PARTNERS AND ASSOCIATES

PRACTICE AREAS

NEWS AND EVENTS

DOWNLOADS

PRACTICE AREAS



Overview of Practice Areas



Corporate



Financial Services
Banking and Financial
Investment Services
Collective Investment Schemes
Financial Markets
Financial Institutions
Insurance
Prevention of Money Laundering



Communications, Media and Technology



Intellectual Property & Anti Counterfeiting



Shipping & Aviation



Litigation and Alternative Dispute Resolution



Gaming and Lotteries



Competition



Employment and Labour



Real Estate & Development



Other

INVESTMENT SERVICES

Mamo TCV offers its services to local and foreign entities operating in the investment services sector and advises clients on licensing and other requirements applicable to the provision of investment services and activities of collective investment schemes in or from Malta or on a cross-border basis into Malta.

Investment services are regulated on the basis of the Investment Services Act (Chapter 370 of the Laws of Malta) (the “ISA”). The term “investment services” covers the services listed below, when provided in relation to instruments listed in the Second Schedule to the ISA (whether or not issued in Malta):

reception and transmission of orders in relation to one or more instruments;
execution of orders on behalf of other persons;
dealing on own account;
management of investments;
trustee, custodian or nominee services;
investment advice;
underwriting of instruments and, or placing of instruments on a firm commitment basis;
placing of instruments without a firm commitment basis;
operation of a Multilateral Trading Facility

Pursuant to the ISA, the provision of investment services in or from within Malta is subject to an investment services licence. Entities formed in accordance with or existing under the laws of Malta that provide or hold themselves out as providing an investment service in or from within a country, territory or other place outside Malta also require a valid investment services licence.

There are a number of exemptions from the licensing requirement, including for investment firms authorised in terms of MiFID* in another EU/EEA Member State (if such firms wish to establish a branch in Malta or provide cross-border services into Malta, they do not need further authorisation from the MFSA, provided they follow the relevant passporting procedure).

Persons who, in or from Malta, provide administrative services to licence holders in Malta, or to equivalent authorised persons and schemes overseas, do not need to obtain an investment services licence, but are required to apply for recognition by the MFSA.

The ongoing requirements to which recognized and licensed persons are subject are laid down in the ISA and subsidiary legislation and in the MFSA’s Investment Services Rules.

European investment firms that use their passport to provide services in Malta without having a local place of business need to appoint a fiscal representative.

(*) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC