Wednesday October 10 2012
News Source: Fund Regulation
Focus: UCITS
Type: General
Country: Malta
The MFSA, on 9 October 2012, published a revised version of the Investment Services Rules for Investment Services Providers and of the Investment Services Rules for Retail Collective Investment Schemes.
The changes to the Rules were made to ensure a more faithful transposition of the provisions of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS IV), and consist of the following:
Investment Services Rules for Investment Services Providers:
- SLC 9.19 of Part BI has been amended to further clarify that the obligation of the Custodian of a Scheme to enter into an information agreement with the Manager of that Scheme subsists only in the case where the Manager is not licensed in Malta. This amendment ensures a more accurate transposition of Article 33(5) of the UCITS IV Directive.
Investment Services Rules for Retail Collective Investment Schemes:
- SLC 5.47 of Part BII – This SLC lays down the borrowing restrictions of UCITS Schemes and reworded to more faithfully transpose the requirements of Article 83 of the UCITS IV Directive.
- Point [xi] of SLC 2.8 of Appendix II to Part B – relating to the disclosure of transaction costs for the purposes of disclosure thereof in the Scheme’s Annual Report. By virtue of this amendment, transaction costs are being defined as costs incurred by a Scheme in connection with transactions on its portfolio.
The revised Rules can be downloaded from the MFSA’s website under the section Legislation and Regulation/Regulation/Securities and Markets.
Please refer to the below link for a full copy of the MFSA press release: