On the 17th May, the Malta Financial services (MFSA)
issued a document containing a number of frequently asked questions
on the implications of a hard Brexit on the local asset management
industry.
Amongst other matters, MFSA has assured that Professional
Investor Funds (PIFs) being managed by UK firms will not be
impacted, insofar as the manager will continue to satisfy the
requirements of sufficient good standing and positive repute. On
the other hand, until Article 37 of the AIFMD comes into force in
Malta, Maltese based Alternative Investment Funds (AIFs) and UCITS
funds which are managed by UK management companies would be
required to appoint an EU manager or convert into a PIF or a
self-managed AIF. Furthermore, all collective investment schemes
having UK service providers are expected to revise their offering
documentation as well as service agreements with UK entities (where
applicable) in order to reflect the changes resulting from
Brexit.
