S.L. 370.32 Art. 29Eligibility criteria.

(1) The depositary of a Maltese AIF shall have an established place of business in Malta:

Provided that in the case of a non-EU AIF which is managed by a Maltese AIFM, the depositary may be either established in Malta or be established in the third country where the non-EU AIF is established: Provided further that the competent authority may allow a credit institution authorised in accordance with the CRD and established in a Member State or EEA State other than Malta to be appointed as depositary to an AIF the units or shares of which are marketed to professional investors until 22 July 2017.

(2) The following entities shall be eligible to provide custody services to all AIFs:

(a) a credit institution authorised in accordance with the CRD and in possession of a licence issued in terms of the Banking Act;

(b) a branch established in Malta of a credit institution authorised in a Member State or EEA State;

(c) a branch established in Malta of an overseas credit institution which is subject to prudential requirements at least equivalent to the requirements applicable to Maltese credit institutions;

(d) a company incorporated in Malta, which is wholly owned by a credit institution, provided that the liabilities of the company are guaranteed by the credit institution, and the credit institution is either a Maltese credit institution or a credit institution established in a Member State or EEA State and authorised in accordance with the CRD: Provided that in such a case, the depositary shall be required to have a minimum of one director on its board of directors who is resident in Malta;

(e) a company incorporated in Malta which is wholly owned by a Maltese or foreign institution or company which is deemed by the competent authority to be an institution or company which provides unit-holders with protection equivalent to that provided by a depositary fulfilling the requirements prescribed in paragraphs (a), (b), (c) or (d) and provided the liabilities of the company acting as depositary are guaranteed by the institution or company and the institution or company has paid-up share capital of five million euro (€5,000,000) or its equivalent in foreign currency: Provided that, in such a case, the depositary shall be required to have a minimum of one director on its board of directors who is resident in Malta;

(f) an investment firm or branch of an investment firm established in another Member State or EEA State subject to capital adequacy requirements in accordance with the IFD and the IFR including capital requirements for operational risks and authorised in accordance with MIFID and which also provides the ancillary service of safe-keeping and administration of financial instruments for the account of clients in accordance with point (1) of Section B of Annex I of MIFID: Provided that such investment firms shall in any case have own funds not less than the amount of initial capital referred to in Article 9 of the IFD, as transposed in the Investment Services Rules.