MFSA Publishes Corporate Governance Manual For Investment Funds

The Malta Financial Services Authority ("MFSA") has issued a Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes (the "Manual"). The purpose of the Manual is to provide general guidance to directors of collective investment schemes (funds) on how to implement good corporate governance practice. The Manual touches upon:

1. The role of the director of a fund in view of the particular nature of fund structures;
2. The appointment of directors, in particular due diligence, which should be carried out not only by the investment manager or sponsor on persons who are to be appointed as director on the fund's board, but also by the directors in respect of the investment manager or sponsor, the fund and its services providers;