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Legal Update: Investment Services & Funds

Investment Services & FundsLegal Updates

Legal Update on UCITS Information Documents

A key feature of Undertakings for the Collective Investment in Transferable Securities (“UCITS” fund) is the Key Investor Information Document (“KIID”), which provides the retail investor with simplified information from the prospectus. UCITS also qualify as Packaged Retail Investment and Insurance Products (“PRIIPS”). Since PRIIPs are required to do a Key Information Document (“KID”), promoters of a UCITS fund were technically obliged to provide both the KIID as well as the KID. Thus, these conflicting requirements would have created unclarity for the retail investor. Initially, an exemption was provided for investment companies and management companies who are promoting a UCITS…
Mamo TCV Advocates
1st June 2022
Legal Updates

Delay in Applicability of Environmental, Social and Governance Technical Standards

The Sustainable Finance Disclosure Regulation ("SFDR"), which was passed in 2019 and became applicable in 2021, has introduced Environmental, Social and Governance ("ESG") reporting obligations for EU investment funds. These sustainability reporting obligations aim at reducing the marketing practice of greenwashing in the investment services industry. However, whilst the SFDR provided for the obligation to carry out ESG reporting, the Regulatory Technical Standards ("RTS"), which stipulate how the data relating to the financial product is to be presented to investors, was not yet harmonised across the EU. Such omission to provide a harmonised methodology resulted in investors being unable to…
Mamo TCV Advocates
10th May 2022
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Legal Updates

The Introduction of Appendix 2E – A Financial Return for Depositaries

On the 11th of April 2022, the Malta Financial Services Authority (the "MFSA") issued a circular entitled "The Introduction of Appendix 2E – A New Regulatory Return for Licence Holders Offering Depositary Services Solely to Collective Investment Schemes". Through this circular, the MFSA remarked that along with the requirement to submit the annual report and audited financial statements, a new regulatory return, being Appendix 2E, is being introduced for depositaries of Collective Investment Schemes that are not allowed to offer any MiFID services and licensed as a credit institution in terms of the Capital Requirements Directive. The depositaries who are…
Mamo TCV Advocates
19th April 2022
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Legal UpdatesNews

Professional Investor Funds – amended application

In a circular dated the 18th of March 2022, the Malta Financial Services Authority ("MFSA") issued a circular titled: Publication of a Revised Application Form for Professional Investor Funds ("PIFs").In its circular issued earlier in 2021, the MFSA outlined that the new application form is part of a wider update to consolidate the licensing processes of various Collective Investment Schemes authorised by the MFSA. Although PIFs do not have passporting rights, this type of fund remains the most efficient investment vehicle for hedge fund managers who are targeting professional investors with a higher risk tolerance through a more dynamic regulatory approach.The…
MamoTCV Advocates
28th March 2022
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COVID19 MeasuresLegal Updates

MFSA Extends Regulatory Reporting Deadlines for Investment Firms, Funds and Managers

In light of the current pandemic in which we find ourselves, the MFSA has announced that it will be extending the deadlines for submission of regulatory reporting for investment firms, investment funds and fund managers which fall due by March or April 2020. However, with regard to those submissions which fall due by May or June 2020, the MFSA is reluctant to grant extensions for the time-being.1. Investment FirmsCategory 1-4 (excluding credit institutions) - Annual Report, Audited Financial Statements, COREP Return, and Management Letter, Circularisation Exercise ReportDeadlines for submissions due by March or April 2020 shall be extended by two months…
MamoTCV Advocates
27th March 2020
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Legal Updates

MFSA issues Circular on Market Infrastructure Matters in relation to Brexit

Following the United Kingdom's ("UK") withdrawal from the European Union ("EU"), the Malta Financial Services Authority ('MFSA') has issued a circular which provides an update on governance and reporting obligations.This update is relevant and applicable to all market participants, specifically those entities which fall within the ambit of the following securities markets' regulations:1.The Markets in Financial Instruments Directive ("MiFID II") and The Markets in Financial Instruments Regulation ("MiFIR II"); 2.The European Markets Infrastructure Regulation ("EMIR"); 3.The Central Securities Depositary Regulation ("CSDR"); 4.The Alternative Investment Fund Managers Directive ("AIFMD"); & 5.The Money Market Funds Regulation ("MMFR"). The UK's withdrawal agreement states…
MamoTCV Advocates
7th February 2020