Heritage welcomes MFSA’s framework for Notified AIFs

The new framework for Alternative Investment Funds (AIFs) proposed by the Malta Financial Services Authority (MFSA) will introduce greater efficiencies and flexibility for those seeking to domicile funds in Malta.

Under the proposals published by the MFSA on 1 April 2016 and due to come into effect before the end of Q2 2016, full responsibility for the management of the Notified AIF will fall on the authorised and regulated Alternative Investment Fund Manager (AIFM). The AIFM will be required to carry out all necessary due diligence on any service providers to the AIF and its governing body, and will be responsible for the AIF’s compliance with the AIFMD.

By streamlining the process in this way, an AIF marketed to professional and qualifying investors will be included on a list of Notified AIFs considered by the MFSA to be ‘in good standing’ within 10 business days from the receipt of a completed notification pack. The Notified AIF will not be subject to prudential regulation and supervision by the MFSA.

Neville Carabott, Managing Director, Heritage International Fund Services (Malta) Limited, said, "The launch of this new framework is a very positive development for Malta and demonstrates the MFSA’s willingness to react to the funds industry’s need to significantly reduce time to market. In an increasingly competitive, global market any step that expands the options available to those considering potential domiciles can only provide greater stimulation and increase a jurisdiction’s appeal.

"Such strong reliance on the AIFM’s judgment and due diligence procedures, means that the need for strict adherence to this new set of requirements will be essential. We look forward to offering our clients the benefit of our extensive experience of the funds industry in Malta to ensure the requirements of this new framework are met."

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Estera is a leading global provider of fiduciary and administration services. The 
acquisition of Heritage Financial Services Group is central to the expansion of 
our funds service line and also expands jurisdictional choice for our trust and 
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