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Investment Services & Funds

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Investment Services & Funds

The Cross-Border Distribution of Funds Framework

The Cross-Border Distribution of Funds (the "CBDF") Framework is composed of the CBDF Regulation and Directive, and is supplemented by the Commission Delegated Regulation 2021/955 and by the ESMA Guidelines on Marketing Communications under the Regulation on Cross-Border Distribution of Funds. The ESMA Guidelines on Marketing Communications and the Commission Delegated Regulation 2021/955 came into effect recently on the 2nd of February 2022. The CBDF Regulation establishes marketing requirements for collective investment undertakings and for marketing communications that are addressed to investors. This Regulation establishes principles relating to fees and charges that are levied on managers of collective investment undertakings…
Anthea Sammut​
8th February 2022
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Investment Services & Funds

The Investment Firms Regulation and Directive – Master Data Collection and Investment Firms Classification

The Investment Firms Regulation and Directive (the "IFR/D Package"), became applicable on the 26th of June 2021. The IFR/D Package introduced a new prudential framework that is applicable to Investment Firms. For further details on the coming into force of the IFR/D Package, kindly refer to our article of the 4th of November 2021. On the 17th of January 2022, the Malta Financial Services Authority (the "MFSA") issued a Circular titled "The Investment Firms Regulation and Directive – Data Collection", which follows up on other circulars and briefings that were issued by the MFSA following the coming into force of…
Anthea Sammut​
25th January 2022
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Investment Services & Funds

The Updated FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.

In 2019, the Financial Action Task Force ("FATF") adopted a Guidance for Risk-Based Approach to Virtual Assets ("VAs") and Virtual Asset Service Providers ("VASPs"). The purpose behind the Guidance was to help national authorities to comprehend and develop regulatory and supervisory responses to VAs activities or operations and VASPs, and to help private sector entities seeking to engage in VAs activities in comprehending their obligations with respect to anti-money laundering and countering the financing of terrorism ("AML/CFT") and how they can successfully comply with these requirements. The FATF updated its 2019 Guidance in October of this year. A brief outline…
Anthea Sammut​
23rd November 2021
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Investment Services & Funds

The Coming into Force of the Investment Firms Regulation and Directive

The Investment Firms Regulation and Directive (the "IFR/D Package") became applicable on the 26th of June 2021, introducing a new prudential framework applicable to investment firms. Before the introduction of the new prudential framework, investment firms were subject to the Capital Requirements Regulation and the Capital Requirements Directive. Investment firms must note that certain small firms will still be subject to the Capital Requirements Regulation ("CRR"). Furthermore, investment firms will still be subject to MiFIR and MiFID II irrespective of the classification as explained below.Credit institutions offering MiFID related services are out of scope of the IFR/D package and therefore…
Anthea Sammut​
4th November 2021
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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 & FundsLegal Updates

ESMA Publishes Guidance on Performance Fees in UCITS and Certain AIFs

On the 3rd April, 2020, the European Securities and Markets Authority ("ESMA") published its final guidelines on performance fees in Undertakings for Collective Investments in Transferable Securities ("UCITS") and certain types of Alternative Investment Funds ("AIFs"). The guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage, including the assessment of the consistency between the performance fee model and the fund's investment objective, policy and strategy, particularly when the fund is managed in reference to a benchmark.Their purpose is to harmonise the way fund managers charge performance fees to retail investors, as well…
MamoTCV Advocates
9th April 2020