Apr
09

ESMA Publishes Guidance on Performance Fees in UCITS and Certain AIFs

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On the 3 rd 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...
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1468 Hits
Mar
25

MFSA Issues Circular on Contingency Planning in Light of COVID-19

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As a result of the current crisis in which we find ourselves, due to the COVID-19 pandemic, the Malta Financial Services Authority (" MFSA ") issued a notice on 13 th March 2020, urging investment firms, custodians, fund managers and collective investment schemes (collectively referred to as " Licence Holders ") to take into account how their operations may be affected by this pandemic. In light of this, the MFSA expects Licence Holders to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality, b...
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1713 Hits
Mar
18

FIAU issues circular extending REQ submission deadline

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  The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here . Disclaimer This document does not purport to give legal, financial or tax advice. Should you re...
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  1983 Hits
1983 Hits
Sep
30

Update on the Maltese Temporary Permission Regime for UK Investment Firms and Fund Managers.

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On 24 September 2019 the Government of Malta issued three legal notices with respect to three Regulations, falling under the Investment Services Act, which are to be amended in order to cater for the event of a no-deal Brexit. This comes following a circular which was issued by the MFSA on 28 March 2019 that introduced the possibility of granting temporary permission to UK entities  1 already passporting into Malta. The three Regulations to be amended include the: i. European Passport Rights for Investment Firms Regulations; ii. Investment Services Act (UCITS...
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  3191 Hits
3191 Hits
Aug
13

The Companies Act (Register of Beneficial Owners) Regulations and Recent Amendments

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The Companies Act (Register of Beneficial Owners) Regulations (the "Regulations") introduced the obligation on all companies constituted under the Companies Act, to submit to the Registrar a declaration containing information on all the beneficial owners of the company. This information submitted to the Registrar is used to compile an electronic register of all the beneficial owners of Maltese companies. The Regulations exempt certain entities from the obligations established by the Regulations. Exempted entities are companies listed on a regulated market which ar...
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  2517 Hits
2517 Hits