CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Malta To Amend SICAV Reporting Rules

Malta To Amend SICAV Reporting Rules

by Robert Lee, Tax-News.com, London

30 October 2012


The Malta Financial Services Authority (MFSA) has announced a number of legislative proposals to update the reporting requirements for Collective Investment Schemes.

Presently there is a disparity in the treatment of these vehicles in Maltese law. Collective Investment Schemes falling within the remit of the Companies Act are required to send their annual accounts to all shareholders. While article 180 of the Companies Act requires a Societe d'Investissement A Capital Variable (SICAV; an open-ended collective investment scheme commonly used in western Europe) to circulate a printed copy of its accounts to all shareholders, the Investment Services Rules for Collective Investment Schemes, issued in terms of the Investment Services Act, simply require schemes to provide the annual report including the accounts to unit-holders/shareholders free of charge upon request.

The MFSA has proposed to amend three regulations:

  • The Companies Act (Investment Companies with Variable Share Capital) Regulations;
  • The Investment Services Rules for Retail Collective Investment Schemes; and,
  • The Investment Services Rules for Professional Investor Funds.

The amendments will introduce consistent rules in respect of collective investment schemes, namely requiring:

  • The directors of a SICAV to send notice to the registered postal address of each shareholder and unit-holder not less than 14 days prior to the annual general meeting, advising that the annual accounts are available to shareholders and unit-holders free of charge upon request, and that within four weeks of their approval, the annual accounts shall be posted on a website designated therein;
  • Accounts must be made available to all shareholders and unit-holders, in both printed and electronic form, free of charge upon request, not less than 14 days prior to the annual general meeting; and
  • A new rule is proposed to be added to the Investment Services Rules for Professional Investor Funds, that will require directors of a SICAV to send an information report to all unit-holders within four weeks of every annual general meeting detailing the information provided therein.

TAGS: tax | investment | Malta | law | accounting | investment funds | international financial centres (IFC) | offshore | financial reporting | regulation | alternative investment

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »