S.L. 370.22 Art. 3Freedom of establishment of Maltese AIFMs - Direct management of a European AIF.

(1) A Maltese AIFM may:

(a) manage a European AIF directly, provided the Maltese

AIFM is authorised to manage that type of AIF; and, or

(b) provide directly in another Member State or EEA State the services referred to in Article 6(4) of the AIFM

Directive for which it has been authorised.

(2) A Maltese AIFM intending to manage a European AIF for the first time shall communicate the following information to the competent authority:

(a) the Member State or EEA State in which it intends to provide the activities and services referred to in sub-regulation (1); and

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

(3) The competent authority shall within one month of receiving the complete documentation submitted in accordance with sub-regulation (2) transmit the complete documentation to the European regulatory authority of the Maltese AIFM host Member State or EEA State. The competent authority shall also enclose a statement to the effect that the Maltese AIFM is licensed in terms of the Act: Provided that such transmission shall occur only if the Maltese AIFM’s management of the European AIF complies and will continue to comply with the provisions of the AIFM Directive and if the Maltese AIFM otherwise complies with the provisions of the AIFM Directive.

(4) The competent authority shall immediately notify the Maltese AIFM about the transmission of the notification pursuant to sub-regulation (3).

(5) Upon receipt of the transmitted notification referred to in sub-regulation (4), the Maltese AIFM may start to provide its services in the host Member State or EEA State.

(6) In the event of a change to any of the information communicated in accordance with sub-regulation (2), the Maltese AIFM shall give written notice of such change to the competent authority at least one month before implementing planned changes, or immediately after an unplanned change has occurred.

(7) Where, pursuant to a planned change, the Maltese AIFM’s management of the European AIF would no longer comply with the provisions of the AIFM Directive or the Maltese AIFM would otherwise no longer comply with the provisions of the AIFM Directive, the competent authority shall inform the Maltese AIFM within fifteen (15) working days of receipt of all the information referred to in sub-regulation (6) that it is not to implement the change.

(8) Where the Maltese AIFM proceeds with the implementation of the planned change, notwithstanding the notification made pursuant to sub-regulations (6) and (7), or if an unplanned change has taken place pursuant to which the Maltese AIFM’s management of the European AIF no longer complies with the provisions of the AIFM Directive or the Maltese AIFM otherwise no longer complies with the provisions of the AIFM Directive, the competent authority shall take all due measures in accordance with the provisions of the Act and any regulations issued thereunder and shall notify accordingly the European regulatory authority of the Maltese AIFM host Member State or EEA State without undue delay.

(9) If the planned changes are acceptable because they do not affect the compliance by the Maltese AIFM’s management of the European AIF with the provisions of the AIFM Directive, or the compliance by the Maltese AIFM with the provisions of the AIFM Directive, the competent authority shall, without undue delay, inform the European regulatory authority of the Maltese AIFM host Member State or EEA State of those changes.