S.L. 370.24 Art. 8Conditions for marketing in Malta by European AIFMs of third country AIFs.

(1) Where a European AIFM intends to market units or shares of a third country AIF in Malta, the European AIFM shall submit a notification to its European regulatory authority in respect of each third country AIF that it intends to market and such European AIFM and third country AIF shall be exempt from the provisions of articles 3 and 4 of the Act respectively:

Provided that, without prejudice to regulation 30, AIFs managed and marketed by a European AIFM shall be marketed in Malta only to professional investors.

(2) The notification referred to in sub-regulation (1) shall comprise the following documentation:

(a) a notification letter, including a programme of operations identifying the third country AIFs which the European AIFM intends to market and the information on where the third country AIFs are established;

(b) the third country AIF’s prospectus or equivalent rules or instruments of incorporation;

(c) identification of the depositary of the third country AIF;

(d) a description of, or any information on, the third country AIF available to investors;

(e) information on where the master AIF is established if the third country AIF is a feeder AIF;

(f) any additional information concerning the disclosure obligations referred to in Article 23(1) of the AIFM Directive for each third country AIF which the European AIFM intends to market;

(g) the indication of Malta as being the Member State in which it intends to market the units or shares of the third country AIF to professional investors;

(h) information on the arrangements made for the marketing of the third country AIF and, where relevant, information on the arrangements established to prevent units or shares of the third country AIF from being marketed to retail investors, including in the case where the European AIFM relies on activities of independent entities to provide investment services in respect of the third country AIF: Provided that the notification letter by the European AIFM referred to above shall be provided in a language customary in the sphere of international finance.

(3) The competent authority shall, no later than twenty working days after the date of receipt of a complete notification file pursuant to sub-regulation (2), receive from the European regulatory authority of the European AIFM’s home Member State or EEA State the complete notification file.

(4) The notification file transmitted to the competent authority shall also include a statement to the effect that the European AIFM concerned is authorised to manage AIFs with a particular investment strategy: Provided that the statement referred to above shall be provided in a language customary in the sphere of international finance.

(5) The competent authority shall receive the complete notification file from the European regulatory authority only if the European AIFM’s management of the third country AIF complies with and will continue to comply with the provisions of the AIFM Directive and if the European AIFM otherwise complies with the provisions of the AIFM Directive.

(6) Upon transmission of the notification file to the competent authority, the European AIFM may start marketing the third country AIF in Malta as from the date that it is notified by the European regulatory authority of such transmission.

(7) Arrangements referred to in sub-regulation (2)(h) shall be subject to the laws of the host Member State or EEA State of the Maltese AIFM and to the supervision of the European regulatory authority therein.

(8) In the event of the implementation of an acceptable material change to any of the particulars communicated in accordance with sub-regulation (2), the competent authority shall receive notification thereof from the European regulatory authority of the home Member State or EEA State of the European AIFM, in so far as the changes concern the termination of the marketing of certain third country AIFs or additional third country AIFs marketed. LICENSING OF THIRD COUNTRY AIFMs AND CHOICE OF MALTA AS MEMBER STATE OF REFERENCE