The Malta Financial Services Authority has licensed its two largest hedge funds to date, reinforcing the jurisdiction's emergence as a well-regulated financial services jurisdiction of international stature, the Business Times of Malta has reported.
According to the report, the MFSA has granted licences to Altma Fund SICAV plc, which has 29 sub-funds, and NBCG Fund SICAV plc, which has 7 sub-funds, to operate as Professional Investor Funds promoting to Qualifying Investors.
"Both schemes have been set up as investment companies with variable share capital in terms of the relevant provisions of the Companies Act," the report stated.
The newly-licensed funds bring the total of Malta-based, Professional Investor Funds (including sub-funds) to 58, and the MFSA has said that it is currently considering licence applications from a number of other funds.
The regulator is also working on new Professional Investor Fund Guidelines in an effort to improve the existing legislative framework, the Times stated.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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