Maltese Funds

Milo / 10.08.2022

A PIF is either (a) a self-managed entity that either (a1) has an Investment Committee that makes the investment decisions and executes them or (a2) appoints an external manager, such as Abalone, to execute trades on behalf of the self-managed entity's investment committee, or it is a (b) a fund that is not self-managed and that appoints a de-minimis AIFM (Abalone cannot offer this service, as we have a full AIFM licence) to make investment decisions on behalf of the fund. To offer service (a2) for a crypto fund we would need to understand what is the trade execution job involved (how many trades per day, what virtual assets we are talking about, exchanges, technology required, etc.) to check if feasible with our current human resources/infrastructure, but assuming we could offer the service and considering your rebate as introducer, we would not want …

Milo / 29.3.2021

a PIF can be either self-managed or, if externally managed, the external manager must be regulated either in Malta or in a jurisdiction with which the MFSA has a MoU. The MFSA will vet any external manager before licensing the PIF. Kindly also see attached PwC paper on the subject.

I am sure there has been a misunderstanding in what the client has understood about the proposed manager or (it would not be the first time I hear of such arrangements) they found a licensed external manager that has accepted to take on such role and then, at its peril and against regulations, allow Black Flower Capital, the advisor, to execute MiFID instruments trades directly. If the regulator found out such arrangement out the external manager will have a good time trying to explain it... advisors cannot execute trades in the first place (they can only give…

Milo / 04.01.2021

- The NAIF is a structure regulated under the AIFMD, just it does not have a license. Its 'regulated' status comes from the fact that it is managed by a licensed AIFM. Therefore, I would replace 'Unreg.' with 'Unlicensed' but put an asterisk or something that explains that it is regulated under the AIFM as it relies on the AIFM license of its manco;

- The NAIF is not 'tax transparent', it is a an entity with a fiscal 'persona' on its own;

- In Malta there is not concept of ' Well Informed Investors', there is a category called 'Qualified Investors' (so lower thresholds) but it only applies if the investor is Maltese resident, it does not really apply when marketing abroad (only Professional Investors as defined by MiFID are a target);

- Only Maltese ISINs can be provided for the share classes as we apply…