Name of Regulatory Body Malta Financial Services Authority (MFSA)
Average set- up time per

The Malta Financial Services Authority (MFSA) agrees fixed time lines with each individual applicant. It is the policy of the MFSA that all its regulators meet directly with operators to discuss their requirements.
Retail UCITS and Non-UCITS:
Feedback will be provided from the MFSA within 3 weeks from submission of the draft application form and
supporting documentation.                                                                                                                                                                                   

PIFs for Experienced, Qualifying and Extraordinary Investors:
The MFSA will review the application within seven business days from receipt of the application documents,
subject to external parties being established in recognised jurisdictions.





Regulatory Fees




Listing Agent Fees

                                          Legal Fees

Collective Investment Schemes, including schemes formed in accordance with or existing under the laws of a
country other than Malta which carry on an activity in Malta:                                                                                                                                             
Application Fee:  
Scheme - €2,000
Up to 15 sub-funds - €450 per sub-fund
Over 15 funds - €250 per sub-fund                                                                                                                                                                                        
Supervisory Fee (due every year):
Scheme - €2,500
Up to 15 sub-funds - €400 per sub-fund
Over 15 sub-funds - €150 per sub-fund 


Varies with fund complexity and the number of funds to be listed.  


Varies with fund complexity - Normally in the region of €20,000.

Available Fund/ Legal
INVCO (closed-ended funds),
SICAV (open-ended funds),
Unit Trust, Contractual Fund,
Limited Partnership,
Incorporated cell company.
Marketing Restrictions Non – UCITS:
Passporting in – Funds which propose to market their units in Malta:
Must be authorised by the MFSA to ensure the protection of unit holders which provides a similar level of investorprotection to that provided in Malta.
Must make an application to the MFSA in writing, enclosing the information and documentation as outlined by the MFSA. Must comply with the advertising requirements as per UCITS.