The Maltese regulatory framework provides a number of different
fund structures starting from the Ucits fund, typically used for
retail investors, the notified alternative investment fund (Naif),
which is flexible enough to accommodate nearly all types of
investment strategies, and the professional investor fund (Pif),
which is a home-grown fund structure, not harmonised at EU level,
hence not subject to the alternative investment fund managers
directive. Nevertheless, a Pif is still subject to licensing by the
Malta Financial Services Authority (MFSA) which would approve the
Pif's offering documentation as well as its promoters and
service providers, unless these are already regulated in their
respective jurisdictions.
