Malta - Consolidation Of The Domestic Fund Framework

On 26 May 2016 the Malta Financial Services Authority ('MFSA') published a circular, thus putting flesh on the bones of its intention to consolidate and reduce the number of fund frameworks available to fund promoters pursuant to the Investment Services Act (Chapter 370 Laws of Malta) and the applicable Rules thereof.

As at the date of publication of the aforementioned circular, the available fund frameworks available to promoters were as follows:

1. Retail Schemes

These included UCITS, Non-UCITS Retail Schemes, Overseas Based Non-UCITS Retail Schemes and Retail AIFs.

1. Professional Investor Funds ('PIFs')

These comprised the below three sub-categories:

1. PIFs promoted to Experienced Investors with a minimum investment requirement of EUR 10,000;