MFSA issues amendments to the Q&A on Recognised Incorporated Cell Companies

In terms of a Circular addressed to the investment services industry issued by the Malta Financial Services Authority (MFSA) on the 12th November 2012, the Authority amended the information available on the Q&A section of its website in relation to Recognised Incorporated Cell Companies (RICC).

Prior to the said amendment, an RICC, in applying for recognition as such, was required to select the type of scheme which it intended to set up (as ICs) and service (i.e. Retail UCITS, Retail Non-UCITS or Professional Investor Funds) and was restricted to incorporating and servicing the type of scheme so selected, despite there being no apparent legal impediment to allowing an RICC to incorporate ICs falling within any or all of the said categories of schemes.

The relative amendment effectively reflects a welcomed change in the stance adopted by the MFSA as to the recognition of such mixed (PIFs / UCITS) RICC platforms, in that any such applications will now be entertained by the Authority subject to individual approval.

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