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ARTICLE · 19 DECEMBER 2013

AIFMD – Implementation Of The Depositary Lite Provisions

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Following the finalisation of the consultation process which commenced on the 18th September 2013, the MFSA has revised the Investment Services rules for Investment Services Providers in order to introduce the Depositary Lite regime.

MaltaFinance and Banking
GVZH Advocates
GVZH Advocates
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Following the finalisation of the consultation process which commenced on the 18th September 2013, the MFSA has revised the Investment Services rules for Investment Services Providers in order to introduce the Depositary Lite regime.

By virtue of this regime, certain Maltese AIFs would not be required to appoint a licenced depositary but could seek approval for the appointment of an entity which carries out depositary functions as part of its professional or business activities.

Whilst it was initially expected that the said entities would include law firms and notaries amongst others, it has now been clarified by the MFSA that, given the extensive duties and role of the depositary, only persons who have the competence to provide any investment service and to hold or control Clients' Money or Customers' Assets as applicable for a Category 2 Investment Services Licence, should be allowed to provide the services of depositary lite.

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