The process of notification for AIFs (made by their AIFMs) is available in respect of collective investment schemes that do not possess licences issued by the MFSA. The AIFMs in question take responsibility for their AIFs and for the fulfilment of their obligations.

The notification process is not available for the following collective investment schemes.

• Self-managed AIFs.
• AIFs not marketed and sold exclusively to professional and/or qualifying investors as defined in Section 2;
• Loan funds, either self-managed or managed by third parties, which fall to be authorised under the Investment Services Act and regulated by the Standard Licence Conditions Applicable to Collective Investment Schemes authorised to invest through loans.
• AIFs that invest in instruments and assets other than financial instruments listed in the EU's Markets in Financial Instruments Directive (MiFID).
• AIFs whose main objective is to invest in immovable property.

'Qualifying investors' have to:

• invest a minimum of EUR 100,000 or its currency equivalent in the AIF which investment may not be reduced below this minimum amount at any time by way of a partial redemption;
• declare in writing to the AIFM and the AIF that they are aware of and accept the risks associated with the proposed investment; and
• satisfy at least one of the following:

(i) to be a body corporate with net assets in excess of (or be part of a group with net assets in excess of) €750,000 or its equivalent in other currency;
(ii) to be an unincorporated body of persons or association with net assets in excess of €750,000;
(iii) to be a trust, the net value of whose assets exceeds €750,000;
(iv) to be an individual whose net worth or joint net worth with his spouse exceeds €750,000; or
(v) to be a senior employee or director of a service provider to the notified AIF.