Cap. 370 – Investment Services Act

Amended by:

• Act No. XI of 2025

S.L. 370.01 (R) – Appointment of Competent Authority Order

Repealed by:

• L.N. 433 of 2014

S.L. 370.02 – Investment Services Act (Exemption) Regulations

S.L. 370.03 (R) – Investment Services Act (Fees) Regulations

Repealed by:

• L.N. 370 of 2024

S.L. 370.04 – Investment Services Act (Prospectus of Collective Investment Schemes) Regulations

Amended by:

• L.N. 31 of 2025

S.L. 370.05 – Investment Services Act (Control of Assets) Regulations

S.L. 370.06 – Investment Services Act (Recognition of Private Collective Investment Schemes) Regulations

S.L. 370.08 – Investment Services Act (Investment Advertisements and Prospectus Exemption) Regulations

S.L. 370.09 – Investor Compensation Scheme Regulations

S.L. 370.10 – European Passport Rights for Investment Firms Regulations

S.L. 370.11 (R) – Undertakings for Collective Investment in Transferable Securities and Management Companies Regulations

Repealed by:

• L.N. 241 of 2011

S.L. 370.12 – Investment Services Act (Performance Fees) Regulations

S.L. 370.13 – European Passport Rights for Persons Operating Multilateral Trading Facilities Regulations

S.L. 370.14 (R) – Investments Services Act (Tied Agents) Regulations

Repealed by:

• L.N. 403 of 2017

S.L. 370.15 – Investment Services Act (Supervisory Review) Regulations

S.L. 370.16 – Investment Services Act (Contractual Funds) Regulations

S.L. 370.17 (R) – Investment Services Act (Financial Capital Adequacy Consolidation) Regulations

Repealed by:

• L.N. 31 of 2014

S.L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations

S.L. 370.19 – Investment Services Act (UCITS Mergers) Regulations

S.L. 370.20 – Investment Services Act (UCITS Management Company Passport) Regulations

S.L. 370.21 – Investment Services Act (Marketing of Alternative Investment Funds) Regulations

S.L. 370.22 – Investment Services Act (Alternative Investment Fund Manager) (Passport) Regulations

Amended by:

• L.N. 60 of 2025

S.L. 370.23 – Investment Services Act (Alternative Investment Fund Managers) Regulations

S.L. 370.24 – Investment Services Act (Alternative Investment Fund Manager) (Third Country) Regulations

S.L. 370.25 – CRD (Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.26 – Investment Services Act (European Venture Capital Funds) Regulations

S.L. 370.27 – Investment Services Act (European Social Entrepreneurship Funds) Regulations

S.L. 370.28 – Investment Services Act (Access to Emissions Allowance Auction) Regulations

S.L. 370.29 – Over-Reliance on Credit Rating Regulations

S.L. 370.30 – Investment Firms (Reorganisation and Winding-up) Regulations

S.L. 370.31 – Investment Services Act (European Long-Term Investment Funds) Regulations

S.L. 370.32 – Investment Services Act (Custodians of Collective Investment Schemes) Regulations

S.L. 370.33 – Investment Services Act (UCITS Administrative Penalties, Measures and Investigatory Powers) Regulations

S.L. 370.34 – Investment Services Act (List of Notified AIFs) Regulations

Amended by:

• L.N. 32 of 2025

S.L. 370.35 – Local Central Counterparties Access Regulations

S.L. 370.36 – Position Limits and Position Management Controls in Commodity Derivatives and Reporting Regulations

S.L. 370.37 – Data Reporting Services Regulations

Amended by:

• L.N. 136 of 2022 – User Guidelines

S.L. 370.38 – Algorithmic Trading Regulations

S.L. 370.39 – Multilateral Trading Facilities and Organised Trading Facilities Regulations

S.L. 370.40 – Investment Services Act & Banking Act (MiFID & MiFIR Administrative Penalties, Measures & Investigatory Powers) Regulations

S.L. 370.41 – Markets in Financial Instruments Regulations

S.L. 370.42 – Investment Services Act (Tied Agents) Regulations

S.L. 370.43 – Investment Services Act (Provision of Investment Services and Activities by Third-Country Firms) Regulations

S.L. 370.44 – Investment Services Act (Money Market Funds) Regulations

S.L. 370.45 (R) – Appointment of the Competent Authority (Investment Firms Regulation and Investment Firms Directive) Regulations

Repealed by:

• L.N. 229 of 2022

S.L. 370.46 – Investment Services Act (Supervisory Consolidation) (Capital Requirements Directive) Regulations

Amended by:

• L.N. 45 of 2025

S.L. 370.47 – Investment Services Act (Supervisory Review Investment Firms Directive) Regulations

S.L. 370.49 – Supervisory Consolidation (Investment Firms Directive) Regulations

S.L. 370.50 – Investment Services Act (Cross-Border Distribution of Funds) Regulations

S.L. 370.51 – Financial Markets (Fees) Regulations

Amended by:

• L.N. 64 of 2025

S.L. 370.52 – Investment Services Act (Fees) Regulations

Amended by:

• L.N. 61 of 2025

S.L. 370.53 – Investment Services Act (Special Limited Partnership Funds) Regulations

Financial Markets Act Cap. 345

Prevention of Money Laundering Act Cap. 373

Malta Financial Services Authority Act Cap. 330

Professional Secrecy Act Cap. 377

S.L. 459.01 Financial Collateral Arrangements Regulations

S.L. 330.06 MFSA Act – Financial Conglomerates Regulations

Part A – The Application Process

 Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies

 Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs

 Appendix 1A – Financial Resources Requirements and Guidance on the compilation of the Financial Return for Category 1, Category 2 (which qualify as Fund Managers) and Category 4b Investment Services Licence Holder

 Appendix 2B – Financial Return for Fund Managers

Appendix 9 – Definition of ‘Close Links’

 Appendix 11 – Supplementary Licence Conditions on Risk Management, Counterparty Risk Exposure and Issuer Concentration

 Appendix 12 – Remuneration Policy

 Appendix 13 – Transparency Requirements

 Annex 1 – AIFM – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)

 Annex 2 – AIF – Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD)

 Annex 3 – AIF – Specific Information to be reported (Article 24(2) AIFMD)

 Annex 4 – AIF – Specific Information to be reported (Article 24(4) AIFMD)

 Annex 5 – Information on AIFs managed by the AIFM

Appendix 14 – Annual Fund Return

 Appendix 16 – Complaints handling

Part CII – Rules for European Management Companies providing services in Malta

Part CIV – Rules for Third country AIFMs providing services in Malta

Part CIV – Rules for Third country AIFMs providing services in Malta (applicable up to 4 February 2024)

Appendix 9 – Definition of ‘Close Links’ (applicable up to 4 February 2024)

 Appendix 13 – Transparency Requirements (applicable up to 4 February 2024)

 Appendix 16 – Complaints handling (applicable up to 4 February 2024)

Part A – The Application Process (applicable up to 4 September 2023)

Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (applicable up to 11 December 2024)

Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (applicable up to 3 December 2024)

Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (applicable up to 19 November 2024)

 Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (applicable up to 4 February 2024)

Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (applicable up to 4 September 2023)

Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs (applicable up to 11 December 2024)

Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs (applicable up to 3 December 2024)

Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs (applicable up to 4 February 2024)

Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs (applicable up to 19 November 2024)

Part BIII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs (applicable up to 4 September 2023)

Part A – The Application Process

Part BII – Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (applicable up to 2 January 2018)

Part BIII – Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as Alternative Investment Fund Manager (applicable up to 2 January 2018)

Appendix 17 – Notified AIFs

 AIFM Notification Form

(a) Annex I: Pro-Forma Prospectuses

 Pro-Forma Prospectus of a multi-fund limited liability company with variable share capital

 Pro-Forma Prospectus of a Master-Feeder

 Pro-Forma Prospectus of a Contractual Fund

(b) Annex II: Resolution of the governing body of the AIF

(c) Annex III: AIFM self-certification

(d) Annex IV: Declaration Form for the AIFM and the governing body of the AIF

(e) Annex V: Declaration Form for AIFM regarding due diligence undertaken on the AIF’s service providers and governing body

Appendix 14 – Results of Stress Tests – Risk Management Function – Deleted
Appendix 15 – Results of Stress Tests – Liquidity Management Function – Deleted
(Note: Appendices 14 and 15 are being deleted since the information required is being reported in Sections 279 and 280 of Annex 3 of Appendix 13)

Last updated on: 17 September 2021

In application of Article 1 of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the national laws, regulations and administrative provisions governing marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

Marketing Requirements for UCITS

a) The Format and Content of Marketing Material

The format and content of marketing material by UCITS is prescribed in Chapter 1 of the  Conduct of Business Rulebook.  Furthermore, a reference has been included in Rule R.1.2.81 to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications.

b) Verification of Marketing Communications by the Authority

The Authority carries out an ex-post review of marketing communications issued by regulated entities.  In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

c) Passporting Rules

Passporting In

European UCITS wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.

• Investment Services Rules for Retail CIS:
  • Part A Section 12: Exercise of Passport Rights by European UCITS Schemes

• L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations:
  • Marketing of European UCITS in Malta: Articles 8 – 10

Passporting Out

Maltese UCITS wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein.

• L. 370.18 – Investment Services Act (Marketing of UCITS) Regulations:
  • Marketing of Maltese UCITS in a Member State or in an EEA State: Articles 4 – 7

• Schedule C – Notification letter

d) De-notification of arrangements made for marketing

Where the UCITS Manager no longer wishes to market its UCITS in another Member State, the UCITS Manager is to submit a notification to the MFSA in terms of Article 4(16) of the Investment Services Act (Marketing of UCITS) Regulations.

The notification is to be submitted to the MFSA on ucitsnotifications@mfsa.mt

Marketing Requirements for AIFs

a) The Format and Content of Marketing Material

AIFMs shall ensure that all marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF.  All marketing material must be fair, clear and not misleading.

AIFMs shall also note that SLC 3.14 has been introduced in Part BIII of the Investment Services Rules for AIFMs to include the new marketing requirements emanating from Article 4 of the CBDF Regulation and the ESMA Guidelines on Marketing Communications. AIFMs are to note that new requirements are applicable for all AIFs, regardless of the type of target investor.

b) Verification of Marketing Communications by the Authority

The Authority shall carry out an ex-post review of marketing communications issued by regulated entities.  To note that it is the responsibility of the AIFM Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

c) Marketing to Retail and Professional Investors

AIFMs are to refer to the provisions listed below depending on the target investors of the AIFs managed, as well as the marketing communication addressed to them.

Retail Investors:

• Section 10 – Part BIII of the Investment Services Rules for Investment Services Providers.
• Article 4 – Cross-Border Distribution of Funds Regulation
• ESMA Guidelines on Funds’ Marketing Communications (applicable 6 months after the date of the publications of translations)

Professional Investors:

• Article 4 – Cross-Border Distribution of Funds Regulation
• ESMA Guidelines on Funds’ Marketing Communications (applicable 6 months after the date of the publications of translations)

d) Passporting Rules

Passporting In

European AIFs managed by Maltese or European AIFMs wishing to market their units in Malta are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.

• Investment Services Act (Marketing of Alternative Investment Funds) Regulations
  • Marketing of European AIFs by Maltese AIFMs in Malta: Article 3
  • Marketing of European AIFs by European AIFMs in Malta: Article 5

Passporting Out

Maltese AIFs wishing to market their units in a Member State or EEA State are to consider the provisions listed hereunder and submit a notification in the form and manner prescribed therein, as applicable.

• Investment Services Rules for AIFs
  • Part A Section 5: Marketing of AIFs
  • Part B Section 7: Marketing of an AIF
• Investment Services Act (Marketing of Alternative Investment Funds) Regulations
  • Marketing of European AIFs by Maltese AIFMs in a Member State or EEA State: Article 4
• Schedule 4: Notification Letter

e) Distribution of Funds Established in a Non-EU Member State under the National Private Placement Regime

EU AIFMs or Non-EU AIFMs wishing to market the units of Non-EU AIFs in Malta are to refer to the notification forms and guidance document listed below, as applicable.

• Article 36 Notification Form: Marketing of Non-EU AIFs managed by an EU AIFM
• Article 42 Notification Form: Marketing of Non-EU AIFs managed by a Non-EU AIFM
• Guidance note on the completion of the Article 36 and 42 Notification Form

f) De-Notification of Arrangements made for Marketing

Where the AIFM no longer wishes to market its AIF/s in another Member State, the AIFM is to submit a notification to the MFSA in terms of Article 3(13) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations

The notification is to be submitted to the MFSA on aifmdnotifications@mfsa.mt

g) Pre-marketing in the EU by Maltese AIFMs

Maltese AIFMs wishing to carry out pre-marketing must submit a notification by email within two weeks of having begun pre-marketing to aifmdnotifications@mfsa.mt in accordance with Article 3 (20) and Article 4 (25) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulation. 

Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Last updated on: 17 September 2021

Marketing Requirements for UCITS

a) Notification for the Marketing of Units

A European UCITS Scheme may market its units in Malta provided that prior to the commencement of such marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 8 of the Investment Services Act (Marketing of UCITS) Regulations. Particularly, such a notification is to be received by the MFSA from the Authority of the UCITS home Member State or EEA State and is to include the information outlined in Article 8 1(a)-(d) and Article 8 2(a)-(d) of the Regulation.

A Maltese UCITS Scheme intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule C of the Investment Services Rules for Retail Collective Investments Schemes to the MFSA.

b) Notification and Prior Approval of Marketing Communications

The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the UCITS Management Company to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the UCITS Management Company if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

Marketing Requirements for AIFs

a) Notification for the Marketing of Units

A European AIF may market its units in Malta provided that prior to the commencement of marketing, the MFSA has received a notification letter in the form and manner prescribed in Article 3 or Article 5 (as applicable) of the Investment Services Act (Marketing of Alternative Investment Funds) Regulations.

A Maltese AIF intending to market its units in a Member State or EEA State other than Malta must submit a notification letter in the form set out in Schedule 4 of the Investment Services Rules Alternative Investment Funds to the MFSA.

b) Notification and Prior Approval of Marketing Communications

The Authority carries out an ex-post review of marketing communications issued by regulated entities and as such, marketing communications are not subject to prior notification and approval. In this regard, it is pertinent to note that it is the responsibility of the AIFM to review and ensure that the marketing material is in line with the applicable requirements before such material is issued and/or posted on social media platforms.

The Authority will contact the AIFM if such marketing material is deemed as being non-compliant with the applicable requirements and may also indicate the remedial action to be taken.

c) Marketing to Retail Investors and Professional Investors

As from 2 August 2021, in terms of Article 4 of the Cross-Border Distribution of Funds Regulation, AIFMs are required to ensure that all marketing communications addressed to investors, including professional investors, are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF in an equally prominent manner, and that all information is fair, clear and not misleading.

To supplement the above, on 27 May 2021, ESMA published its Guidelines under the Cross-Border Distribution of Fund Regulation, specifying the requirements that funds’ marketing communications must meet. It is to note that such Guidelines will become applicable 6 months after the date of the publication of the translations.

AIFMs shall note that the SLC 3.14 Part BIII has been introduced to include a reference to the new marketing requirements emanating from the CBDF Regulation and the Guidelines on Marketing Communications.

Furthermore, AIFMs managing Retail AIFs should also refer to Section 10 of Part BIII of the Investment Services Rules for Investment Services Providers which sets out further rules relating to disclosure requirements for marketing communications and information provided to retail clients. In addition to minimum disclosure requirements and information to be provided, such rules also set out, inter alia, other requirements relating to record keeping for marketing communications as well as conditions to be satisfied when providing information to retail investors relating to past or future performance.

Disclaimer: The MFSA has taken reasonable care to ensure that the information on the national provisions governing marketing requirements of UCITS and AIFs in Malta included on this webpage is up-to-date and complete. The MFSA is not responsible for maintaining external websites and shall not be liable for any error or omission on any external website to which hyperlinks are provided on this webpage.

Last updated on: 17 September 2021

In application of Article 2(1) of the Commission Implementing Regulation (EU) 2021/955, this page contains the information on the fees and charges levied by the MFSA for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.

Fees and Charges

The fees levied with respect to cross-border activities emanate from the Investment Services Act (Fees) Regulations. The MFSA charges an initial notification/application fee and an ongoing annual supervisory fee as further detailed below.

European UCITS Management Companies and AIFMs establishing a branch as well as European UCITS and European AIFs marketing their units in Malta shall, annually, upon the anniversary of the date on which they commence business or market their units in Malta, pay the supervisory fee established in the table below, with the first annual fee becoming payable immediately once a licence/authorisation is granted.

Cross-Border Management Fees and Charges

Cross-Border Marketing Fees and Charges

Pre-marketing Notification Form

Form for the De-Notification of Marketing of Units or Shares of EU AIFs

Form for the De-Notification of Marketing of Units or Shares of a Maltese UCITS in an EU Member State or EEA State

Authorisation Application Forms – Fund Management

Self-Assessment Questionnaire for Fund Managers and Self-Managed Collective Investment Schemes applying for an AIFM Licence

Schedule C – Financial Resources Statement

Schedule D – Provision of cross-border services under freedom to provide services:

 Schedule DII – Notification Letter for UCITS Management Companies wishing to provide cross-border services under the freedom to provide services in another EU or EEA Member State

 Schedule DIII – Notification Letter for AIFMs wishing to provide cross-border services under the freedom to provide services in another EU or EEA Member

Schedule E – Provision of cross-border services via the establishment of a branch:

Schedule EII: Notification Letter for UCITS Management Companies wishing to provide cross-border services via the establishment of a branch in another EU or EEA Member State

 Schedule EIII – Notification Letter for AIFMs wishing to provide cross-border services via the establishment of a branch in another EU or EEA Member State

 Notification Form for EU AIFMs (above threshold) marketing AIFs under Article 36

 Notification Form for non-EU AIFMs (above and below threshold) marketing AIFs under Article 42

 Notification Form EU AIFMs (below threshold) marketing AIFs

Fund Managers, Collective Investment Schemes, Depositaries and Recognised Persons Documentation Timetable

Investment Services Licence Holders Documentation Timetable

Guidance Notes to the Investment Services Rules for Investment Services Providers

Guidance notes on the computation of the Annual Supervisory Fees for investment services licence holders

Annex I to the Guidance notes on the computation of the Annual Supervisory Fees for investment services licence holders

Glossary to the Investment Services Rules for Investment Services Providers

Guidance Notes on the Fitness and Properness Standards for AIFMs of Notified AIFs

Guidance Notes on the Completion of the AIFMD NPPR Notification Forms

Guidance Notes on the Application of the Proportionality Principle in relation to the ESMA Guidelines on Sound Remuneration Policies under the UCITS Directive and the AIFMD

CBM Reporting instructions

Frequently Asked Questions – Reporting transparency information to the MFSA in terms of Articles 3 and 24 of the AIFMD

Reporting Guidelines for Investment Fund Managers – AIFMD Reporting