S.L. 370.24 Art. 30Marketing of AIFs by AIFMs to retail investors in Malta.

(1) An AIF shall not be marketed to retail investors in

Malta unless it is in possession of an authorisation for this purpose from the competent authority.

(2) Regulations 4, 5, 6, 8, 11, 12, 13, 14, 16, and 17 shall, in so far as applicable, apply and reference to the term mutatis mutandis, "professional investors" shall be deemed to be a reference to "retail investors" subject to such variations or modifications as may be prescribed.

(3) Where an AIF is to be marketed to retail investors in Malta, the AIF and its AIFM shall be subject to Investment Services Rules, which shall prescribe the following:

(a) the types of AIF with respect to which an application for marketing to retail investors may be made to the competent authority;

(b) the manner and form of an application for an authorisation to market an AIF to retail investors in Malta, including the imposition of an application fee, where applicable;

(c) the conditions for authorisation for marketing to retail investors;

(d) the on-going obligations applicable to the marketing of an AIF to retail investors in Malta, including the imposition of a supervision fee, where applicable; and

(e) any other relevant matter determined by the competent authority.

(4) In the Investment Services Rules, the competent authority may impose stricter requirements on the AIFM or the AIF than the requirements applicable to the AIFs marketed to professional investors in Malta in accordance with the provisions of the AIFM Directive. The competent authority shall not, however, impose stricter or additional requirements on European AIFs established in Member State or EEA State other than Malta and marketed on a cross-border basis than on AIFs marketed in Malta.

(5) The competent authority shall, by 22 July 2014, inform the European Commission and ESMA of:

(a) the types of AIF which AIFMs may market to retail investors in Malta; and

(b) any additional requirements that Malta imposes for the marketing of AIFs to retail investors. Provided that the competent authority shall also inform the European Commission and ESMA of any subsequent changes with regard to this sub-regulation.

TRANSITORY PROVISIONS