerning the investment firms’ Supervisory Review and Evaluation Process (SREP) in Malta. The purpose of the SREP is to ensure that supervised entities hold sufficient regulatory capital to cover their material risks and have in place sound corporate governance as well as internal control and risk management processes to ensure their operational stability. The SREP includes both quantitative and qualitative elements focusing on the level of risk management.
Statistical Data
Annex IV incorporates data on key aspects of the implementation of the IFD in Malta. The disclosure includes national statistical data on the sector, credit risk, operational risk, market risk, and supervisory actions and measures. The corresponding information published by the prudential supervisors of the other EU countries is available via the website of the European Banking Authority (EBA).
In this section you will find the Prudential / Conduct Related Data Return and relevant Guidance Notes applicable to Investment Firms.
Nature and Art of Financial Supervision
In this section, you will find the Circulars issued by the Authority which are applicable to the conduct supervision of investment firms. These Circulars are a means of keeping the industry updated mainly on regulatory matters. Circulars may be issued to provide updates and clarifications in relation to requirements emanating from investments related regulatory requirements (for example the revised Markets in Financial Instruments Directive known as MiFIDII); to inform the industry on proposed changes to the existing requirements as indicated in the Conduct of Business Rulebook and to inform the industry on any relevant documents published by ESMA.
Conduct Supervision Investments Circulars
In this section you will find the Consultation Documents issued by the MFSA and which are of interest to investment firms These documents are issued to explain to the industry any new regulatory requirements which the Authority may be proposing to implement and the manner in which these will be implemented. During the consultation period, investment firms will have the opportunity to provide their feedback which the Authority will review. Following the consultation period, the Authority may issue the Feedback statement with a summary of the comments received in the course of the consultation period on that particular topic and the final position of the Authority with respect to the matters forming the subject of the consultation.
Fund Managers
- Legislation
- Rules
- Cross-Border Distribution of Funds
- Application Forms
- Guidance
- Newsroom
- Information Point
In this section you will find the Acts of Parliament which lay down the framework of the regulatory regime applicable to investment firms. These provide for the regulatory structure for the supervision of these entities and include, amongst others, the powers of the Authority to grant, refuse, cancel and suspend licences issued to investment firms and to impose sanctions on these entities in specific circumstances. These would also contain enabling clauses allowing the Minister responsible for the regulation of financial services to issue subsidiary legislation as well as the MFSA, as competent authority, to issue Rules to further supplement the provisions in the main Act.
Secondary Legislation
S.L. 370.01 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 370.02 – Investment Services Act (Exemption) Regulations
S.L. 370.03 (R) – Investment Services Act (Fees) Regulations
Repealed by:
S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations
Amended by:
S.L. 370.05 – Investment Services Act (Control of Assets) Regulations
S.L. 370.09 – Investor Compensation Scheme Regulations
S.L. 370.10 – European Passport Rights for Investment Firms Regulations
Repealed by:
S.L. 370.12 – Investment Services Act (Performance Fees) Regulations
S.L. 370.14 (R) – Investments Services Act (Tied Agents) Regulations
Repealed by:
S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations
S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations
S.L. 370.17 (R) – Investment Services Act (Financial Capital Adequacy Consolidation) Regulations
Repealed by:
S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations
S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations
S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations
S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations
S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations
Amended by:
S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations
S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations
S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations
S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations
S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations
S.L. 370.29 – Over-Reliance on Credit Rating Regulations
S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations
S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations
S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations
S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations
Amended by:
S.L. 370.35 – Local Central Counterparties Access Regulations
S.L. 370.37 – Data Reporting Services Regulations
Amended by:
S.L. 370.38 – Algorithmic Trading Regulations
S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 370.41 – Markets in Financial Instruments Regulations
S.L. 370.42 – Investment Services Act (Tied Agents) Regulations
S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations
Repealed by:
Amended by:
S.L. 370.47 – Investment Services Act (Supervisory Review Investment Firms Directive) Regulations
S.L. 370.49 – Supervisory Consolidation (Investment Firms Directive) Regulations
S.L. 370.50 – Investment Services Act (Cross-Border Distribution of Funds) Regulations
S.L. 370.51 – Financial Markets (Fees) Regulations
Amended by:
S.L. 370.52 – Investment Services Act (Fees) Regulations
Amended by:
S.L. 370.53 – Investment Services Act (Special Limited Partnership Funds) Regulations
Amended by:
Rules pertaining to Licensed Activities
Appendix 2B – Financial Return for Fund Managers
Appendix 9 – Definition of ‘Close Links’
Appendix 12 – Remuneration Policy
Appendix 13 – Transparency Requirements
Annex 1 – AIFM – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)
Annex 2 – AIF – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)
Annex 3 – AIF – Specific Information to be reported (Article 24(2) AIFMD)
Annex 4 – AIF – Specific Information to be reported (Article 24(4) AIFMD)
Annex 5 – Information on AIFs managed by the AIFM
Superseded Versions and Links
Appendix 9 – Definition of ‘Close Links’ (applicable up to 4 February 2024)
Appendix 13 – Transparency Requirements (applicable up to 4 February 2024)
Appendix 16 – Complaints handling (applicable up to 4 February 2024)
Part A – The Application Process (applicable up to 4 September 2023)
Part A – The Application Process
Appendix 17 – Notified AIFs
(a) Annex I: Pro-Forma Prospectuses
Pro-Forma Prospectus of a multi-fund limited liability company with variable share capital
Pro-Forma Prospectus of a Master-Feeder
Pro-Forma Prospectus of a Contractual Fund
(b) Annex II: Resolution of the governing body of the AIF
(c) Annex III: AIFM self-certification
(d) Annex IV: Declaration Form for the AIFM and the governing body of the AIF
Appendix 14 – Results of Stress Tests – Risk Management Function – Deleted
Appendix 15 – Results of Stress Tests – Liquidity Management Function – Deleted
(Note: Appendices 14 and 15 are being deleted since the information required is being reported in Sections 279 and 280 of Annex 3 of Appendix 13)
National Provisions governing marketing requirements for AIFs and UCITS
Last updated on: 17 September 2021
In application of Article 1 of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the national laws, regulations and administrative provisions governing marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
Marketing Requirements for UCITS
a) The Format and Content of Marketing Material
The format and content of marketing material by UCITS is prescribed in Chapter 1 of the Conduct of Business Rulebook. Furthermore, a reference has been included in Rule R.1.2.81 to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications.
b) Verification of Marketing Communications by the Authority
The Authority carries out an ex-post review of marketing communications issued by regulated entities. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
c) Passporting Rules
Passporting In
European UCITS wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.
- Investment Services Rules for Retail CIS:
- Part A Section 12: Exercise of Passport Rights by European UCITS Schemes
- L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations:
- Marketing of European UCITS in Malta: Articles 8 – 10
Passporting Out
Maltese UCITS wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.
- L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations:
- Marketing of Maltese UCITS in a Member State or in an EEA State: Articles 4 – 7
d) De-notification of arrangements made for marketing
Where the UCITS Manager no longer wishes to market its UCITS in another Member State, the UCITS Manager is to submit a notification to the MFSA in terms of Article 4(16) of the Investment Services Act (Marketing of UCITS) Regulations.
The notification is to be submitted to the MFSA on [email protected]
Marketing Requirements for AIFs
a) The Format and Content of Marketing Material
AIFMs shall ensure that all marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF. All marketing material must be fair, clear and not misleading.
AIFMs shall also note that SLC 3.14 has been introduced in Part BIII of the Investment Services Rules for AIFMs to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications. AIFMs are to note that new requirements are applicable for all AIFs, regardless of the type of target investor.
b) Verification of Marketing Communications by the Authority
The Authority shall carry out an ex-post review of marketing communications issued by regulated entities. To note that it is the responsibility of the AIFM Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
c) Marketing to Retail and Professional Investors
AIFMs are to refer to the provisions listed below depending on the target investors of the AIFs managed, as well as the marketing communication addressed to them.
Retail Investors:
- Section 10 – Part BIII of the Investment Services Rules for Investment Services Providers.
- Article 4 – Cross-Border Distribution of Funds Regulation
- ESMA Guidelines on Funds’ Marketing Communications (applicable 6 months after the date of the publications of translations)
Professional Investors:
- Article 4 – Cross-Border Distribution of Funds Regulation
- ESMA Guidelines on Funds’ Marketing Communications (applicable 6 months after the date of the publications of translations)
d) Passporting Rules
Passporting In
European AIFs managed by Maltese or European AIFMs wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.
- Investment Services Act (Marketing of Alternative Investment Funds) Regulations
- Marketing of European AIFs by Maltese AIFMs in Malta: Article 3
- Marketing of European AIFs by European AIFMs in Malta: Article 5
Passporting Out
Maltese AIFs wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.
- Investment Services Rules for AIFs
- Investment Services Act (Marketing of Alternative Investment Funds) Regulations
- Marketing of European AIFs by Maltese AIFMs in a Member State or EEA State: Article 4
- Schedule 4: Notification Letter
e) Distribution of Funds Established in a Non-EU Member State under the National Private Placement Regime
EU AIFMs or Non-EU AIFMs wishing to market the units of Non-EU AIFs in Malta are to refer to the notification forms and guidance document listed below, as applicable.
- Article 36 Notification Form: Marketing of Non-EU AIFs managed by an EU AIFM
- Article 42 Notification Form: Marketing of Non-EU AIFs managed by a Non-EU AIFM
- Guidance note on the completion of the Article 36 and 42 Notification Form
f) De-Notification of Arrangements made for Marketing
Where the AIFM no longer wishes to market its AIF/s in another Member State, the AIFM is to submit a notification to the MFSA in terms of Article 3(13) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations
The notification is to be submitted to the MFSA on [email protected]
g) Pre-marketing in the EU by Maltese AIFMs
Maltese AIFMs wishing to carry out pre-marketing must submit a notification by email within two weeks of having begun pre-marketing to [email protected] in accordance with Article 3 (20) and Article 4 (25) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulation.
Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.
Summaries of National Provisions governing marketing requirements for AIFs and UCITS
Last updated on: 17 September 2021
Marketing Requirements for UCITS
a) Notification for the Marketing of Units
A European UCITS Scheme may market its units in Malta provided that prior to the commencement of such marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 8 of the Investment Services Act (Marketing of UCITS) Regulations. Particularly, such a notification is to be received by the MFSA from the Authority of the UCITS home Member State or EEA State and is to include the information outlined in Article 8 1(a)-(d) and Article 8 2(a)-(d) of the Regulation.
A Maltese UCITS Scheme intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule C of the Investment Services Rules for Retail Collective Investments Schemes to the MFSA.
b) Notification and Prior Approval of Marketing Communications
The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
Marketing Requirements for AIFs
a) Notification for the Marketing of Units
A European AIF may market its units in Malta provided that prior to the commencement of marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 3 or Article 5 (as applicable) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations.
A Maltese AIF intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule 4 of the Investment Services Rules Alternative Investment Funds to the MFSA.
b) Notification and Prior Approval of Marketing Communications
The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the AIFM to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
c) Marketing to Retail Investors and Professional Investors
As from 2 August 2021, in terms of Article 4 of the Cross-Border Distribution of Funds Regulation, AIFMs are required to ensure that all marketing communications addressed to investors, including professional investors, are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF in an equally prominent manner, and that all information is fair, clear and not misleading.
To supplement the above, on 27 May 2021, ESMA published its Guidelines under the Cross-Border Distribution of Fund Regulation, specifying the requirements that funds’ marketing communications must meet. It is to note that such Guidelines will become applicable 6 months after the date of the publication of the translations.
AIFMs shall note that the SLC 3.14 Part BIII has been introduced to include a reference to the new marketing requirements emanating from the CBDF Regulation and the Guidelines on Marketing Communications.
Furthermore, AIFMs managing Retail AIFs should also refer to Section 10 of Part BIII of the Investment Services Rules for Investment Services Providers which sets out further rules relating to disclosure requirements for marketing communications and information provided to retail clients. In addition to minimum disclosure requirements and information to be provided, such rules also set out, inter alia, other requirements relating to record keeping for marketing communications as well as conditions to be satisfied when providing information to retail investors relating to past or future performance.
Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.
Regulatory Fees and Charges
Last updated on: 17 September 2021
In application of Article 2(1) of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the fees and charges levied by the MFSA for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
Fees and Charges
The fees levied with respect to cross-border activities emanate from the Investment Services Act (Fees) Regulations. The MFSA charges an initial notification/application fee and an ongoing annual supervisory fee as further detailed below.
European UCITS Management Companies and AIFMs establishing a branch as well as European UCITS and European AIFs marketing their units in Malta shall, annually, upon the anniversary of the date on which they commence business or market their units in Malta, pay the supervisory fee established in the table below, with the first annual fee becoming payable immediately once a licence/authorisation is granted.
Cross-Border Management Fees and Charges
| Initial Notification Fee | Ongoing Annual Supervisory Fee | |
| European UCITS management companies establishing a branch in Malta | €1,250
|
€4,000
|
| European AIFMs establishing a branch in Malta | €1,250
|
€4000 |
Cross-Border Marketing Fees and Charges
| Initial Notification Fee | Ongoing Annual Supervisory Fee | |
| UCITS & AIF Passporting IN | ||
| European UCITS Scheme marketing their units in Malta | €2,500
|
€3,000
|
| UCITS Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) | €450
|
€500 |
| UCITS Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) | €450 | N/A |
| European AIF Scheme marketing their units in Malta | €2,500
|
€3,000
|
| AIF Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) | €450
|
€500 |
| AIF Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) | €450 | N/A |
Other Applications
Schedule C – Financial Resources Statement
Schedule D – Provision of cross-border services under freedom to provide services:
Schedule E – Provision of cross-border services via the establishment of a branch:
Notification Form for EU AIFMs (above threshold) marketing AIFs under Article 36
Notification Form for non-EU AIFMs (above and below threshold) marketing AIFs under Article 42
Custodians / Depositaries
In this section you will find the Acts of Parliament which lay down the framework of the regulatory regime applicable to investment firms. These provide for the regulatory structure for the supervision of these entities and include, amongst others, the powers of the Authority to grant, refuse, cancel and suspend licences issued to investment firms and to impose sanctions on these entities in specific circumstances. These would also contain enabling clauses allowing the Minister responsible for the regulation of financial services to issue subsidiary legislation as well as the MFSA, as competent authority, to issue Rules to further supplement the provisions in the main Act.
Secondary Legislation
S.L. 370.01 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 370.02 – Investment Services Act (Exemption) Regulations
S.L. 370.03 (R) – Investment Services Act (Fees) Regulations
Repealed by:
S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations
Amended by:
S.L. 370.05 – Investment Services Act (Control of Assets) Regulations
S.L. 370.09 – Investor Compensation Scheme Regulations
S.L. 370.10 – European Passport Rights for Investment Firms Regulations
Repealed by:
S.L. 370.12 – Investment Services Act (Performance Fees) Regulations
S.L. 370.14 (R) – Investments Services Act (Tied Agents) Regulations
Repealed by:
S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations
S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations
S.L. 370.17 (R) – Investment Services Act (Financial Capital Adequacy Consolidation) Regulations
Repealed by:
S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations
S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations
S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations
S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations
S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations
Amended by:
S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations
S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations
S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations
S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations
S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations
S.L. 370.29 – Over-Reliance on Credit Rating Regulations
S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations
S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations
S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations
S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations
Amended by:
S.L. 370.35 – Local Central Counterparties Access Regulations
S.L. 370.37 – Data Reporting Services Regulations
Amended by:
S.L. 370.38 – Algorithmic Trading Regulations
S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 370.41 – Markets in Financial Instruments Regulations
S.L. 370.42 – Investment Services Act (Tied Agents) Regulations
S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations
Repealed by:
Amended by:
S.L. 370.47 – Investment Services Act (Supervisory Review Investment Firms Directive) Regulations
S.L. 370.49 – Supervisory Consolidation (Investment Firms Directive) Regulations
S.L. 370.50 – Investment Services Act (Cross-Border Distribution of Funds) Regulations
S.L. 370.51 – Financial Markets (Fees) Regulations
Amended by:
S.L. 370.52 – Investment Services Act (Fees) Regulations
Amended by:
S.L. 370.53 – Investment Services Act (Special Limited Partnership Funds) Regulations
Amended by:
Rules pertaining to Licensed Activities
Funds
- Legislation
- Retail Collective Investment Schemes
- Alternative Investment Funds
- Professional Investor Funds
- Notified Alternative Investment Funds
- Notified Professional Investor Fund
- Cross-Border Distribution of Funds
- Application Forms
- Guidance
- Newsroom
- Information Point
Secondary Legislation
S.L. 370.01 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 370.02 – Investment Services Act (Exemption) Regulations
S.L. 370.03 (R) – Investment Services Act (Fees) Regulations
Repealed by:
S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations
Amended by:
S.L. 370.05 – Investment Services Act (Control of Assets) Regulations
S.L. 370.09 – Investor Compensation Scheme Regulations
S.L. 370.10 – European Passport Rights for Investment Firms Regulations
Repealed by:
S.L. 370.12 – Investment Services Act (Performance Fees) Regulations
S.L. 370.14 (R) – Investments Services Act (Tied Agents) Regulations
Repealed by:
S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations
S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations
S.L. 370.17 (R) – Investment Services Act (Financial Capital Adequacy Consolidation) Regulations
Repealed by:
S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations
S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations
S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations
S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations
S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations
Amended by:
S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations
S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations
S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations
S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations
S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations
S.L. 370.29 – Over-Reliance on Credit Rating Regulations
S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations
S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations
S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations
S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations
Amended by:
S.L. 370.35 – Local Central Counterparties Access Regulations
S.L. 370.37 – Data Reporting Services Regulations
Amended by:
S.L. 370.38 – Algorithmic Trading Regulations
S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 370.41 – Markets in Financial Instruments Regulations
S.L. 370.42 – Investment Services Act (Tied Agents) Regulations
S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations
Repealed by:
Amended by:
S.L. 370.47 – Investment Services Act (Supervisory Review Investment Firms Directive) Regulations
S.L. 370.49 – Supervisory Consolidation (Investment Firms Directive) Regulations
S.L. 370.50 – Investment Services Act (Cross-Border Distribution of Funds) Regulations
S.L. 370.51 – Financial Markets (Fees) Regulations
Amended by:
S.L. 370.52 – Investment Services Act (Fees) Regulations
Amended by:
S.L. 370.53 – Investment Services Act (Special Limited Partnership Funds) Regulations
Amended by:
Standard Licence Conditions and related Appendices
Part BI – Malta based Retail Non-UCITS Collective Investment Schemes
Part BII – Malta based Retail UCITS Collective Investment Schemes
Appendix I – Contents of the Prospectus
Appendix II – Contents of the Financial Statements
Appendix III – Contents of the Constitutional Documents
Appendix IV – Distribution of Income
Appendix VIII – Supplementary Licence Conditions Applicable to Self-Managed Schemes
Appendix IX AIF-Specific Information to be provided
Superseded Versions and Links
Part A – The Application Process (applicable up to 19 November 2024)
Part A – The Application Process (applicable up to 4 February 2024)
Part A – The Application Process (applicable up to 4 September 2023)
Part BII – Malta based Retail UCITS Collective Investment Schemes (applicable up to 3 December 2024)
Appendix V – Monthly Statistical Return – Deleted
Appendix VIII – Supplementary Licence Conditions Applicable to Schemes setup as Money Market Funds – Deleted
Standard Licence Conditions and related Appendices
Part B – Standard Licence Conditions applicable to Alternative Investment Funds
Appendix 2 – Distributions of Income
Appendix 3 – Contents of the Constitutional Document
Appendix 4 – Contents of the Offering Document
Appendix 7 – Remuneration Policy
Appendix 8 – Disclosure and Transparency Requirements
Annex 1 – AIFM – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)
Annex 2 – AIF – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)
Annex 3 – AIF – Specific Information to be reported (Article 24(2) AIFMD)
Annex 4 – AIF – Specific Information to be reported (Article 24(4) AIFMD)
Appendix 9 – Declaration Forms
Superseded Versions and Links
Part A – The Application Process (up to 11 February 2025)
Part A – The Application Process (applicable up to 19 November 2024)
Part A – The Application Process (applicable up to 4 February 2024)
Part A – The Application Process (applicable up to 4 September 2023)
Appendix V – Monthly Statistical Return – Deleted
Appendix VIII – Supplementary Licence Conditions Applicable to Schemes setup as Money Market Funds – Deleted
Standard Licence Conditions and related Appendices
Part BI – Professional Investor Funds targeting Experienced Investors
Part BII – Professional Investor Funds targeting Qualifying Investors
Part BIII – Professional Investor Funds targeting Extraordinary Investors
Appendix I – Supplementary Licence Conditions
Annex 1 – AIFM-Specific Information to be reported (Article 3(3) AIFMD)
Annex 2 – AIF- Specific Information to be reported (Article 3(3) AIFMD)
Appendix II – Contents of the Offering Document
Superseded Versions and Links
Part A – The Application Process (up to 11 February 2025)
Part A – The Application Process (applicable up to 4 February 2024)
Appendix I – Supplementary Licence Conditions (up to 11 February 2025)
Click here for AIFMD Circulars/Guidance
Appendix V – Monthly Statistical Return – Deleted
Appendix VIII – Supplementary Licence Conditions Applicable to Schemes setup as Money Market Funds – Deleted
National Provisions governing marketing requirements for AIFs and UCITS
Last updated on: 17 September 2021
In application of Article 1 of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the national laws, regulations and administrative provisions governing marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
Marketing Requirements for UCITS
a) The Format and Content of Marketing Material
The format and content of marketing material by UCITS is prescribed in Chapter 1 of the Conduct of Business Rulebook. Furthermore, a reference has been included in Rule R.1.2.81 to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications.
b) Verification of Marketing Communications by the Authority
The Authority carries out an ex-post review of marketing communications issued by regulated entities. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
c) Passporting Rules
Passporting In
European UCITS wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.
- Investment Services Rules for Retail CIS:
- Part A Section 12: Exercise of Passport Rights by European UCITS Schemes
- L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations:
- Marketing of European UCITS in Malta: Articles 8 – 1
Passporting Out
Maltese UCITS wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.
- L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations:
- Marketing of Maltese UCITS in a Member State or in an EEA State: Articles 4 – 7
d) De-notification of arrangements made for marketing
Where the UCITS Manager no longer wishes to market its UCITS in another Member State, the UCITS Manager is to submit a notification to the MFSA in terms of Article 4(16) of the Investment Services Act (Marketing of UCITS) Regulations.
The notification is to be submitted to the MFSA on [email protected]
Marketing Requirements for AIFs
a) The Format and Content of Marketing Material
AIFMs shall ensure that all marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF. All marketing material must be fair, clear and not misleading.
AIFMs shall also note that SLC 3.14 has been introduced in Part BIII of the Investment Services Rules for AIFMs to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications. AIFMs are to note that new requirements are applicable for all AIFs, regardless of the type of target investor.
b) Verification of Marketing Communications by the Authority
The Authority shall carry out an ex-post review of marketing communications issued by regulated entities. To note that it is the responsibility of the AIFM Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
c) Marketing to Retail and Professional Investors
AIFMs are to refer to the provisions listed below depending on the target investors of the AIFs managed, as well as the marketing communication addressed to them.
Retail Investors:
- Section 10 – Part BIII of the Investment Services Rules for Investment Services Providers.
- Article 4 – Cross-Border Distribution of Funds Regulation
- ESMA Guidelines on Funds’ Marketing Communications (applicable 6 months after the date of the publications of translations)
Professional Investors:
- Article 4 – Cross-Border Distribution of Funds Regulation
- ESMA Guidelines on Funds’ Marketing Communications (applicable 6 months after the date of the publications of translations)
d) Passporting Rules
Passporting In
European AIFs managed by Maltese or European AIFMs wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.
- Investment Services Act (Marketing of Alternative Investment Funds) Regulations
- Marketing of European AIFs by Maltese AIFMs in Malta: Article 3
- Marketing of European AIFs by European AIFMs in Malta: Article 5
Passporting Out
Maltese AIFs wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.
- Investment Services Rules for AIFs
- Investment Services Act (Marketing of Alternative Investment Funds) Regulations
- Marketing of European AIFs by Maltese AIFMs in a Member State or EEA State: Article 4
- Schedule 4: Notification Letter
e) Distribution of Funds Established in a Non-EU Member State under the National Private Placement Regime
EU AIFMs or Non-EU AIFMs wishing to market the units of Non-EU AIFs in Malta are to refer to the notification forms and guidance document listed below, as applicable.
- Article 36 Notification Form: Marketing of Non-EU AIFs managed by an EU AIFM
- Article 42 Notification Form: Marketing of Non-EU AIFs managed by a Non-EU AIFM
- Guidance note on the completion of the Article 36 and 42 Notification Form
f) De-Notification of Arrangements made for Marketing
Where the AIFM no longer wishes to market its AIF/s in another Member State, the AIFM is to submit a notification to the MFSA in terms of Article 3(13) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations
The notification is to be submitted to the MFSA on [email protected]
g) Pre-marketing in the EU by Maltese AIFMs
Maltese AIFMs wishing to carry out pre-marketing must submit a notification by email within two weeks of having begun pre-marketing to [email protected] in accordance with Article 3 (20) and Article 4 (25) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulation.
Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.
Summaries of National Provisions governing marketing requirements for AIFs and UCITS
Last updated on: 17 September 2021
Marketing Requirements for UCITS
a) Notification for the Marketing of Units
A European UCITS Scheme may market its units in Malta provided that prior to the commencement of such marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 8 of the Investment Services Act (Marketing of UCITS) Regulations. Particularly, such a notification is to be received by the MFSA from the Authority of the UCITS home Member State or EEA State and is to include the information outlined in Article 8 1(a)-(d) and Article 8 2(a)-(d) of the Regulation.
A Maltese UCITS Scheme intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule C of the Investment Services Rules for Retail Collective Investments Schemes to the MFSA.
b) Notification and Prior Approval of Marketing Communications
The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
Marketing Requirements for AIFs
a) Notification for the Marketing of Units
A European AIF may market its units in Malta provided that prior to the commencement of marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 3 or Article 5 (as applicable) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations.
A Maltese AIF intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule 4 of the Investment Services Rules Alternative Investment Funds to the MFSA.
b) Notification and Prior Approval of Marketing Communications
The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the AIFM to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.
The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.
c) Marketing to Retail Investors and Professional Investors
As from 2 August 2021, in terms of Article 4 of the Cross-Border Distribution of Funds Regulation, AIFMs are required to ensure that all marketing communications addressed to investors, including professional investors, are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF in an equally prominent manner, and that all information is fair, clear and not misleading.
To supplement the above, on 27 May 2021, ESMA published its Guidelines under the Cross-Border Distribution of Fund Regulation, specifying the requirements that funds’ marketing communications must meet. It is to note that such Guidelines will become applicable 6 months after the date of the publication of the translations.
AIFMs shall note that the SLC 3.14 Part BIII has been introduced to include a reference to the new marketing requirements emanating from the CBDF Regulation and the Guidelines on Marketing Communications.
Furthermore, AIFMs managing Retail AIFs should also refer to Section 10 of Part BIII of the Investment Services Rules for Investment Services Providers which sets out further rules relating to disclosure requirements for marketing communications and information provided to retail clients. In addition to minimum disclosure requirements and information to be provided, such rules also set out, inter alia, other requirements relating to record keeping for marketing communications as well as conditions to be satisfied when providing information to retail investors relating to past or future performance.
Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.
Regulatory Fees and Charges
Last updated on: 17 September 2021
In application of Article 2(1) of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the fees and charges levied by the MFSA for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
Fees and Charges
The fees levied with respect to cross-border activities emanate from the Investment Services Act (Fees) Regulations. The MFSA charges an initial notification/application fee and an ongoing annual supervisory fee as further detailed below.
European UCITS Management Companies and AIFMs establishing a branch as well as European UCITS and European AIFs marketing their units in Malta shall, annually, upon the anniversary of the date on which they commence business or market their units in Malta, pay the supervisory fee established in the table below, with the first annual fee becoming payable immediately once a licence/authorisation is granted.
Cross-Border Management Fees and Charges
| Initial Notification Fee | Ongoing Annual Supervisory Fee | |
| European UCITS management companies establishing a branch in Malta | €1,250
|
€4,000
|
| European AIFMs establishing a branch in Malta | €1,250
|
€4000 |
Cross-Border Marketing Fees and Charges
| Initial Notification Fee | Ongoing Annual Supervisory Fee | |
| UCITS & AIF Passporting IN | ||
| European UCITS Scheme marketing their units in Malta | €2,500
|
€3,000
|
| UCITS Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) | €450
|
€500 |
| UCITS Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) | €450 | N/A |
| European AIF Scheme marketing their units in Malta | €2,500
|
€3,000
|
| AIF Sub-Funds (Fees applicable per sub-fund up to 15 sub-funds) | €450
|
€500 |
| AIF Sub-Funds (Fees applicable per sub-fund for the 16th sub-fund and over) | €450 | N/A |
Retail Collective Investment Schemes
Revised Applications in accordance with the new Authorisation Process
Authorisation Application Forms – Funds
Other Applications
Alternative Investment Funds
Revised Applications in accordance with the new Authorisation Process
Authorisation Application Forms – Funds
Other Applications
Notification Form for EU AIFMs (above threshold) marketing AIFs under Article 36 of the AIFMD
Notification Form for EU AIFMs (below threshold) marketing AIFs
Professional Investor Funds
Revised Applications in accordance with the new Authorisation Process
Authorisation Application Forms – Funds
Other Applications
Application for a Preliminary Indication of Acceptability of a Professional Investor Fund
Notified Alternative Investment Funds
Annex I: Pro-Form Prospectuses
Pro-Forma Prospectus of a Multi-Fund Limited Liability Company with Variable Share Capital
Pro-Forma Prospectus of a Master-Feeder Structure
Pro-Form Prospectus of a Contractual Fund
Annex II: Resolution of the governing body of the NAIF
Annex III: AIFM self-certification
Annex IV: Declaration Form for the AIFM and the governing body of the NAIF
General Guidance
Glossary to the Investment Services Rules for Retail Collective Investment Schemes
Glossary to the Investment Services Rules for Alternative Investment Funds
Glossary to the Investment Services Rules for Professional Investor Funds
Glossary to the Investment Services Rules for Notified Alternative Investment Funds
Collective Investment Scheme Guidance
Recognised Persons
Secondary Legislation
S.L. 370.01 (R) – Appointment of Competent Authority Order
Repealed by:
S.L. 370.02 – Investment Services Act (Exemption) Regulations
S.L. 370.03 (R) – Investment Services Act (Fees) Regulations
Repealed by:
S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations
Amended by:
S.L. 370.05 – Investment Services Act (Control of Assets) Regulations
S.L. 370.09 – Investor Compensation Scheme Regulations
S.L. 370.10 – European Passport Rights for Investment Firms Regulations
Repealed by:
S.L. 370.12 – Investment Services Act (Performance Fees) Regulations
S.L. 370.14 (R) – Investments Services Act (Tied Agents) Regulations
Repealed by:
S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations
S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations
S.L. 370.17 (R) – Investment Services Act (Financial Capital Adequacy Consolidation) Regulations
Repealed by:
S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations
S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations
S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations
S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations
S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations
Amended by:
S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations
S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations
S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations
S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations
S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations
S.L. 370.29 – Over-Reliance on Credit Rating Regulations
S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations
S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations
S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations
S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations
Amended by:
S.L. 370.35 – Local Central Counterparties Access Regulations
S.L. 370.37 – Data Reporting Services Regulations
Amended by:
S.L. 370.38 – Algorithmic Trading Regulations
S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations
S.L. 370.41 – Markets in Financial Instruments Regulations
S.L. 370.42 – Investment Services Act (Tied Agents) Regulations
S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations
Repealed by:
Amended by:
S.L. 370.47 – Investment Services Act (Supervisory Review Investment Firms Directive) Regulations
S.L. 370.49 – Supervisory Consolidation (Investment Firms Directive) Regulations
S.L. 370.50 – Investment Services Act (Cross-Border Distribution of Funds) Regulations
S.L. 370.51 – Financial Markets (Fees) Regulations
Amended by:
S.L. 370.52 – Investment Services Act (Fees) Regulations
Amended by:
S.L. 370.53 – Investment Services Act (Special Limited Partnership Funds) Regulations
Amended by:
