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Legal & Regulation

Dr Maria Chetcuti Cauchi, Chetcuti Cauchi Advocates

The NAIF: Europe’s missing piece of the jigsaw

Thu, 22/09/2016 - 16:25

The Maltese Notified Alternative Investment Fund (NAIF) fills a gap in Europe's fund market. According to Dr Stefania Grech, Financial Services Associate, Chetcuti Cauchi Advocates, an unregulated fund was the one product missing in the Maltese Fund Industry. "Now, from a European perspective, there is no discrimination when it comes to the creation of an unregulated vehicle, offshore versus onshore. »

Paul Mifsud, Managing Director at Sparkasse Bank

Malta’s SCC gathers momentum

Thu, 22/09/2016 - 14:56

Malta has been quite innovative in providing certain infrastructure for the securitisation cell company (SCC) and securitisation in general. According to the MFSA, 30 securitisation vehicles have launched so far this year, and Sparkasse Bank Malta, plc. has been a beneficiary of this phenomenon. »

r Jean C Farrugia, senior partner at DF Advocates

Malta ushers in the Notified AIF

Thu, 22/09/2016 - 14:54

On 10 June 2016, Malta burnished its reputation when the Malta Financial Services Authority (MFSA) launched the Notified Alternative Investment Fund (NAIF) regime through the publication of the Investment Services Act (List of Notified AIFs) Regulations in the Malta Government Gazette. »

James Williams, Hedgeweek

Malta’s service provider community sees good times ahead

Thu, 22/09/2016 - 14:48

Whether it’s providing AIFM management company solutions, depositary lite solutions, or simply providing start-up managers with a high-touch level of service, Malta’s service provider community continues to evolve with the times.  »

Dr Louis de Gabriele, head of the Corporate and Finance practice group at Camilleri Preziosi Advocates

Key features of Malta’s new regime

Thu, 22/09/2016 - 14:45

Dr Louis de Gabriele, head of Camilleri Preziosi Advocates’s Corporate and Finance practice group, outlines the benefits of Malta’s Notified AIF (NAIF) regime… »

Paulianne Nwoko, Managing Director of Apex Fund Services (Malta)

Factors that make Malta an ideal fund jurisdiction

Thu, 22/09/2016 - 14:41

Apex Fund Services has been operating in Malta since 2008 and has seen, first hand, how quickly the island has evolved into one of Europe's leading onshore fund jurisdictions.  »

Professor Joseph Bannister, MFSA

Increasing interest in using Malta for securitisation transactions

Thu, 22/09/2016 - 14:36

Professor Joseph Bannister (pictured) of the Malta Financial Services Authority explains how the island is positioning itself as a leading European securitisation market… »

James Williams, Hedgeweek

Malta’s NAIF regime is a regulatory masterstroke

Thu, 22/09/2016 - 14:31

With the recent introduction of the Notified AIF regime, Malta is positioning itself to provide fund promoters with an unregulated fund where speed to market is of the essence.  »

Kenneth Farrugia, Finance Malta

Brexit allows Malta to consolidate UK relationship

Thu, 22/09/2016 - 14:09

The shock Brexit result this June sent ripples across Europe as individual Member States absorbed the news. And whilst some jurisdictions have been quick to seize the initiative on the back of the uncertainty that UK firms face – especially as it relates to passporting for London's much lauded financial services industry – Malta is focusing on maintaining the harmonious relationship it has with the UK. »

Jersey flag

Guernsey remains on course for third country passport following positive ESMA recommendation

Thu, 21/07/2016 - 12:25

The European Securities and Markets Authority (ESMA) has further recommended Guernsey for a ‘third country’ passport under the Alternative Investment Fund Managers Directive (AIFMD). »

Claude Niedner, Arendt & Medernach

Chapter 1: Legal & fund structuring

Thu, 07/07/2016 - 14:39

Over the years, Ireland has built out its financial services industry to become Europe's de facto onshore alternative funds domicile.  »

LendInvest granted highest rating from European credit rating agency for second year

Mon, 27/06/2016 - 09:51

LendInvest, the UK mortgage marketplace lender, has received the highest possible rating from a European credit agency for the second consecutive year.  »

Regulation

Chapter 2: Regulations & compliance

Mon, 16/05/2016 - 12:41

US hedge fund managers face significant regulatory requirements, which this chapter cannot possibly cover in detail. But there are a few key areas of particular import, which shall be summarised below. In addition, this chapter will highlight some of the key considerations for implementing a compliance manual; a must-do task for any ambitious start-up manager who intends to incorporate best practices from the get-go and place themselves in the best possible light with prospective investors. »

Jeffrey Rosenthal

Financial budgeting: One chance to succeed

Mon, 16/05/2016 - 12:37

Planning a hedge fund launch is a serious business. People need to decide whether they are truly ready, both financially and mentally, and be confident in their investment strategy. This may sound trite but all too often start-ups rush to get a hedge fund in place without clearly thinking everything through.  »

Ron Geffner

Structuring a tax-efficient hedge fund

Mon, 16/05/2016 - 12:22

When embarking on any new business, it's important that one not only engages professionals with deep industry knowledge but also commercial knowledge to support the various stages of business growth. For anyone establishing a hedge fund, their needs are going to change as their business evolves from launch to maturity. »

Gavel and scales

Chapter 1: Legal & tax structuring

Mon, 16/05/2016 - 12:17

The two key questions that will drive fund structuring decisions are: Where is the money coming from and what do you want to do with it? »

Geoff Cook, Jersey Finance

Beneficial ownership agreement re-affirms commitment to combatting global financial crime

Tue, 12/04/2016 - 09:49

Geoff Cook (pictured), Jersey Finance CEO, comments on David Cameron’s announcement of an agreement by the Crown Dependencies and Overseas Territories to provide beneficial ownership information to the UK Government… »

AIMA calls from regulatory reforms to support non-bank finance

AIMA calls from regulatory reforms to support non-bank finance

Mon, 01/02/2016 - 16:17

The European Commission must prioritise non-bank finance and deeper capital markets as part of its regulatory review, according to the Alternative Investment Management Association (AIMA). »

IASB invites comments on proposed amendment to IAS 40 and proposed annual improvements

Fri, 20/11/2015 - 10:29

The International Accounting Standards Board (IASB) has published for public comment two Exposure Drafts. The first covers a proposed narrow-scope amendment to the investment property Standard. The second covers proposed amendments to three other International Financial Reporting Standards (IFRS) as part of the IASB’s annual improvements process. »

Malta

Developments and opportunities in Malta

Wed, 16/09/2015 - 10:21

By Dr Michael Xuereb, MFSA – Following several years of fund platform developments, the MFSA has more recently been focusing its efforts on upgrading and enhancing the product structuring framework. »

Joseph M Camilleri, Valletta Fund Services

Fund formation considerations in Malta

Wed, 16/09/2015 - 10:13

When it comes to the formation process, funds in Malta may take different legal forms and with respect to hedge funds, the most popular structure is the SICAV. The formation process is two-fold: »

Jean Farrugia

In profile: the Maltese self‑managed PIF

Wed, 16/09/2015 - 10:03

Malta's PIF regime allows the setting up of three different types of PIFs each based on the profile of the participating investors' taking into consideration their overall wealth and investment experience. The regulations governing each type of fund vary and are lighter in case of PIFs which are intended for promotion to more sophisticated investors.  »

Derek Adler, ifina

The gateway of choice for emerging investment managers

Wed, 16/09/2015 - 09:58

The emergence of complex rules and regulations such as AIFMD and FATCA means that any new manager with visions of running their own hedge fund business must think carefully about the best route to market.  »

Dr Louis de Gabriele

The Recognised Incorporated Cell Company

Wed, 16/09/2015 - 09:54

By Dr Louis de Gabriele (pictured), Camillieri Preziosi Advocates  – In recent years, the Maltese jurisdiction has continued to consolidate its reputation as a fund domicile of choice for fund promoters and managers alike. Having emerged as a cost-effective jurisdiction for funds, Malta boasts a comprehensive yet flexible regulatory framework, together with attractive rates of taxation. The Malta Financial Services Authority ("MFSA") has also played a considerable role in the strengthening of Malta's position as a fund domicile, particularly due to its accessibility, responsiveness, and expediency in the processing of applications.  »

Paul Mifsud

Becoming the EU’s leading securitisation centre

Wed, 16/09/2015 - 09:44

Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (`EWSM'); a joint venture between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.  »

Stefania Grech

Fund structure ecosystem continues to grow

Wed, 16/09/2015 - 09:41

Following Malta's implementation of the Alternative Investment Fund Managers Directive (AIFMD), it is possible to set-up Alternative Investment Funds (AIFs) in Malta in accordance with the AIFMD.  »

James Williams, Hedgeweek

Loan vehicles could become integral part of burgeoning funds industry

Wed, 16/09/2015 - 09:38

Malta's financial services industry has been continuously evolving since it joined the EU in 2004. The island has a buoyant banking and insurance sector, a trust and pensions sector, and along with its funds industry, has been growing in the region of 25 per cent per year, based on the MFSA's latest figures.  »

Kenneth Farrugia, FinanceMalta

Malta keeps all options on the table

Wed, 16/09/2015 - 09:31

FinanceMalta was set up in 2007 to holistically promote the various sectors of Malta's financial industry. FinanceMalta not only focuses on the fund management industry but also covers the insurance sector, trust and foundations sector and wealth management and as Kenneth Farrugia (pictured), Chairman of FinanceMalta confirms: "We are also exploring ways for FinanceMalta to support Islamic Finance and Capital Markets in Malta through various initiatives." »

Arthur J Gallagher enhances IMI Pro

Arthur J Gallagher enhances IMI Pro

Fri, 11/09/2015 - 14:37

Arthur J Gallagher has enhanced its liability and crime insurance solution for investment managers IMI Pro to provide its broadest cover yet. »

Richard Day, ML Capital

Montlake QIAIF Platform provides AIFMD solution

Thu, 19/02/2015 - 18:29

Hedge fund managers have two options when looking to bring a regulated fund product to Europe. The first is to go the UCITS route, the second is to establish an AIF, under the much more recent AIFM Directive, which is a far less trodden path than the UCITS regime.  »

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