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ARTICLE · 20 JULY 2015

Malta – The Jurisdiction Of Choice

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Since the transposition of the AIFMD in mid-2013, hedge fund managers using Maltese structures have been provided with a wider choice.

MaltaFinance and Banking
Kurt Hyzler
Kurt Hyzler
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Since the transposition of the AIFMD in mid-2013, hedge fund managers using Maltese structures have been provided with a wider choice.

However, during the transposition process the locally constructed Professional Investor Fund ("PIF") regime, which at the time of transposition accounted for more than 84% of all collective investment schemes licenced in Malta, ran the risk of being phased out by the AIFMD compliant funds ("AIFs").

Over the years the PIF regime has attracted a notable amount of small to medium size funds eager to operate in the Maltese regulatory environment. Its success is attributable to the fact that it is an inexpensive regime due to lighter regulatory costs and it allows hedge fund managers a certain degree of flexibility whilst operating within a robust and reputable legal framework. As an example, funds licenced as PIFs and targeted at sophisticated investors are not required to appoint a depositary so long as they have

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