Malta

1. EEA UCITS Schemes

An EEA UCITS Scheme may be marketed in Malta provided that a notification letter made in the prescribed form is submitted to its HMSA. 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 and an indication that the units of the EEA UCITS Scheme will be marketed by the EEA Management Company that manages the EEA UCITS Scheme. The HMSA will forward the documentation to the Malta Financial Services Authority (the “MFSA”) for review.

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 annual report and a biannual report covering the first six months of the financial year. Such documentation must also be provided to Maltese investors. An attestation drawn up by the HMSA that the EEA UCITS Scheme fulfils the conditions of the UCITS Directive should also be provided to the MFSA.

In terms of Regulation 9(5) of the Maltese Investment Services Act (Marketing of UCITS) Regulations 2011 an EEA UCITS Scheme which intends to market its units in Malta shall ensure that facilities are available in Malta for making payments to unit holders, repurchasing or redeeming units, and making available the information which EEA UCITS Schemes are obliged to provide.

This requirement may be satisfied by either appointing (i) a Maltese licence holder, or (ii) a local branch of an EEA Management Company passporting into Malta in terms of Regulation 3 of the European Passport Rights for Investment Firms Regulations or (iii) a local branch of an EEA Management Company passporting into Malta in terms of Regulation 9 of the Investment Services Act (UCITS Management Company Passport) Regulations, or in certain limited cases (iv) through other arrangements entered into by the EEA UCITS Scheme subject to the approval of the MFSA following submission of relevant details by the EEA UCITS Scheme to the MFSA.

Investment Advertisements

The MFSA has the right to verify that the marketing information, to the exclusion of the KIIDs, the prospectus and the annual and biannual reports, comply with the provisions of the Investment Services Act. Investment Advertisements relating to EEA UCITS Schemes issued in Malta shall be drawn up in compliance with the relevant requirements of Section 3 of Part BI of the current investment services rules for investment services providers and the guidance notes issued thereunder.

2. Fees

The notification fee for EEA UCITS Schemes marketing its 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. No annual supervisory fee will be payable for the 16th Scheme sub-fund onwards. The application fees are set out in the Investment Services Act (Licence and Other Fees) Regulations.