S.L. 370.24 Art. 16Third country AIFM authorised in a Member State or EEA State other than Malta marketing European AIFs in Malta.

(1) A third country AIFM authorised in a Member State or EEA State other than Malta may market to professional investors in

Malta units or shares of a European AIF which it manages as soon as the conditions prescribed in this regulation are met. In such case the third country AIFM shall be exempt from the provisions of article 3 of the Act, and the European AIF, if authorised in a

Member State or EEA State other than Malta, shall be exempt from the provisions of Article 4 of the Act:

Provided that, without prejudice to regulation 30, European AIFs managed and marketed by a third country AIFM, shall be marketed in Malta only to professional investors.

(2) Where a third country AIFM authorised in a Member State or EEA State, other than Malta, intends to market units or shares of the European AIF in Malta, the third country AIFM shall submit to the European regulatory authority of the Member State or EEA State a notification in respect of the European AIFs that it intends to market. The notification shall comprise the documentation and information prescribed hereunder:

(a) a notification letter, including a programme of operations identifying the European AIFs which the third country AIFM intends to market and the information on where the European AIFs are established;

(b) the European AIF’s prospectus or equivalent rules or instruments of incorporation;

(c) identification of the depositary of the European AIF;

(d) a description of, or any information on the European AIF available to investors;

(e) information on where the master AIF is established if the European AIF is a feeder AIF;

(f) any additional information concerning the disclosure obligations prescribed in Article 23(1) of the AIFM Directive for each European AIF which the third country AIFM intends to market;

(g) the indication of Malta as being the Member State in which it intends to market the units or shares of the European AIFs to investors;

(h) information on the arrangements made for the marketing of the European AIFs and, where relevant, information on the arrangements established to prevent units or shares of the European AIFs from being marketed to retail investors, including in the case where the third country AIFM relies on activities of independent entities to provide investment services in respect of the European AIF:

Provided that the notification letter by the third country AIFM referred to above shall be provided in a language customary in the sphere of international finance.

(3) The competent authority shall, no later than twenty working days after the date of receipt of a complete notification file pursuant to sub-regulation (2), receive from the European regulatory authority of the third country AIFM’s home Member State or EEA State the complete notification file.

(4) The notification file transmitted to the competent authority shall also include a statement to the effect that the third country AIFM concerned is authorised to manage European AIFs with a particular investment strategy:

Provided that the statement referred to above shall be provided in a language customary in the sphere of international finance.

(5) The competent authority shall receive the complete notification file only if the third country AIFM’s management of the European AIF complies with and will continue to comply with the provisions of the AIFM Directive and if the third country AIFM otherwise complies with the provisions of the AIFM Directive.

(6) The third country AIFM may start marketing the European AIFs in Malta as from the date that the European regulatory authority has notified the third country AIFM of the transmission to the competent authority of the notification file.

(7) Arrangements referred to in sub-regulation (2)(h) shall be subject to the laws of Malta and to the supervision of the competent authority.

(8) In the event that the European regulatory authority accepts a change to any of the particulars communicated in accordance with sub-regulation (2) by the third country AIFM, the competent authority shall receive notification thereof from the said European regulatory authority in so far as the changes concern the termination of the marketing of certain European AIFs or additional European AIFs marketed.