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ARTICLE · 04 APRIL 2014

MFSA Publishes Investment Services Rules For Loan Funds

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The MFSA published a set of Investment Services Rules in addition to the laws, regulations or standard licence conditions that are currently applicable to AIFs.

MaltaFinance and Banking
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Mamo TCV Advocates
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On the 2nd April, 2014 the MFSA published a set of Investment Services Rules – "Standard License Conditions applicable to Collective Investment Schemes authorised to invest through Loans" (the "Rules"), which apply to funds investing through loans, in addition to the laws, regulations or standard licence conditions that are currently applicable to Alternative Investment Funds ("AIFs") or Professional Investor Funds ("PIFs").

Loan Funds

The Rules apply to funds investing through the direct origination of loans by the fund or the acquisition by the fund of a portfolio of loans or a direct interest in loans which gives rise to a direct legal relationship between the fund as lender and the borrower ("Loan Funds"). Loan Funds may be licensed as AIFs or PIFs targeting Qualifying or Extraordinary Investors, and must be structured as closed-ended funds. They may be issued solely and exclusively to unlisted companies and SMEs; financial undertakings are ineligible to

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