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Investment Services & Funds

Changes to the Investment Services Rulebooks for Investment Services Providers: The Integration of Sustainability Risks and Factors in MiFID Investment Services & FundsRegulatory Compliance

Changes to the Investment Services Rulebooks for Investment Services Providers: The Integration of Sustainability Risks and Factors in MiFID

The Malta Financial Services Authority has informed investment firms of the amendments carried out to Part BI of the investment services rules for Investment Services Providers. These amendments seek to implement the provisions of the Commission Delegated Regulation (EU) 2021/1253. The Commission Delegated Regulation (EU) 2021/1253 amends Delegated Regulation (EU) No 2017/565 in relation to the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms.The European Commission has introduced changes to the MiFID II delegated acts, in order to integrate sustainability factors, risks and preferences into the investment firms’ regulatory obligations. These…
Lara Falzon
29th July 2022
Changes to the Investment Services Rules for UCITS ManCos & AIFMs: Sustainability Risks & Factors Investment Services & FundsRegulatory Compliance

Changes to the Investment Services Rules for UCITS ManCos & AIFMs: Sustainability Risks & Factors

The Malta Financial Services Authority has recently introduced changes to the investment services rulebooks for Undertakings for Collective Investment in Transferable Securities (UCITS) management companies (ManCos) and Alternative Investment Fund Managers (AIFMs) to: (i) transpose the Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU (1) as regards the sustainability risks and sustainability factors to be taken into account for UCITS; and (ii) implement the Commission Delegated Regulation (EU) 2021/1255 amending Delegated Regulation (EU) No 231/2013 (2) as regards the sustainability risks and sustainability factors to be taken into account by AIFMs.The Delegated Directive (EU) 2021/1270 and Delegated Regulation (EU) 2021/1255…
Martha Chetcuti
27th July 2022
Legal Update
Legal Update on UCITS Information Documents 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
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The Online Presence of UCITS Management Companies and Reverse Solicitation Investment Services & Funds

The Online Presence of UCITS Management Companies and Reverse Solicitation

Recently, the Malta Financial Services Authority ("MFSA") issued two circulars related to updates on Undertakings for Collective Investment in Transferable Securities ("UCITS") Management Companies, and a clarification note on the disclosures in the financial return reporting and other essential regulatory clarifications. In this article, a brief overview of the salient features emanating from these two circulars shall be given to ensure that subject persons comply with the below updates and clarifications. The first circular dated the 6th of April 2022 relates to the online and social media presence of UCITS Management Companies. The MFSA is requesting UCITS Management Companies to…
Anthea Sammut​
18th April 2022
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The Cross-Border Distribution of Funds Framework 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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The Investment Firms Regulation and Directive – Master Data Collection and Investment Firms Classification 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