S.L. 370.24 Art. 7Conditions for the marketing by a Maltese or European AIFM of third country AIFs in Malta.

(1) Without prejudice to regulation 30, a Maltese or

European AIFM may market units or shares of a third country AIF

it manages, and of European feeder AIFs that do not fulfil the requirements prescribed in the second sub-paragraph of Article

31(1) of the AIFM Directive, only in Malta to professional investors, without complying with the passport notification prescribed in regulations 5 and 8 respectively, provided that:

(a) the Maltese or European AIFM complies with all the requirements prescribed in the AIFM Directive other than Article 21. The Maltese or European AIFM shall however ensure that one or more entities are appointed to carry out the duties referred to in Article 21(7), (8) and (9) of the AIFM Directive and the Maltese or European AIFM shall not perform those functions. The Maltese of European AIFM shall provide the competent authority with information about the identity of those entities responsible for carrying on the duties referred to in Article 21(7), (8) and (9) of the AIFM Directive;

(b) appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the competent authority, in the case of a Maltese AIFM, or the European regulatory authority, in case of a European AIFM, and the supervisory authorities of the third country where the third country AIF is established in order to ensure an efficient exchange of information that allows the competent authority to carry out its duties in accordance with the provisions of the AIFM Directive;

(c) the country where the third country AIF is established is not identified as a high-risk third country in accordance with Article 9(2) of Directive (EU) 2015/849;

(d) the country where the third country AIF is established has signed an agreement with Malta or with the competent authority, and with each other Member State or EEA State in which the units or shares of the third country AIF are intended to be marketed which fully complies with the standards stipulated in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters, including any multilateral tax agreements, and such country is not mentioned in Annex I to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes.

(2) Where a Maltese or European AIFM intends to market units or shares of a third country AIF it manages in Malta to professional investors, such third country AIF shall be exempt from the provisions of Article 4 of the Act.

(3) For the purposes of this regulation, the competent authority may impose stricter rules in the Maltese or European AIFM in respect of the marketing of units or shares of third country AIFs to investors in Malta. EUROPEAN AIFMs MARKETING THIRD COUNTRY AIFs AND EUROPEAN FEEDER AIFs IN MALTA