B 2503
Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,690, 27 ta’ Awwissu, 2021
Taqsima  B
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L.N. 334 of 2021
INVESTMENT SERVICES ACT
(CAP. 370)
Investment Services Act (Alternative Investment Fund Manager) 
(Passport) (Amendment) Regulations, 2021
IN EXERCISE of the powers conferred by article 12 of the
Investment Services Act, the Minister responsible for the regulation of
Financial Services, acting on the advice of the Malta Financial
Services Authority, has made the following regulations:-
Citation, scope 
and 
commencement.
S.L. 370.22.1. (1) The title of these regulations is the Investment
Services Act (Alternative Investment Fund Manager) (Passport)
(Amendment) Regulations, 2021, and these regulations shall be r ead
and construed as one with the Investment Services Act (Alternative
Investment Fund Manager) (Passport) Regulations, hereinafter
referred to as "the principal regulations".
(2) The scope of these regulations is, in part, to transpose
Article 2(5) of Directive (EU) 2019/1160 of the European Parliamentand of the Council of 20 June 2019 amending Directives 2009/65/ EC
and 2011/61/EU with regard to cross-border distribution of coll ective
investment undertakings.
(3) These regulations shall be d eemed to have come into force
on 2nd
 August 2021.
Amends 
regulation 3 of 
the principal regulations.2. Regulation 3 of the principal regulations shall be amended
as follows: 
(a) in sub-regulation (7) thereof, for the words "without
undue delay", there shall be substituted the words "within fift een
(15) working days of receipt of all the information referred to  in
sub-regulation (6)"; and 
(b) in sub-regulation (8) thereof, immediately after the
words "and any regulations issued thereunder", there shall be
added the words "and shall notify accordingly the European
regulatory authority of the Maltese AIFM host Member State or
EEA State without undue delay.".
Amends 
regulation 4 of the principal regulations.3. Regulation 4 of the principal regulations shall be amended
as follows:
VERŻJONI ELETTRONIKA
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(a) in paragraph (b) of sub-regulation (2) thereof, the
words ", or" shall be deleted; 
(b) in sub-regulation (7) thereof, for the words "without
undue delay", there shall be substituted the words "within fift een
(15) working days of receipt of al l the information referred to  in
sub-regulation (6)"; and
(c) sub-regulation (8) thereof shall be amended as
follows:
(i) for the words "or if an unplanned change has
taken place pursuant to the which", there shall be
substituted the words "or if an unplanned change has takenplace pursuant to which"; and
(ii) immediately after the words "and any
regulations issued thereunder", there shall be inserted thewords "and shall notify accordingly the European
regulatory authority of the hos t Member State or EEA State
where the branch of the Maltese AIFM is established
without undue delay.".
Amends 
regulation 6 of 
the principal regulations.4. Regulation 6 of the principal regulations shall be amended
as follows: 
(a) in paragraph (b) of sub-regulation (2) thereof, the
words ", or" shall be deleted; and
(b) immediately after sub-regulation (6) thereof, there
shall be added the following new sub-regulation:
"(7) Where the European AIFM proceeds with the
implementation of a planned change to any of the
information communicated in accordance with sub-
regulation (2), notwithstanding the notification receivedpursuant to the first and second sub-paragraphs of Article
33(6) of the AIFM Directive, or if an unplanned change has
taken place pursuant to which the European AIFM’smanagement of the Maltese AIF would no longer comply
with the provisions of the AIFM Directive or the European
AIFM otherwise would no longer comply with theprovisions of the AIFM Directive, the competent authority
shall receive notif ication from the European regulatory
authority of the European AIFM’s home Member State or
EEA State without undue delay of the measures taken in
terms of the third sub-paragraph of Article 33(6) of the
AIFM Directive.".
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Amends 
regulation 7 of 
the principal regulations. 5. Regulation 7 of the principal regulations shall be amended
as follows: 
(a) in paragraph (b) of sub-regulation (2) thereof, the
words ", or" shall be deleted; and 
(b) immediately after sub-regulation (6) thereof, there
shall be added the following new sub-regulation:
"(7) Where the European AIFM proceeds with the
implementation of a planned change  to any of the
information communicated in accordance with sub-
regulation (2), notwithstanding the notification received
pursuant to the first and second sub-paragraphs of Article33(6) of the AIFM Directive, or if an unplanned change has
taken place pursuant to which the European AIFM’s
management of the Maltese AIF would no longer complywith the provisions of the AIFM Directive or the European
AIFM otherwise would no longer comply with the
provisions of the AIFM Directive, the competent authorityshall receive notification from the European regulatory
authority of the European AIFM’s home Member State or
EEA State without undue delay  of the measures taken in
terms of the third subparagraph of Article 33(6) of the
AIFM Directive.".
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