评估马耳他AIF基金的结构环境

MFSA监管发展部高级经理Isabelle Agius博士– The transposition in Malta of the Alternative Investment Fund Managers Directive1 ('AIFMD')加强了适用于另类投资基金经理的马耳他监管框架('AIFMs') and further reinforced the integrity of the financial system. Even though the 美国农业发展基金会 focussed on establishing a European framework aimed at regulating and supervising 航空情报管理, the Malta Financial Services Authority ('MFSA') went beyond the 美国农业发展基金会 and made provision for a structured framework for the regulation and supervision of Alternative Investment Funds ('AIFs'). 

Since July 2013, the authorisation and regulation of AIF runs parallel with the authorisation and regulation of PIFs which were retained for de minimis 航空情报管理 and third country managers. Furthermore, this specific product regulation enabled the MFSA to implement the 规s (EU) No 345/2013 and 346/2013 on European venture capital funds and European social entrepreneurship funds respectively to the PIF and AIF regimes depending on whether the funds are managed by a full-scope AIFM or a de minimis AIFM. 

The additional regulatory regime for AIF further reinforced Malta's traditional dual layer of regulation regulating and supervising both service providers and collective investment schemes. Indeed, the transposition of the 美国农业发展基金会 in Malta effected the Investment Services Act2 (the 'Act') which is the primary act regulating investment services providers and collective investment schemes, the regulations which are issued in terms of the Act and the Investment Services Rules which the Authority is empowered to issue for the better carrying out of the provisions of the Investment Services Act. 

On 1 April 2016, the Authority launched of the Notified AIF ('NAIF') regime. This regime marks a clear departure from the MFSA's concept of AIF as regulated and supervised products and aims at providing 航空情报管理 with a solution to market AIF within the European Union in the shortest timeframe possible. This 文章 proposes to provide an overview of the salient features of the NAIF regime. 

建立NAIF的主要事实

A NAIF can be established in Malta in terms of the Investment Services Act (List of Notified AIF) 规s, 2016 and the Investment Services Rules for Investment Services Providers (the 'Rules'). 

The fund manager establishing and managing the NAIF may either be a full-scope AIFM authorised in terms of the Investment Services Act to provide manage AIF or alternatively an EU AIFM which is in possession of a management passport under Article 33 of the 美国农业发展基金会. 

另一方面,NAIF可以是开放式的也可以是封闭式的,并且可以按照马耳他法律规定的任何形式建立,即投资公司(即SICAV3或INVCO4),单位信托,合同资金或在法人单位中的法人单位。但是,NAIF制度并非适用于所有集体投资计划。自我管理的AIF,财产基金,贷款基金以及投资于MiFID5附件I C节所列金融工具以外的工具和资产的基金不能建立为NAIF。此外,已经根据《投资服务法》获得许可的集体投资计划不能转换为NAIF体制。

NAIF的投资者基础仅限于专业投资者和/或合格投资者。 AIFM必须遵守NAIF销售所在辖区中适用的促销规则。 

通知流程

AIFM必须在AIF批准招股说明书的理事机构决议之日起30个日历日内,向MFSA提交一份通知包,其中包括一份通知表以及所需的随附文件。通知NAIF子资金时,适用相同的程序。随附的文档包括以下内容:

•招股说明书,其中包含所需的最少内容,并根据提供的模板起草; 《规则》中规定的内容,并在考虑到提供的适当形式模板后进行了适当编译; 

•AIF管理机构的一项决议,以证明招股说明书具有所需的最低限度内容,并且已按照备考模板起草; 

•由AIFM进行的自我认证,考虑到其所拥有的任何代表经理或顾问,它具有管理AIF并有效监控任何代表的必要能力和经验;

• a joint declaration by the AIFM and the governing body of the AIF by which each undertakes responsibility for the AIF, including, inter alia, the obligations arising under the 美国农业发展基金会;

•AIFM的声明,确认其已对AIF的服务提供商和AIF的理事机构进行了必要的尽职调查。该声明必须包括一项声明,说明AIFM对这项尽职调查结果感到满意。

The MFSA will be including the AIF in the List of Notified AIF within 10 working days from the date of filing of a duly completed notification pack.

Removal of the NAIF from the List of Notified AIF

The MFSA retains the discretion to remove the NAIF from the List of Notified AIF. The 规s further specify the following instances when the AIFM may request the Authority to remove a NAIF or a sub-fund of a NAIF from the List of Notified AIF:

•在NAIF持续时间或其清算结束时;

•在任何情况下,托管人已根据监护权协议发出终止通知,或正在清算中或处于破产程序中,或已被许可提供关于暂停或取消NAIF的监护服务的许可: 

•在任何情况下,如果AIFM已发出终止通知,正在清算中或处于破产程序之中,或者已被吊销或取消了其作为AIFM的执照,并且未在自三十(30)天内任命合格的替代者终止通知;

•在NAIF与AIFM之间的协议中可能指定的所有其他情况下,要求将NAIF从NAIF清单中删除;和

•在所有其他情况下,NAIF或AIFM代表NAIF和保管人之间达成的监护协议中规定,作为要求将NAIF从已通知AIF清单中删除的理由。

Upon removal from the List of Notified AIF, the AIF must cease trading other than for the purpose of winding down the operations of the AIF or sub-fund and the AIF or sub-fund must then be liquidated or otherwise terminated in accordance with the requirements of Maltese law. 

下一步是什么?

所有立法文本,备考模板和指导说明均已完成,可从管理局网站下载。管理局将很快欢迎第一批通知。 
 


脚注:

1.欧洲议会和理事会于2011年6月8日发布的关于另类投资基金管理人的指令2011/61 / EU。

2.上限370 –马耳他法律。

3.具有可变股本的投资公司。

4.固定资本投资公司。

5. 2004年4月21日,欧洲议会和理事会关于金融工具市场的第2004/39 / EC号指令。

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