The MFSA has recently published a revised version of the Investment Services Rules applicable to each of Retail Collective Investment Schemes, Professional Investor Finds and Alternative Investor Funds. Pursuant to the Maltese Companies Act (Investment Companies with Variable Share Capital) Regulations, issues of fully paid up shares by a SICAV may be subject to full payment by a settlement date. Such settlement date must be disclosed in the prospectus or offering document of the SICAV and cannot exceed the number of days established in the Investment Services Rules.

Recently amended rules now provide that the settlement date by which payment of the full subscription price is to be received by the SICAV cannot be later than 5 working days from the date of issue of the shares.