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Katya Tua

Katya Tua heads the Investment Services department of the firm. She was called to the Bar in 2002 and joined the law firm GVTH Advocates as an associate in the same year. She joined Simon Tortell and Associates as a founding partner in 2009.She advises primarily international clients in the incorporation and licensing of all types of collective investment schemes including UCITS, alternative investment funds (“AIFs) and professional investor funds (“PIFs”). She also advises on the drafting and negotiation of associated documentation as well as on all ongoing legal support work that collective investment schemes require, particularly regulatory compliance Katya’s regulatory experience also includes the structuring and operations of asset management and administrators.

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Investment Services & Funds

MFSA implements Fast-track Filing Procedure for Offering Documents of Collective Investment Schemes amended to comply with the Sustainable Finance Disclosure Regulations.

Following the entry into force of the Sustainable Finance Disclosure Regulation ("SFDR") in December 2020, the provisions of the said Regulations will become effective on the 10th March 2021.By way of background, the SFDR will require financial market participants and financial advisors to make pre-contractual and ongoing disclosures to investors regarding the integration of sustainability risk, the impacts of adverse sustainability, as well as the promotion of ESG characteristics and sustainable investments (as applicable). In this respect, pursuant to a circular dated 9th February 2021, the Malta Financial Services Authority ("MFSA") communicated the process to be adopted for the submission…
Katya Tua
16th February 2021
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Investment Services & Funds

The Malta Financial Services Authority launches a Consultation Document aimed at regulating Collective Investment Schemes investing in Virtual Currencies

The Malta Financial Services Authority (the "MFSA"), Malta's single regulator for the financial services industry, has published a consultation document through which it has formally kick-started the process for the regulation of collective investment schemes having as their investment objective the investment in virtual currencies.The launch of the consultation document foreshadows the regulatory approach to be adopted by the MFSA in relation to this specific faction of the digital economy, and, simultaneously, offers market participants the potential to design a platform tailor made for certain categories of investors willing to invest in virtual currencies.In terms of the draft rulebook issued…
Katya Tua
17th November 2017
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Investment Services & Funds

The Maltese Professional Investor Fund Regime

Under Maltese law, collective investment schemes that qualify as Professional Investor Funds ("PIFs") are subject to a significantly lighter and more flexible regime than retail funds. Hedge funds, funds of funds, private equity funds, and property funds, are typically set up as a PIF, in Malta. The Investment Services Rules for Professional Investor Funds, issued by the Malta Financial Services Authority ("MFSA") cater for a regulatory framework that is both robust and adaptable, allowing managers and promoters to innovate and to develop new products to meet the changing needs of the market. Changes to the Investor Base On 1 April…
Katya Tua
21st March 2017
Investment Services & Funds

Recognised Incorporated Cell Companies

​BackgroundBy virtue of the Companies Act (Investment Companies with Variable Share Capital) Regulations, it has been possible, since 2003, to set up a multi-fund company licensed as a collective investment Scheme in Malta. The distinguishing feature of this type of umbrella-structure company is that several sub-funds can be set up within the company, with each sub-fund having its own segregated assets and liabilities. The assets and liabilities of each sub-fund are distinct from the assets and liabilities of the other sub-funds under the same umbrella structure. Furthermore, each sub-fund obtains its own licence as, for instance, a professional investors fund…
Katya Tua
21st November 2016
Investment Services & FundsNews

Non-Financial Counterparty and Financial Counterparty obligations under EMIR

​Each of the following shall be deemed to be Financial Counterparties for the purposes of EMIR: a credit institution, an investment firm, a UCITS, and where relevant, its management company, an AIF managed by AIFM, an insurance, assurance, reinsurance undertaking, or an institution for occupational retirement provision.Non-financial counterparties ("NFCs") are all those counterparties to a derivative contract other than Financial Counterparties, Trade Repositories and Central Counterparties. Until a fund shall remain regulated under the Malta PIF regime, it shall be classified as an NFC (and hence Parts A, B and C below shall apply), however, it is important to note…
Katya Tua
21st November 2016
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Investment Services & FundsNews

Malta: Implications of the Alternative Investment Fund Manager Directive (AIFMD)

1. Background1.1. The deadline for implementation of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers1 ("AIFMD"), by the EU Member States is 22 July 2013. However, there are various transitional provisions and special provisions on the transposition of certain rules in relation to third countries, which make the application of such rules dependent on a positive advice / opinion from ESMA, and a delegated act from the European Commission. For the relevant timeframes, see Annex I.1.2. The AIFMD will concern, essentially:• Fund managers established in the EU managing and / or marketing Alternative Investment Funds ("AIFs"),…
Katya Tua
18th November 2016