The Maltese funds industry continues to gain further clarity as to the practicalities of the transition to the new AIFMD regime as the MFSA has just issued two self-assessment questionnaires. The documents circulated to relevant licence holders are:
Questionnaire (1): Self-Assessment for Fund Managers and Self-Managed Collective Investment Schemes Applying as De Minimis Licence Holders;
Questionnaire (2): Self-Assessment for Fund Managers and Self-Managed Collective Investment Schemes applying for an AIFM licence.
Depending on the business model, the licence holder is requested to determine:
Whether it can be categorised as ‘de minimis’ AIFM and does not intend to opt to be licensed as an AIFM in terms of the AIFMD; or
Whether it can be categorised as a ‘de minimis’ AIFM but intends to opt to be licensed as an AIFM in terms of the AIFMD or its activities requires it to be re-licensed as an AIFM in terms of the AIFMD.
MFSA has informed the industry that existing fund managers and self-managed schemes have a one year transitional period with effect from 22nd July 2013 so as to register either as a ‘de minimis’ AIFM or to apply for a full AIFM licence and satisfy the requirements of the AIFMD. The MFSA recommends that the relevant self-assessment questionnaire forms should be duly completed and submitted before 31st March 2014.
Existing licence holders who wish to be AIFM compliant and seek an AIFM licence upon the coming into force of the AIFMD i.e. on 22nd July 2013 have been requested to notify the MFSA accordingly and submit the relevant self–assessment questionnaire forms by not later than Monday, 10th June 2013. The MFSA is endeavouring to process completed self-assessment questionnaires with a view to issuing revised licences as soon as or soon after AIFMD comes into force.