S.L. 370.24 Art. 20Freedom to provideservicesby third country AIFMs - Direct management of a European AIF in Malta.

(1) A third country AIFM which has been authorised in a

Member State or EEA State other than Malta and which has appointed such Member State or EEA State as its Member State of reference may directly manage a European AIF in Malta provided the said AIFM is authorised to manage that type of European AIF.

(2) A third country AIFM authorised in a Member State or EEA State other than Malta and intending to directly manage European AIFs in Malta for the first time shall communicate the following information to the European regulatory authority in its home Member State or EEA State and shall thereafter be exempt from the provisions of Article 3 of the Act:

(a) the intention to manage European AIFs directly in Malta;

(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 from submission by the third country AIFM to the European regulatory authority of the complete documentation in accordance with sub-regulation (2), receive the complete documentation from the European regulatory authority of the third country AIFM’s home Member State or EEA State. The competent authority shall receive a statement to the effect that the third country AIFM is authorised in terms of the AIFM Directive: 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 the third country AIFM otherwise complies with the provisions of the AIFM Directive.

(4) Upon notification by the European regulatory authority of the home Member State or EEA Member State of the third country AIFM of the transmission notification referred to in sub-regulation (3), the third country AIFM may start to provide its services in Malta.

(5) The competent authority shall not impose any additional requirements on the third country AIFM concerned in respect of matters which are covered by the AIFM Directive.

(6) In the event of a change, accepted by the European regulatory authority, to any of the information communicated in accordance with sub-regulation (2), which changes 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 of the provisions of the AIFM Directive, the competent authority shall receive notification of such changes from the European regulatory authority of the home Member State or EEA State of the third country AIFM.