Mirabella Group, the regulatory hosting arm of ACA Compliance Group, today announced that it has enhanced its hosting services in Malta by adding a Tied Agent solution to its existing alternative investment fund manager (AIFM) service. This new solution helps non-European Economic Area (EEA) firms to interact with their EEA clients using MiFID passporting.
Mirabella has created a new subsidiary, Mirabella Malta Advisers Limited (MMAL), which will act as Principal to locally based Tied Agents, which will be owned by non-EEA firms. This Tied Agent service saves non-EEA based firms money, time and effort, and importantly draws on Mirabella’s existing and significant UK-based expertise in this area. MMAL’s local permissions include: provision of investment advice; the receipt and transmission of orders; and placing on a non-firm commitment basis.
While there are protocols to observe, this new offering will allow non-EEA firms to operate through their affiliated Tied Agents and thus use MiFID passports to access EEA markets. Malta’s pragmatic and experienced regulatory framework offers distinct advantages in this area. The Mirabella Group’s significant local presence enables the Tied Agents to operate without significant local substance.
In addition, non-EEA firms and in particular those from English-speaking countries, will enjoy the close linguistic and cultural ties with Malta and particularly its approach to financial regulation, law, and customer service.
Joe Vittoria, Mirabella’s CEO, comments: “Mirabella has been operating a successful, best practise Tied Agent offering in the UK for well over a decade now, and a successful AIFM hosting service in Malta for over five years. It simply makes sense to harmonise these offerings and mirror the Maltese and UK activities. Our considerable experience in the area, as well as our market leading knowledge of both EU and Maltese regulation, makes us well-placed to hit the ground running, and we are pleased that we already have a number of clients benefiting from this service.
“If there’s anything the last decade has taught us it’s that the world of financial regulation is a fast-changing one, both in terms of rules and borders. Our new offering in Malta - a manager friendly EEA state -- in addition to providing a needed service more generally, also offers a bit of futureproofing – we want to ensure that quality non-EEA firms that meet the proper requirements always have a convenient and reliable way to access European markets, as per the spirit of MiFID.”