In April 2014, the Malta Financial Services Authority has
launched a Rulebook regulating collective investment schemes which
are authorised to invest through loans. The approval and licensing
of loan funds is regulated by the Investment Services Act which
provides for the licensing and regulation of collective investment
schemes investing in any type of assets, subject to any conditions
as the MFSA may impose.
The new Investment Services Rules apply specifically to loan
funds in addition to any laws, regulations or standard licence
conditions that are already applicable to Alternative Investment
Funds or Professional Investor Funds.
In preparing these Rules, the MFSA has taken as a basis the
provisions of the Alternative Investment Fund Managers Directive as
transposed into Maltese law in the first half of 2013. The
Authority has also taken into consideration the various studies and
policy recommendations on the regulation of shadow banking
published by the
