On the 22nd March 2013, the Malta Financial Services Authority (MFSA) issued a consultation note regarding the proposed introduction of a rulebook (the Rulebook) applicable to de minimis Alternative Investment Fund Managers (AIFM) in terms of the Alternative Investment Fund Managers Directive (AIFMD).The consultation period runs until 5th April, 2013.

Article 3 of the AIFMD provides for exemptions and lays the foundations for the de minimis regime. Whilst the AIFMD details the minimum conditions and reporting obligations which must be fulfilled by a de minimis AIFM, Member States are given the option to apply stricter rules to this type of AIFM. The MFSA has opted to apply a minimum licencing regime rather than registration to de minimis AIFMs as it considers that it is in the best interest of fund managers to be licensed, particularly when dealing with potential investors.

A copy of the MFSA’s consultation note and the draft Rulebook can be obtained by clicking here. Should you require any assistance in this regard, please contact us on info@camilleripreziosi.com