UTyalo-mali olulolunye – iiNzuzo zeMaltese Hedge Funds

Idatha engundoqo malunga neMalta

• I-Malta yaba lilungu le-EU ngoMeyi 2004 kwaye yajoyina i-Euro Zone kwi-2008.
• IsiNgesi sithethwa kakhulu kwaye sibhalwa eMalta kwaye lolona lwimi luphambili kushishino.

Izinto ezinegalelo kuKhuphiswano oluluncedo lwaseMalta

• Ubume obuqinileyo bomthetho kunye nolawulo kunye nesakhelo sowiso-mthetho ngokuhambelana neziKhokelo ze-EU. IMalta ibandakanya zombini iinkqubo zolawulo: umthetho woluntu kunye nomthetho oqhelekileyo, njengoko umthetho weshishini usekwe kwimigaqo yomthetho wesiNgesi.
• I-Malta inezinga eliphezulu lemfundo kunye nabaphumeleleyo abamele i-cross-section yezifundo ezahlukeneyo ezinxulumene neenkonzo zemali. Uqeqesho olulodwa kwiinkonzo zemali lunikezelwa kumanqanaba ngamanqanaba emfundo yasemva kwesesekondari nakwinqanaba lemfundo ephakamileyo. Umsebenzi wogcino-zincwadi usekwe kakuhle esiqithini. Abacwangcisi-zincwadi banokuba ngabaphumelele eyunivesithi okanye banesiqinisekiso esiqinisekisiweyo somcwangcisi-zincwadi (ACA/ACCA).
• Umlawuli osebenzayo ongenekayo kakhulu kwaye onengqondo yoshishino.
• Ubonelelo oluhlala lukhula lwesithuba seeofisi ezikumgangatho ophezulu ezirentwayo ngamaxabiso aphantsi kunaseNtshona Yurophu.
• Uphuhliso lweMalta njengeziko lezemali lamazwe ngamazwe lubonakaliswa kuluhlu lweenkonzo zemali ezikhoyo. Ukuzalisekisa imisebenzi yokuthengisa yendabuko, iibhanki ziya zibonelela; ibhanki yabucala kunye notyalo-mali, imali yeprojekthi, iimali-mboleko ezihlanganisiweyo, unondyebo, ugcino, kunye neenkonzo zogcino. I-Malta ikwabamba amaziko amaninzi asebenza kwiimveliso ezinxulumene norhwebo, njengezemali zorhwebo ezicwangcisiweyo, kunye ne-factoring.
• Ixesha eliqhelekileyo laseMalta liphambi kweyure enye ngaphambi kweGreenwich Mean Time (GMT) kunye neeyure ezintandathu phambi kweXesha laseMpuma lase-US (EST). Ushishino lwamazwe ngamazwe lunokulawulwa ngokutyibilikayo.
• IMigangatho yeNgxelo yezeMali yaMazwe ngaMazwe, njengoko yamkelwe yi-EU, imiliselwe kumthetho wenkampani kwaye iyasebenza ukusukela ngo-1997, ngoko ke akukho zidingo ze-GAAP zasekhaya zokujongana nazo.
• Inkqubo yerhafu ekhuphisana kakhulu, ekwabangaphandle, kunye nothungelwano olubanzi nolukhulayo lwesivumelwano sokurhafiswa kabini.
• Akukho zithintelo ekunikezelweni kweemvume zokusebenza kubantu abangengabo abe-EU.

IiNgxowa-mali ze-Malta Hedge: IiNgxowa-mali zoMtyali-mali ezibuNgcali (PIF)

Umthetho waseMalta awubhekiseli ngokuthe ngqo kwihedge funds. Nangona kunjalo, iimali ze-hedge ze-Malta zinelayisensi njengeNgxowa-mali yoMtyali-mali (i-PIFs), isikimu sotyalo-mali oluhlangeneyo. Iimali zeHedge eMalta zihlala zisetwa njengeenkampani zotyalo-mali ezivulekileyo okanye ezivaliweyo (SICAV okanye INVCO).

I-Malta Professional Investor Funds (i-PIFs) ulawulo lubandakanya iindidi ezintathu: (a) abo banyuselwe kubaTyali-mali abafanelekileyo, (b) abo banyuselwe kubaTyali-mali abaQolisayo, kunye (c) nabo banyuselwe kubaTyali-mali abanamava.

Iimeko ezithile kufuneka zaneliswe ukuze zifaneleke phantsi kwenye yezi ndidi zintathu kwaye ke ngoko ukwazi ukutyala imali kwi-PIF. Ii-PIFs zizikim zotyalo-mali ezidityanelweyo eziyilelwe abatyali-zimali abaziingcali nabaxabisa kakhulu abatyali-mali abanomlinganiselo othile wobuchule nolwazi kwizikhundla zabo.

Inkcazo yoMtyali-mali oLungelelekileyo

“Umtyali-mali ofanelekileyo” ngumtyali-mali ozalisekisa ezi nqobo zilandelayo:

1. Utyala ubuncinci be-EUR 100,000 okanye imali elingana nayo kwi-PIF. Olu tyalo-mali alunakucuthwa ngaphantsi kwesi sixa sincinane nangaliphi na ixesha ngendlela yokukhululwa ngokuyinxenye; kwaye
2. Ubhengeza ngembalelwano kumanejala wengxowa-mali kunye ne-PIF ethe umtyali-mali uyayazi, kwaye iyayamkela ingozi eyayanyaniswa notyalo-mali olucetywayo; kwaye
3. Wanelisa nokuba ibe nye kwezi zilandelayo:

• Iqumrhu elinempahla yexabiso engaphezulu kwe-EUR 750,000 okanye inxalenye yeqela elinee-asethi ezingaphezulu kwe-EUR 750,000 okanye, kwimeko nganye, imali elingana nayo; or
• Iqumrhu labantu okanye imibutho enee-asethi ezingaphezulu kwe-EUR 750,000 okanye imali elingana nemali; or
• I-trust apho ixabiso eliseleyo lee-asethi ze-trust lingaphezulu kwe-EUR 750,000 okanye imali elingana nemali; or
• Umntu onesambuku sesambuku okanye esinexabiso elidityanisiweyo neqabane lakhe elingaphezulu kwe-EUR 750,000 okanye imali elingana nemali; or
• Umqeshwa ophezulu okanye umlawuli womniki-nkonzo we-PIF.

Ziziphi iiPIF zeMalta ezisetyenziselwa kwaye zithini izibonelelo zazo?

Ii-PIFs zihlala zisetyenziselwa i-hedge fund structures ezine-asethi ezisisiseko ukusuka kwizibambiso ezidluliswayo, i-private equity, ipropathi engashukumiyo, kunye neziseko zophuhliso. Zikwasetyenziswa ngokuqhelekileyo ngeemali ezibandakanya ukurhweba nge-cryptocurrency.

Ii-PIFs zibonelela ngezibonelelo ezininzi, kubandakanya:

• Ii-PIF zenzelwe abatyali-mali abaqeqeshiweyo okanye abaxabisa kakhulu kwaye ke ngoko abanayo imiqobo edla ngokubekwa kwiimali zokuthengisa.
• Akukho zithintelo zotyalo-mali okanye zonyuselo kwaye iiPIF zinokusetwa ukuze zibambe i-asethi enye.
• Akukho mfuneko yokuqesha uMgcini.
• Ukhetho olukhawulezayo lwelayisenisi ekhoyo, kunye nemvume phakathi kweenyanga ezi-2-3.
• Uyakwazi ukuzilawula.
• Unokuqesha abalawuli, abaphathi, okanye ababoneleli ngenkonzo kuyo nayiphi na imimandla eyaziwayo, amalungu e-EU, EEA, kunye ne-OECD.
• Ingasetyenziselwa ukuseta imali eyimali eyinyani.

Kwakhona kukho ithuba lokubuyisela kwakhona imali ye-hedge ekhoyo evela kwezinye iindawo ukuya eMalta. Ngale ndlela, ukuqhubeka kwengxowa-mali, utyalo-mali, kunye namalungiselelo ekhontrakthi ayaqhubeka.

IiNgxowa-mali ezizezinye zoTyalo-mali lwaseMalta (AIF)

Ii-AIFs ziingxowa-mali zotyalo-mali ezidityanisiweyo eziphakamisa inkunzi kubatyali-mali kwaye zinesicwangciso sotyalo-mali esichaziweyo. Abafuni sigunyaziso phantsi kweZivumelwano zoTyalo-mali oluDibeneyo kwiiSecurities eziTshintshekayo (UCITS) ulawulo.  

Ukutshintshwa kwamva nje koMyalelo weNgxowa-mali yoTyalo-mali olulolunye (i-AIFMD), ngokulungiswa koMthetho weeNkonzo zoTyalo-mali kunye neMithetho yeeNkonzo zoTyalo-mali kunye nokuqaliswa kwemithetho encedisayo yenze isakhelo solawulo kunye nokuthengiswa kweemali ezingezizo ze-UCITS eMalta.

Umda we-AIFMD ubanzi kwaye uquka ulawulo, ulawulo, kunye nokuthengiswa kwee-AIFs. Nangona kunjalo, ikakhulu ibandakanya ukugunyaziswa, iimeko zokusebenza, kunye nezibophelelo zokungafihli ze-AIFM kunye nolawulo kunye nokuthengiswa kwee-AIFs kubatyalo-mali abaqeqeshiweyo kwi-EU yonke kwi-cross-border basis. Ezi ntlobo zeemali zibandakanya iingxowa-mali ze-hedge, iimali ze-private equity, iimali ze-real estate, kunye ne-venture capital funds.

Isakhelo se-AIFMD sibonelela ngolawulo olulula okanye lwe-minimis kwii-AIFM ezincinci. I-De minimis AIFMs ngabaphathi abathi, nokuba ngokuthe ngqo okanye ngokungathanga ngqo, balawule iipotfoliyo ze-AIFs abampahla yabo ephantsi kolawulo ngokudibeneyo ingagqithiyo kwezi mali zilandelayo:

1) € 100 yezigidi; or

2) € 500 yezigidi zee-AIFM ezilawula kuphela ii-AIFs ezingenamlinganiselo, ngaphandle kwamalungelo okubuyisela asebenzayo kwiminyaka emihlanu ukusuka kutyalo-mali lokuqala kwi-AIF nganye.

I-de minimis AIFM ayikwazi ukusebenzisa amalungelo okupaspoti e-EU avela kulawulo lwe-AIFMD.

Nangona kunjalo, nayiphi na i-AIFM enempahla ephantsi kolawulo iwela ngaphantsi kwemigangatho engasentla, isenokukhetha ukungena kwisikhokelo se-AIFMD. Oku kuya kuyenza ixhomekeke kuzo zonke izibophelelo ezisebenzayo kwi-AIFM egcweleyo kwaye ivumele ukuba isebenzise amalungelo okupaspoti e-EU avela kwi-AIFMD.

Iinkcukacha ezongezelelweyo

Ukuba ufuna naluphi na ulwazi malunga neePIF kunye nee-AIFs eMalta, nceda uthethe UJonathan Vassallo: ingcebiso.malta@dixcart.com, kwi-ofisi ye-Dixcart eMalta okanye kunxibelelwano lwakho oluqhelekileyo lwe-Dixcart.

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