S.L. 370.24 Art. 21Freedom of establishment of third country AIFMs - establishment of a branch 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 manage a European AIF in Malta through the establishment of a branch, provided the AIFM is authorised to manage that type of AIF.

(2) A third country AIFM intending to manage European AIFs in Malta for the first time through the establishment of a branch 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 establish a branch in Malta;

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

(c) the organisational structure of the branch;

(d) the address in the home Member State of the AIF from where documents may be obtained;

(e) the names and contact details of the persons responsible for the management of the branch.

(3) The competent authority shall, within two months from submission by the third country AIFM of the complete documentation to the European regulatory authority of the third country AIFM’s home Member State or EEA State in accordance with sub-regulation (2), receive the complete documentation from such European regulatory authority. The competent authority shall receive a statement from the said European regulatory authority 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 to the third country AIFM by the European regulatory authority of the home Member State or EEA State of the third country AIFM of the transmission notification, the third country AIFM may start managing the European AIF 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. THIRD COUNTRY AIFMs MARKETING UNITS OR SHARES OF AIFs IN MALTA