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Malta has been quite innovative in providing certain infrastructure for the securitisation cell company (SCC) and securitisation in general. According to the MFSA, 30 securitisation vehicles have launched so far this year, and Sparkasse Bank Malta, plc. has been a beneficiary of this phenomenon.
As Paul Mifsud, Managing Director at Sparkasse Bank confirms: "We are seeing a good level of uptake in this area and the bank is well positioned to add value to this structure by being able to give the debt security within a segregated cell a degree of transferability and mobility by having it dematerialised and held
- 22/09/2016
- 22/09/2016
On 10 June 2016, Malta burnished its reputation when the Malta Financial Services Authority (MFSA) launched the Notified Alternative Investment Fund (NAIF) regime through the publication of the Investment Services Act (List of Notified AIFs) Regulations in the Malta Government Gazette.
This sets the scene for fund promoters to launch AIFs through Malta by means of a light touch notification process without having to go through a full licensing process with the MFSA. Rather, the NAIF may be launched by full-scope AIFMs authorised by the MFSA under the Investment Services Act, who will shoulder the responsibility of oversight and compliance.
- 22/09/2016
- 22/09/2016
Circle Partners (Circle) is an independent fund administrator with offices across the EU, the Americas and Hong Kong. Circle has the ability to set up sub-funds on its Luxembourg SICAV and guide start-up managers through the whole process of bringing a new fund to market in all major fund jurisdictions.
By extension, Circle has a large network of local counterparties based in Malta and as Peter Jakubicka (pictured), Business Development Manager at Circle explains: "We can offer a `one-stop shop' solution from the set-up phase through to launch including brokers, custodians, auditors; basically all of the functions that are required
- 22/09/2016
Whether it’s providing AIFM management company solutions, depositary lite solutions, or simply providing start-up managers with a high-touch level of service, Malta’s service provider community continues to evolve with the times.
The attractions of Malta's Notified AIF regime have been well documented in this report and whilst it presents a unique opportunity for authorised AIFMs, the regime will not necessarily be applicable to start-up and emerging managers.
These are very much the lifeblood of Malta. Catering to this market segment has helped to differentiate the island from other, more established fund jurisdictions. So whilst the NAIF regime is an important
- 22/09/2016
Dr Louis de Gabriele, head of Camilleri Preziosi Advocates’s Corporate and Finance practice group, outlines the benefits of Malta’s Notified AIF (NAIF) regime…
"In my view, the main benefits are twofold," says Dr Louis de Gabriele, head of the Corporate and Finance practice group at Camilleri Preziosi Advocates, when discussing the newly introduced Notified AIF (NAIF) regime.
"Firstly, the NAIF regime will significantly condense time to market for these types of funds. Indeed, the MFSA has committed itself to list funds on the `Notified AIF List' within ten business days from the submission of a complete notification pack, which will
- 22/09/2016
- 22/09/2016
Apex Fund Services has been operating in Malta since 2008 and has seen, first hand, how quickly the island has evolved into one of Europe's leading onshore fund jurisdictions.
Following the chaos of the financial crash, start-up managers chose Malta because it represented a cost effective option. This worked to Apex's advantage but as Paulianne Nwoko, Managing Director of Apex Fund Services (Malta), points out: "Over the years, Malta has evolved into an established financial jurisdiction with a deep pool of professionals spanning all aspects of the funds industry; law firms, audit firms, fund administrators, and, to a lesser extent,
- 22/09/2016
Professor Joseph Bannister (pictured) of the Malta Financial Services Authority explains how the island is positioning itself as a leading European securitisation market…
How do you assess the opportunity to build out Malta as one of Europe’s leading securitisation markets, given that outside of Luxembourg you are the only EU jurisdiction to have securitisation legislation in place?
Malta provides a legal framework for securitisation vehicles, primarily through the Securitisation Act which has been in place since 2006, and more recently, the Securitisation Cell Companies Regulations, introduced in 2014.
This legal framework has enabled Malta to develop into a jurisdiction of
- 22/09/2016
With the recent introduction of the Notified AIF regime, Malta is positioning itself to provide fund promoters with an unregulated fund where speed to market is of the essence.
Over the years, Malta has become a jurisdiction of choice for providers of financial services particularly the funds sector with over 600 investment funds, 86 fund managers, of which 40 AIFMs, and 26 fund administrators.
As one of the earliest adopters of the AIFM Directive in 2013, Malta has sought to provide a compelling route to market for smaller and emerging hedge fund managers and it appears to be going from
- 22/09/2016
The shock Brexit result this June sent ripples across Europe as individual Member States absorbed the news. And whilst some jurisdictions have been quick to seize the initiative on the back of the uncertainty that UK firms face – especially as it relates to passporting for London's much lauded financial services industry – Malta is focusing on maintaining the harmonious relationship it has with the UK.
"We see ourselves partnering with UK operators to provide solutions to help them sustain their business models; we're not looking to try and take business away from the UK," comments Kenneth Farrugia (pictured), Chairman
- 22/09/2016
Bill Prew, CEO of Indos Financial writes on the recent developments with the AIFMD marketing passport and the implications for private placement and depositaries.
After further analysis and deliberation, on 19 July 2016 the European Securities and Markets Authority (ESMA) issued its second set of advice on which countries it believes the AIFMD (Alternative Investment Fund Managers Directive) passport could be extended to. Nine out of an initial 12 countries under review (Australia, Canada, Guernsey, Hong Kong, Japan, Jersey, Singapore, Switzerland and the US) were told by ESMA there were either no or very limited impediments in their fund management
- 22/09/2016
- 22/09/2016
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