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The Regulations are also applicable in relation to regulated entities such as overseas collective investment schemes. Capital Resources Requirement, and this constitutes their Financial Resources Requirement. Fund Administrator is expected to conduct business in and from Malta. Listing Committee of the Listing Authority. Listing Rules or otherwise. The MFSA would however expect the branch to have the systems and procedures in place to carry out some of the monitoring duties itself. Preparatory: preliminary meeting and discussions with MFSA regarding the proposal. Likewise, it is possible to have a sponsoring undertaking located in Malta which may sponsor a European IORP. Applicant and a Recognised Private Scheme must satisfy on a continuing basis.

The Fund Manager shall appoint a Shariah Advisory Board. Upon receipt of acceptable proof to this effect the Registrar will issue a Final Certificate of Registration. Insurance Business Act, 1998. Provisional Certificate of Continuation will be issued by the Registrar of Companies once the application and supporting documents have been received and vetted. Once the applicant finalises any outstanding matters, the Licence will be issued. Furthermore, a Maltese UCITS is required to draw up a full prospectus and a simplified prospectus.

Such Licence Holders may again be authorised by MFSA to provide other Investment Services contemplated by the ISA. Only registered asset manager or a retirement scheme administrator that are duly authorised to provide investment management services may manage investments of a retirement fund or scheme. ISA as any service falling within the First Schedule to the Act when provided in relation to an instrument. EEA Member State on a remote basis under the freedom of services or by means of the establishment of a branch. The Manager may opt to have its own offices in Malta or alternatively to share offices with other entities, provided that such office space be equipped with an independent telephone line, a facsimile machine connected to a direct telephone line, an internet connection and filing space. Malta has established itself as a strong financial services centre, and has now sought to further increase this market with the establishment of new retirement schemes and pension funds. It is strongly advisable that the promoters arrange a preliminary meeting with representatives of the MFSA to explain their proposal. Whatever option the entity decides to take on, it is essential that such office space be equipped with an independent telephone line; a facsimile machine connected to a direct telephone line; an internet connection; and filing space. Money Laundering laws, regulations and relevant Guidance notes.

The Manager will generally be required by the MFSA to have an office space dedicated to its activities, within Malta. The above procedure which applies to a Maltese IORP receiving contributions from sponsoring undertakings in other Member States, shall apply in this case. Fund Administrator has reached a critical mass. In this case, the retirement scheme administrator shall keep such excess in the scheme and the reduction of such assets may be provided by a reduction or suspension of the contributions. MFSA upon submission of the draft application. Malta, through the procedure set forth in the Continuation of Companies Regulations.

UCITS Manager needs to have an established place of business in Malta, and its head office and registered office must both be located in Malta. In respect of the corresponding employees entitled to retirement benefits, the Maltese IORP sponsored by a sponsoring undertaking located within another Member State, shall satisfy the information requirements imposed by the host Member State on IORPs located within its territory. Money Laundering and monitoring the activities of the delegated entity. Malta to increase tax efficiencies. Every retirement scheme or fund must have a retirement scheme or fund administrator to carry on the duties assigned to it under the SFA. This clarification, was much welcome, since it finally put to rest doubts, as to whether Binary Options were to be considered as gaming, as therefore regulated by the Lotteries and Gaming Authority or by the MFSA. The SLCs prescribe, amongst others, organisational requirements, conduct of business obligations, disclosure requirements, outsourcing rules, financial resources requirements, accounting and record keeping requirements, and rules on transaction reporting. Malta, which either has its head office in Malta, or if its head office is outside Malta, is established in a jurisdiction with an adequate level of regulatory supervision. MFSA, applicants shall be asked to submit a draft application together with any supporting documents.

The Authority shall issue a consent notice or send a copy of the notification, as the case may be, to the competent authority of the host Member State. Portfolio Managers or to a third party manager acceptable to the MFSA. ISA, insofar that the MFSA is satisfied that such custodian is of sufficient standing and repute. The delegated entity may also be the parent undertaking or a group or affiliated undertaking of the Maltese delegating entity. Professional Investor Funds regime. For the corporate continuation application, the constitutive documents of the foreign company, supported by the necessary resolutions and declarations must be presented to the Registrar of Companies. However, it is not permissibile for an overseas retirement plan to be promoted or made available to Maltese residents. Furthermore, the Licence Holder is required to, by not later than the end of one month from its accounting reference date, assess whether it forms part of an Investment Services Consolidation Group, in which case, consolidated financial resources requirements will apply.

We are committed to providing you with a swift solution best suited to your needs. If within that period the Listing Authority has required the applicant to provide further information in connection with the application, before the end of the period of forty days beginning with the date on which that information is provided. Following satisfaction of any outstanding issues by the applicant, the MFSA will issue the licence on the same date as the Provisional Certificate of Continuation issued by the Registrar of Companies mentioned hereunder, which will enable the fund to start operating in Malta. The MFSA Rules also contain supplementary conditions specifically applicable to managers of collective investment schemes. Binary Options are defined as contracts based on the direction which the price of an underlying asset will take within a specified time frame. We can assist you in all matters relating to the licensing of the CIS, as well as the listing thereof.

However, these rules should only be applied to the part of the assets of the IORP that correspond to the activities carried out in the host Member State. Shariah Advisory Board are no longer Shariah compliant and the time within which the fund is permitted to liquidate such positions. Malta as a gateway for the European market and investors. EEA State, and this on the basis of the passporting rights granted by MiFID. Feedback is generally provided within three to four weeks from submission of the application documents. The exercise of the right of establishment and the provision of services by a Maltese management company is also subject to a notification procedure, whereby it is required to notify the MFSA.

The licence will be issued once the outstanding matters are resolved, including the incorporation of the company, submission of signed copies of final application and final supporting documents and any other issues raised during the Application process. Fund Administrator of the ability of the MFSA to monitor adherence to statutory obligations. The provision of Fund Administration Services in or from Malta to any licensed Collective Investment Scheme requires a formal recognition from the MFSA, after assessment that the applicant is fit and proper to provide fund administration services. These would also be entitled to benefit from the stamp duty exemption obtained for the Fund in connection with the acquisition or disposal of their units in the Fund. FBS Kotsomitis Global Network, we can draw from a plethora of experience and expertise in the financial services. Any other activity of the Directors, manager or investment adviser should not result in the scheme being disadvantaged in any way due to possible conflicts of interest between their obligations arising as a result of such activities and their obligations to the Scheme. The banking sector has proven its resilience by weathering the international recession through solid fundamentals and sound systems.

Licence Conditions listed in the Investment Services Rules for Investment Services Providers. The UCITS may appoint a third party investment adviser, who may also be approved by the MFSA, but need not be established and regulated in Malta. Furthermore, foreign tax paid can be taken into account for purposes of the refund calculation, subject to the maximum refund not exceeding Malta tax paid. The estimated expenses of administering the winding up of the scheme. Likewise, flexibility is afforded to custodians establishing a place of business in Malta through a local branch. The services provided by Fund Administrators may be divided two fold.

UCITS Fund Managers are not required to participate in such investor compensation scheme, except where they are authorised to provide other investment services to other clients. The full imputation tax credit thereby renders Maltese companies highly efficient tax vehicles, with a number of applicable refunds to shareholders possible. EEA, following the prescribed notification procedure. MFSA, which application shall only be accepted if such application is drawn up in proper form. Assets, but not to operate a multilateral trading facility or deal for their own account or underwrite or place instruments on a firm commitment basis. Compliance Officer and Money Laundering Reporting Officer.

Typical examples would include, Ijarah Funds, Commodity Funds and Murabahah Funds. Delegation is permissible to custodians established outside Malta, whether in the EU or not and may also be the parent undertaking or a group or affiliated undertaking of the Maltese delegating entity. Member State or EEA State. The process of redomiciliation will be conducted concurrently with the application procedure for the relevant licence, where required. The supporting documents shall include a marketing plan and the service agreements to be entered into with the management company, custodians and the aforesaid service providers. Provisional Certificate, the company should provide proof to the Maltese Registrar of Companies that the company has ceased to be registered in the original home country.

Binary options are therefore a pairing contract, by which clients can trade at various prices, which may include commodities such as oil and gold, indices, equities and currencies, the outcome of which is settled in cash. Maltese UCITS Management Companies wishing to avail themselves of this exemption should contact the MFSA for guidance in this regard. Authority, the Malta Financial Services Authority. An onshore jurisdiction and EU member state, Malta is a safe and yet friendly tax jurisdiction for commercial and investment activities. Banking System as the 13th soundest in the world. The asset manager may also be a company operating outside Malta, provided it is established in a country where an adequate level of supervision exists. The draft application form and the supporting documentation will be reviewed by the MFSA. UCITS is entrusted, in the case of corporate structures, to the board of directors, which must comprise at least one resident director. It must be noted however, that this incertitude was not contained only to Malta, since an ambivalent and ambiguous stance, may also be observed in other jurisdictions, such as Cyprus, where the regulator considers binary options as financial instruments, whereas the UK Gaming Commissions has considered binary options are strictly pertaining to gaming.

The custodian will generally be required by the MFSA to have an office space dedicated to its activities, within Malta. Private Funds are regulated but not licensable, and although they constrain the promoters to a more limited pool of investors when compared to its licensed counterpart, it does not require the engagement of external fund managers or of fund administrators, thereby appealing to promoters who may require a swifter and less onerous path to a collective investment scheme. Furthermore, kindly note that there are no Wealth nor Net Asset Value Taxes in Malta. SFA whereby payments are made to the beneficiaries for the principal purpose of providing retirement benefits. Our assistance for private collective investments schemes is extended to the formation of the fund in all its possible regulatory forms, to the provision of corporate officers and full accounting services. PIF under custody and also to monitor the activities of the investment manager. Investment Services Rules for Investment Services Providers and relevant Guidance Notes issued by the MFSA. Likewise, entities acting as trustee or custodian of a collective investment scheme must also apply for an investment services licence. PIF shall be targetted.

Where the migrating scheme is licensed or authorised in the foreign jurisdiction, evidence of licensing in such home country is necessary. The scheme may opt to invest in one or more retirement funds, as well as invest directly on the market in shares, bonds, collective investment schemes and other instruments. Likewise, a Maltese management company is also subject to the notification procedure in cases where it entrusts a third party with the marketing of the units in a host Member State. The Listing Authority accepts no responsibility for the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss of money howsoever arising from or in reliance upon the whole or any part of the contents of this document. Maltese UCITS, provided that it satisfies the relevant requirements. Maltese domestic tax laws, which provide excellent tax planning opportunities for funds as well as for managers, administrators, custodians and other service providers. In reaching its conclusions, the MFSA will evaluate the experience and track record of the proposed candidates and ensure that parties are of good character. The extent to which the SLCs are applicable to a Licence Holder, depends on the nature of licensable activity which the Licence Holder is authorised to provide.

This, in effect, means that there may be situations where there will be no Maltese tax leakage. SLCs are applicable to a Licence Holder depends on the nature of licensable activity which the Licence Holder is authorised to provide. Dubai, Shanghai and Singapore. Private Scheme need not appoint an external manager and cannot be listed on the Malta Stock Exchange. The application procedures and requirements, listed hereunder, are limited to the principal procedures and requirements for open ended Schemes seeking authorisation for admissibility for primary listing. UCITS Schemes or Professional Investor Funds. This continuity of corporate existence is then supplemented, in the case of offshore funds, by a continuity at an operational and infrastructural level. In the insurance sector, there are over 40 insurance companies, particularly Captive Insurances and protected cell companies, domiciled in Malta.

SFA, other than income from immovable property situated in Malta, is exempt from Maltese income tax. This is an independent process, the outcome of which is not necessarily identical to the admissibility granted by the MFSA. However, where the delegation concerns custodial core activities, the mandate may only be given to undertakings which are duly authorised or licensed and, in all cases subject to prudential supervision. Listing Authority on all matters arising in connection with the application. UCITS fund management company shall be limited to the management of collective investment schemes. MFSA in accordance with Maltese law. Malta FOREX and Funds Licensing Procedures and initiate the process for the licensing of any financial services activity in Malta. No body corporate, unincorporated body or association formed in accordance with or existing under the laws of Malta, shall provide or hold itself out as providing an investment service in or from within a country, territory or other place outside Malta unless it is in possession of a valid investment services licence. Shariah compliant funds may be set up as both Retail Investment Schemes and Professional Investor Funds.

Private Fund is a valid alternative to clients who wish to set up a collective investment scheme in a reputable jurisdiction, without the regulatory constrictions brought about by licensed Malta Funds. The regime is applied to a large variety of conventional and alternative investment funds. Standard Licence Conditions set out in Part B of the Investment Services Rules for Investment Services Providers, as applicable to the licence applied for. The pofessional investor fund regime in Malta, unlike its equivalent in other renowned onshore fund domiciles which also permit redomiciliation of funds, is not protective in terms of the domicile of service providers to the fund. Shariah as interpreted by the Shariah Advisory Board. The fund may opt to appoint a legal entity as a Shariah Advisor, which would in turn appoint a Shariah Advisory Board to carry out the above functions, and which may replace, at its absolute discretion, the members by others of equal standing and reputation.

The main driving force however, has been the enactment of sophisticated and flexible legislation. Companies Act, 1995, used as a pension pooling vehicle, for the principal purpose of holding and investing the contributions made to one or more retirement schemes or to one or more overseas retirement plans. Where such company is established in another Member State and is duly authorised to carry out portfolio investment management, it shall be exempt from the registration requirement. The overseas retirement plan does not require registration under the SFA, but it may either decide to establish a retirement fund registered under the SFA or invest its contributions in an existing retirement fund registered under the SFA. The licensing process will comprise the consideration and finalisation of the conditions which will apply to and be incorporated in the investment services licence applied for. What constitutes a Binary Option? Therefore, a shareholder will, upon a distribution of the dividend, be entitled to a refund in part or in full of any advance tax levied on the distributing company. MiFID rules will apply to such activities.

The inverse situation, overfunding may occur. EC as transposed under Maltese law, and are entitled to exercise their European passport rights in terms of the MiFID regime by complying with the prescribed notification procedure. Contact one of our officers for more information about the listing of Collective Investment Schemes in Malta. Malta, equipped with an independent telephone line, a facsimile machine connected to a direct telephone line, an internet connection and filing space. Investment Committee made up of at least three members, who must meet at least on a quarterly basis and the majority of the meetings must be held in Malta. Funds which satisfy the aforesaid threshold also enjoy a blanket stamp duty exemption on their transactions. Alternatively, a UCITS can appoint a Maltese UCITS management company as its external investment manager. This Category does not include managers of Collective Investment Schemes.

MFSA has extended the flexibility permitted to fund administrators and custodians, also to fund Managers. Contact one of our officers for more information about Collective Investment Schemes in Malta. Scheme and of the rights attaching to the units to which the Prospectus relates. The person assuming this role may or may not act as Compliance Officer. Malta, with a combined net asset value in excess of EUR 7 billion. Effectively, HMRC shall consider applications from retirement schemes based in Malta for registration as QROPS. In this section you can find extensive information and facts about Malta FOREX and Malta Funds licensing procedures and requirements. Particulars of any exchange where the scheme had previously sought a listing but had been refused and the reasons for such a refusal. Any Maltese UCITS wishing to market its units in another EU or EEA Member State, must notify the MFSA and inform the competent authority of the host Member State, in accordance with the passporting procedure prescribed by the UCITS Directive.

Binary options traders licensed under the MiFID regime will benefit from passporting rights under the directive, greatly reducing regulatory costs. Partnership forms part of a Group, a diagram showing the relationships between the applicant and other members of the Group. An overseas retirement plan is a scheme set up under the laws of a country outside Malta, which governs the rights and responsibilities of the parties, and under which payments to the beneficiaries are made for the principal purpose of providing retirement benefits. This is the written instrument evidencing the registered scheme and establishing the manner in which the scheme should be run, and typically takes the form of a contractual agreement or a trust deed established under Maltese Law. This favourable fiscal treatment applies when they establish their own operations in Malta but also when they remain established in, and provide the management services from, their own jurisdiction. Maltese IORP may accept sponsorship in terms of the IORP Directive from sponsoring undertakings situated in another Member State or EEA state, provided that prior authorisation be obtained from the home Member State. Company forms part of a Group, a diagram showing the relationships between the applicant and other members of the Group. Malta will be subject to the same accounting, audit and tax filing requirements as those applicable to newly established companies in Malta. It is always for the applicant to approach the MFSA at an early stage of the licence application process and to submit and discuss with them a brief programme of operations for the initial years of operation.

Malta has won ever increasing recognition and increased its clout as a financial center with its sophisticated regulatory framework. The UCITS need also appoint an auditor and a fund administrator recognised by the MFSA. In either scenarios, passporting rules may be availed of by successful licence holders. Companies which were previously regulated by the Remote Gaming Authority must seek licensing under the Investment Services Act, through a series of transitory provisions. Head Office on its behalf. However, Individual Portfolio Management licence holders are required to participate in such investor compensation arrangements. In terms of MiFID itself, the promotion rules as well as some conduct of business and transaction reporting rules and requirements of the relevant EU Member State may need to be adhered to, in particular if the Maltese licence holder exercises its passport rights through the establishment of a branch in such EU Member State. Manager including portfolios for which it has delegated the management function but excluding portfolios that it is managing under delegation.

Apart from the investment management per se, the activity of management of UCITS includes also the additional functions of Administration and Marketing. View Tax Treatment of the Malta Company for a more comprehensive view of the tax credit applicable to trading income. Islamic Shariah Scholars to ensure that the fund meets Shariah compliance standards in the management of its assets. No person, other than the retirement fund administrator, may provide custody services to a retirement fund, unless such person is registered by the MFSA to act as a Retirement Fund Custodian. Malta offers a favourable tax regime for CISs. Senior Branch Manager although a transitional period may be permitted during which the Branch Manager may also assume these offices. Foreign exchange acquired or held for investment purposes. The identity of the ultimate beneficial owners must be made known to the Malta Financial Services Authority.

Malta and should be in possession of a Category 4 Investment Services Licence issued by the MFSA. An interesting alternative to licensed collective investment schemes are private schemes. Shariah compliance by the fund. However, the MFSA will limit its due diligence only on the integrity of the persons concerned, and contrary to the litmus test applied to licensed schemes, the Authority will not assess the technical competence of the persons responsible for managing the Scheme, and will not subject the Private Scheme to any investment or borrowing restrictions or other conditions other than those which may be specified in the recognition certificate issued by the Authority. Board meetings to be held in Malta. Any recognition granted in terms of these regulations shall not be deemed to be a licence for the purpose of articles 2 and 12 of the Income Tax Act, meaning that the special income tax rules applicable to other types of schemes do not apply. Furthermore, host competent authority may only apply these rules if the same or stricter rules also apply to all IORPs located in the host Member State.

It is worth noting that until this notice, a number of Companies had successfully sought licensing by the Remote Gaming Regulations, and were therefore being regulated by the Lotteries and Gaming Authority. Malta Private Funds require a spectrum of corporate services to ensure that the correct corporate governance is maintained at all times. The Standard Licence Conditions issued by the MFSA shall apply also to Shariah funds. Licence Holders authorised to act as trustees or custodians of Collective Investment Schemes. Members of the Shariah Advisory Board must retain independence from the Manager at all times. UCITS must be entrusted to a custodian, which must have an established place of business in Malta and be a credit institution licensed under the laws of Malta, or such other body corporate, unincorporated body or association acceptable to the MFSA. Financial Resources Requirement for Category 4 investment firms.

Before the Maltese IORP may start to operate the occupational retirement scheme for a sponsoring undertaking in another Member State, the MFSA must communicate to the Maltese IORP the information received from the host member state authority about the requirements to be satisfied by the Maltese IORP. CIS presupposes a plurality of investors. Annual General Meeting of the CIS. This basically means that the blanket exemption granted to regulated schemes will not apply, and the company will essentially be subject to the same tax treatment, which Maltese incorporated companies may avail themselves of. One of the hallmarks of a CIS is that investors can freely transfer or acquire Units in a CIS. There are no Wealth nor Net Asset Value Taxes in Malta. Continuation of a company in Malta does not affect any legal or other proceedings instituted or to be instituted by or against the company.