S.L. 370.24 Art. 17Third country AIFM authorised in a Member State or EEA Member State other than Malta marketing third country AIFs in Malta.

(1) A third country AIFM duly authorised in a Member State or EEA State other than Malta may market units or shares of a third country AIF to professional investors in Malta as soon as the conditions prescribed in this regulation are met. The third country AIFM and the third country AIF shall be exempt from the provisions of articles 3 and 4 of the Act respectively:

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

(2) Where the third country AIFM authorised in a Member State or EEA State other than Malta intends to market units or shares of a third country AIF in Malta, the third country AIFM shall submit a notification to the European regulatory authority of its home Member State or EEA State in respect of the third country AIF 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 third country AIFs which the third country AIFM intends to market and the information on where the third country AIFs are established;

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

(c) identification of the depositary of the third country AIF;

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

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

(f) any additional information concerning the disclosure obligations prescribed in Investment Services Rules for each third country 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 third country AIF to professional investors;

(h) information on the arrangements made for the marketing of the third country AIFs and, where relevant, information on the arrangements established to prevent units or shares of the third country AIF 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 third country 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 by the European regulatory authority of the third country AIFM’s home Member State or EEA State of a complete notification file pursuant to sub-regulation (2), receive the complete notification file from the said European regulatory authority.

(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 third country 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 in terms of sub-regulation (3) only if the third country AIFM’s management of the third country 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) Upon transmission of the notification file to the competent authority by the European regulatory authority, the third country AIFM may start marketing the third country AIF in Malta as from the date that it is notified by the European regulatory authority of such transmission.

(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 third country AIFs or additional third country AIFs marketed. FREEDOM TO PROVIDE SERVICES AND FREEDOM OF ESTABLISHMENT BY THIRD COUNTRY AIFMs HAVING MALTA AS THEIR MEMBER STATE OF REFERENCE