Collective Investment Schemes

Collective Investment Schemes are regulated in terms of the Investment Services Act (Cap 370) and include

  • Retail Collective Investment Schemes, primarily Undertaking in Collective Investment Transferable Securities (UCITS)
  • Professional Investor Funds (PIFs)
  • Alternative Investment Funds (AIFs)
  • Notified Alternative Investment Funds (NAIFs)

The MFSA seeks to protect the interests of financial services consumers, ensures that financial markets are fair, efficient and transparent and strives to safeguard financial stability. This is achieved through, inter alia:

  1. offsite supervision which involves the monitoring, analysis and desk reviews of periodic regulatory returns, financial statements and other documentation made available to the Authority;
  2. onsite supervision which involves the analysis and evaluation of processes, procedures and internal controls within the business address of the licensed entity.
  3. event supervision through the review of the operational activities of licensed entities, their risk models and interaction with customers.

From a prudential supervision perspective, the focus is on system controls, governance arrangements, risk management and risk mitigation measures adopted by licensed entities.

Main Legislation & Subsidiary Legislation

This includes a list of main legislation, subsidiary legislation and related legislation in relation to Investment Services & Collective Investment Schemes.

Circulars and Notes for Information

Circulars and Notes for Information in relation to Collective Investment Services.