S.L. 370.24 Art. 18Freedom of third country AIFMs to provide services - direct management of a European AIF in a Member State or EEA State other than Malta.

(1) A third country AIFM which has been licensed in

Malta and which has appointed Malta as its Member State of reference may directly manage a European AIF established in any

Member State or EEA State other than Malta, provided the third country AIFM is authorised to manage that type of European AIF.

(2) A third country AIFM which has been licensed in Malta and intending to manage a European AIF established in any Member State or EEA State other than Malta for the first time shall communicate the following information to the competent authority:

(a) the Member State or EEA State in which it intends to manage European AIFs directly;

(b) a programme of operations stating the particular services which the third country AIFM intends to perform and identifying the European AIFs it intends to manage.

(3) The competent authority shall, within one month of receiving the complete documentation submitted in accordance with sub-regulation (2), transmit the complete documentation to the European regulatory authority of the AIFM host Member State or EEA State. The competent authority shall also enclose a statement to the effect that the third country AIFM is in possession of a licence granted by the competent authority: Provided that such transmission shall occur only if the third country AIFM’s management of the European AIF complies 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.

(4) The competent authority shall immediately notify the third country AIFM about the transmission of the notification pursuant to sub-regulation (3). The competent authority shall also inform ESMA that the third country AIFM may start managing the European AIF in the host Member State or EEA State of the third country AIFM.

(5) Upon receipt of the transmitted notification by the European regulatory authority, the third country AIFM may start directly managing the European AIF in the host Member State or EEA State of the third country AIFM.

(6) In the event of a change to any of the information communicated in accordance with sub-regulation (2), the third country AIFM shall give written notice of such change to the competent authority at least one month before implementing the planned change, or immediately after an unplanned change has occurred.

(7) Where, pursuant to a planned change, the third country AIFM’s management of the European AIF would no longer comply with the provisions of the AIFM Directive or the third country AIFM would otherwise no longer comply with the provisions of the AIFM Directive, the competent authority shall inform the third country AIFM without undue delay that it shall not implement the change.

(8) Where the third country AIFM proceeds with the implementation of the planned change, notwithstanding the notification made pursuant to sub-regulations (6) and (7), or if an unplanned change has taken place pursuant to which the third country AIFM’s management of the AIF referred to in sub-regulation (1) no longer complies with the provisions of the AIFM Directive or the third country AIFM otherwise no longer complies with the provisions of the AIFM Directive, the competent authority shall take all due measures in accordance with the provisions of the Act and any regulations issued thereunder, including, if deemed necessary, the express prohibition of marketing of such European AIFs.

(9) If the changes are acceptable because they do not affect the compliance by the third country AIFM’s management of the European AIF with the provisions of the AIFM Directive, or the compliance by the third country AIFM with the provisions of the AIFM Directive, the competent authority shall, without undue delay, inform the European regulatory authority of the third country AIFM host Member State or EEA State of those changes.