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AIF refers to a fund where participating AIFs only require their AIFM to notify the governing authority (MFSA) oftheir set up. NAIFs do not require authorisation or approval by the authority and are not subject to ongoing supervision. The authority does however maintain a public registry of all Notified AIFs.
Notified AIFs may be established as any structure allowed under the applicable law and the AIFM holds full responsibility for the fund and for the fulfilment of the fund's obligations. All EU/EEA AIFMs may submit a notification to the MFSA to be included on the list of NAIF managers, whilst third country AIFMs can also be listed, subject to the country where these are established having been granted EU pass-porting rights.
Notified AIFs may only be marketed to professional investors, and qualifying investors who must invest a minimum of €100,000 or its currency equivalent and declare in writing to the AIFM and the NAIF that they are aware and accept the risks associated with the proposed investment.
