Today, July 22, is the official day of entry into force of the Alternative Investment Fund Managers Directive (the “AIFMD”). The scope of the AIFMD is broad and largely regulates the management, custody and marketing of alternative investment funds (AIFs). Unless considered to be a de minimis manager, the directive will apply to all non-UCITS funds, in particular, hedge funds, private equity, real estate, infrastructure and investment trusts.
As from today, new licences for investment managers of non-UCITS Collective Investment Schemes will be issued in compliance with the revised Investment Services Rules for Investment Services Providers, whereas new licences for Collective Investment Schemes targeting professional investors will be issued in compliance with the new regulatory architecture appertaining to Alternative Investment Funds (AIFs), that is the AIF Rulebook.
Malta’s Professional Investor Fund (PIF) regime will be retained in parallel with the AIF Regime. In particular, de minimis fund managers and third country managers will be able to establish a collective investment scheme in terms of the Investment Services Act and be regulated by the Investment Services Rules for PIFs.
Currently therefore, the categories of schemes which shall continue to be licensed in Malta shall comprise: (i) UCITS Schemes; (ii) Non- UCITS retail Schemes; (iii) Professional investor Funds; and (iv) Alternative Investment Funds.
For any queries on the implications of the AIFMD please contact Laragh Cassar on email@example.com