UCITS passporting in Malta

The Investment Services Act (Marketing of UCITS) Regulations (the “UCITS Marketing Regulations”), which transpose the relevant provisions of the UCITS Directive, as amended by the CBDF Directive, allow an EEA UCITS Scheme to be marketed in Malta provided that a notification letter, made in the prescribed form, is submitted to its HMSA informing it of its intention to market its shares or units in Malta, which notification will then be forwarded by the HMSA to the Malta Financial Services Authority (the “MFSA”). This notification must include information on the marketing arrangements made by the EEA UCITS Scheme of its units in Malta, including, where relevant, in respect of share classes, the details necessary for the invoicing or for the communication of any applicable regulatory fees or charges by the MFSA, including the address, an indication that the units of the EEA UCITS Scheme will be marketed by the EEA Management Company that manages the EEA UCITS Scheme and information on the facilities available in Malta for investor activity.

Together with the notification letter, the EEA UCITS Scheme shall also provide a copy of the latest constitutional documents, prospectus, KIIDs, and where applicable, the latest annual report and any subsequent biannual report. Such documentation must also be provided to Maltese investors. An attestation drawn up by the HMSA confirming that the EEA UCITS Scheme fulfils the conditions of the UCITS Directive should also be enclosed with the notification letter.

The HMSA will forward the above-mentioned documentation to the MFSA for review and will notify the EEA UCITS Scheme about the transmission. The EEA UCITS Scheme may be marketed in Malta as of the date of that acknowledgement notification of transmission.

In terms of Regulation 9(5) of the UCITS Marketing Regulations, an EEA UCITS Scheme which intends to market its shares or units in Malta shall ensure that facilities are available in Malta for inter alia making payments to unit holders, processing subscription, repurchase and redemption orders, and making available the information which EEA UCITS Schemes are obliged to provide. The EEA UCITS Scheme must ensure that the above-mentioned facilities are provided in one of the official languages of Malta (Maltese and English) (or in another language approved by the MFSA), by the EEA UCITS Scheme itself or by a third party which is subject to regulation and supervision governing the tasks to be performed or by both. The appointment of the said third party must be evidenced by a written contract which specifies which of the tasks are not to be performed by the EEA UCITS Scheme and that the third party will receive all the relevant information and documents from the EEA UCITS Scheme. The EEA UCITS Scheme is not required to have a physical presence in Malta.

Marketing communications relating to EEA UCITS Schemes issued in Malta shall be drawn up in compliance with the relevant requirements of the CBDF Regulation, MFSA’s Conduct of Business Rulebook, the Investment Services Act (Cross-Border Distribution of Funds) Regulations, and the ESMA Guidelines on Marketing Communications. The MFSA has the right to verify such compliance with the applicable rules on marketing communications.

The notification fee for EEA UCITS Schemes marketing their units in Malta is currently EUR 2,500 per EEA UCITS Scheme and an additional EUR 450 per sub-fund. The MFSA charges an annual supervisory fee of EUR 3,000 per EEA UCITS Scheme and an additional EUR 500 per sub-fund up to the 15^th sub-fund. No annual supervisory fee will be payable for the 16th sub-fund onwards. The application fees are set out in the Investment Services Act (Fees) Regulations.