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Alternative Market Briefing

Brexit Hedge: Fund managers need local substance to operate from Malta

Wednesday, December 06, 2017

Komfie Manalo, Opalesque Asia:

Fund managers from the UK who want to relocate or operate in Malta should have a local substance as required by the European Securities and Markets Authority (ESMA), said Monika Salomon, senior manager at Malta Financial Services Authority's (MFSA) Authorization Unit.

Participating at the recent Opalesque 2017 Malta Roundtable, Salomon explained that ESMA's Supervisory Convergence Network has made it explicitly clear how the companies moving out from London should structure their operation and governance, and the MFSA would be abiding by that.

"So in order to operate from Malta, fund managers need to have a local substance. As I said, we will be trying to avoid a situation of having a fund manager registered here in Malta and then the substance and the operation being somewhere else, be it the UK or any other jurisdiction. It is worth however to mention that we look at the proposed set up of an applicant and try to put it in perspective of practicality, so to not blindly follow numbers only," she said.

Green Day Advisors Founder David Butler, who has set up more than 65 managers in Malta in the last 11 years, added that many managers who want to establish in the region also want to be an AIFM-licensed manager. However, Malta requires that one of the two pillars of AIFM activity, risk management or port......................

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