Legal notice 251 of 2013 starts by amending the definition of a “collective investment scheme”. A replacement proviso now states that an alternative investment fund that is not promoted to retail investors and is not a scheme or arrangement which operates according to the principle of risk spreading shall only be deemed to be a collective investment scheme if the scheme, in specific circumstances as may be established under the Investment Services Act, is exempt from such requirement and satisfies any conditions that may be prescribed.
Also, the definition of “investment service” has been substituted to state that this term means any service falling within the First Schedule to the Investment Services Act provided in relation to an instrument. A proviso follows to qualify that the service of ‘Management of Investments’ in terms of the First Schedule shall also include the collective portfolio management of assets of a collective investment scheme when provided in relation to an asset that is not an instrument within the meaning of the Second Schedule to the same Act.
Additionally, in the First Schedule to the Investment Services Act, under the service of ‘Management of Investments’ a new paragraph is included to cover the following: “Collective portfolio management of assets, belonging to a collective investment scheme, where the arrangements for their management are such that the person managing or agreeing to manage those assets has discretion to invest in any movable and, or immovable property.”
To read this legal notice please click here.
Further to the above notice, a second legal notice has been published which incorporates a number of provisions made pertinent pursuant to the transposition into Maltese law of the Directive on Alternative Investment Fund Managers.
To read this second legal notice please click here.