MFSA issues Circular – Update to Investment Services Rulebooks
News    ·   11-01-2021

AUTHOR: Andrew Caruana Scicluna; Laura Pillow

With effect from 4th January 2021, the Malta Financial Services Authority announced a number of amendments to certain sections of the Investment Services Rules for Investment Services Providers, with the scope of implementing ESMA’s Guidance on performance fees in investment funds – applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs) (the “Guidelines”).

These Guidelines aim at harmonising the way fund managers charge performance fees to retail investors, as well as the circumstances in which performance fees can be paid, and therefore, several changes were made to incorporate the Guidelines into the Investment Services Rulebooks by expanding sections of the (i) UCITS Rules, (ii) AIF Rules, (iii) UCITS ManCo Rules, and (iv) AIFM Rules.

This will change the way performance fees are structured, going forward. The MFSA circular can be accessed here. Should you have any queries, please reach out to Andrew Caruana Scicluna on or Laura Pillow on 


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