A faster application process for collective investment schemes in Malta
The Malta Financial Services Authority (MFSA) has revised the application process for collective investment schemes in Malta and introduced new application packs for Professional Investor Funds (PIFs), Alternative Investment Funds (AIFs) and Undertakings for Collective Investments in Transferable Securities (UCITS).
The new measures aim to expedite the authorisation process for all three types of collective investment schemes with the aim of improving the competitiveness of Malta’s investment funds market.
As part of the process the MFSA has committed to acknowledge receipt of the application confirming whether or not it is complete within 2 working days. Once an application is deemed to be complete the Authority has committed to revert with an initial letter of comments within the following time frames:
- UCITS / Retail AIFs: 15 working days for new schemes and 10 working days for sub-funds of existing schemes
- PIFs/AIFs: 10 working days for new schemes and 5 working days for sub-funds of existing schemes; and
- self-Managed UCITS/PIFs/AIFs and Specialised Funds: 15 working days for new schemes and 10 working days for sub-funds of existing schemes.
The MFSA has also released new Offering Documentation and UCITS Depositary Agreement Checklists with the aim of facilitating the overall review of an application.
Contact us today to find out more.