Regulatory Alerts2025-02-12
Added · Updated
MFSA Launches Framework for Collective Investment Schemes Structured as Limited Partnership without Separate Legal Personality
The Malta Financial Services Authority (MFSA) is launching a framework for Collective Investment Schemes (CISs) structured as Special Limited Partnership Funds (SLPFs), which are available only to non-retail fund frameworks targeting qualifying and/or professional investors. These SLPFs must be licensed or notified under Professional Investor Fund, Notified Professional Investor Fund, Alternative Investment Fund, or Notified Alternative Investment Fund frameworks, as governed by the Investment Services Act (Special Limited Partnership Funds) Regulations (LN 31 of 2025). The framework requires prior MFSA approval for mandatory changes to the Limited Partnership Agreement (LPA) and mandates that the LPA specify the SLPF's accounting currency, while also amending existing PIF, NPIF, AIF, and NAIF Rulebooks to include SLPFs and their LPA approval provisions. Applicants must submit a signed LPA and a checklist for MFSA approval, which is a prerequisite for both licensing and notification, with the timeframe for notified funds beginning only after LPA approval.
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