By Dr Isabelle Agius, Senior Manager, MFSA Regulatory
Development Unit
Introduction
The transposition in Malta of the Alternative Investment Fund
Managers Directive1 ('AIFMD')
strengthened the Maltese regulatory framework applicable to
Alternative Investment Fund Managers ('AIFMs') and further
reinforced the integrity of the financial system. Even though the
AIFMD focussed on establishing a European framework aimed at
regulating and supervising AIFMs, the Malta Financial Services
Authority ('MFSA') went beyond the AIFMD and made provision
for a structured framework for the regulation and supervision of
Alternative Investment Funds ('AIFs'). Since July 2013, the
authorisation and regulation of AIFs runs parallel with the
authorisation and regulation of PIFs which were retained for de
minimis AIFMs and third country managers. Furthermore, this
specific product regulation enabled the MFSA to implement the
Regulations (EU) No 345/2013 and 346/2013 on European
