Holding Restrictions - Investment Funds - Malta


Market restriction

Unless the investment fund’s statute, investment deed or similar, recognises trustees or nominees, generally the investment fund will be entitled to treat the registered share or unit holder as the absolute owner of those shares or units, instead of treating the ultimate beneficial owner as such. 

Restrictions on customers

No general restrictions on customer residency for holdings held through CBL. 

However, certain funds may impose specific restrictions on investor domicile. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus and the Malta law before entering into transactions.

Restrictions on settlement

There is no general restriction on settlement on Malta investment funds through CBL. However, certain funds may impose specific settlement/transfer restrictions. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.

Additionally, subject to the terms of the fund documentation, CBL as the registered unit/share holder in the Maltese investment fund will be vested with all rights incumbent on registered unit/shareholders generally.

Transfers in terms of change in nominee account name would constitute a transfer of shares/units in the investment fund. As CBL is the legal owner of the shares/units, such transfer is possible, however it is subject to the requirements and restrictions of the fund documentation and may require a written transfer agreement (in the case of shares – notarial deeds not needed) and/or adherence agreements. 

Transfer in terms of change in beneficial owner will likely trigger know-your-customer requirements because of the change in ultimate beneficial owner.

CBL would likely have the right to act in court, but CBL will have to act in its own name.


The information contained in the Holding Restrictions is based on the legal opinion obtained by CBL that was issued on 24 August 2021 and the nominee agreements entered into with the fund managers. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Holding Restrictions do not constitute legal advice and customers should seek advice from independent professional counsel.

Customers are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.