Apex Fund Services (Malta) Ltd.

Managing Director:		Anthony O'Driscoll Anthony has worked as Manager of Operations of Apex Ireland before setting up Apex Malta as Managing Director. Anthony was admitted as a member of the Institute of Certified Public Accountants of Ireland in 2000 and since qualifying as an accountant, Anthony has specialised in hedge fund administration working in a number of jurisdictions.
About Apex Malta:	Apex Fund Services (Malta) Ltd. was granted recognised status pursuant to Section 9A of the Investment Services Act 1994 by the Malta Financial Services Authority on the 18th December 2007 to provide fund administration services for both UCITS and non-UCITS funds.
Regulatory Environment:	Malta has a strong, yet flexible, single regulatory body in the Malta Financial Services Authority (MFSA). The MFSA is responsible for all licensed financial services activity on the Islands. The single regulator allows for streamlined procedures and reduced bureaucracy, leading to lower fees and compliance costs and a more consistent interpretation of the rules and legislation and has the flexibility and accessibility to allow for custom made solutions and to be proactive in its approach. The Malta Stock Exchange encourages the primary and secondary listing of funds. Procedures for listing require a fund to be registered and regulated by the MFSA. Secondary listing requirements are very flexible provided the fund is listed on a recognised foreign stock exchange.   Malta operates a full imputation system of taxation and has been deemed by the European Commission to be compliant with EU non discrimination principals. Maltese Companies are subject to the normal corporate tax rate applicable to all companies registered in Malta, at 35% on their worldwide income. Under Malta's full imputation system when dividends are paid by trading companies to the shareholders, these shareholders become entitled to claim refunds of 6/7ths of the Malta tax paid by the company.   Collective Investment Schemes (CIS's) licensed under the Investment Services Act are exempt from corporate tax. No tax is payable by non-resident investors when they dispose of their investment or when they receive a dividend out of such profits.   Malta has an extensive tax treaty network.   Legal structures of Collective Investment Schemes: The law provides that a scheme may be set up as either:- collective investment company with variable share capital (SICAV); or collective investment company with fixed share capital (INVCO); or unit trust; or mutual fund; or limited liability partnership.   Professional Investor Funds (PIF's) target either extraordinary investors, qualifying investors or experienced investors, in accordance with their minimum investment threshold. These types of funds are classified as non-retail type funds and are therefore not subject to any restrictions on their investment or borrowing powers with the exception of experienced investors whose borrowings are limited to 100% of NAV. PIF's may be sold solely to investors who satisfy the minimum investment threshold: 'experienced investors' are subject to a minimum investment threshold €15,000; 'qualifying investors' are subject to a minimum investment threshold of €75,000; whilst 'extraordinary investors' are subject to a minimum investment threshold of €750,000.   With regard to UCITS funds licensed in Malta, a UCITS has to have its capital raised from the public, its sole object has to be the collective investment in transferable securities and other liquid financial assets as referred to in the directive, operates on principle of risk spreading an its units are repurchased and redeemed from the assets of the scheme at the request the unit-holder. One of the key factors' for UCITS success is the ability to passport accross the 25 EU member states.
Contact Details of Anthony O'Driscoll:	Address: 6th Floor, Airways Building, Gaiety Lane, Sliema SLM 1549, Malta E-mail: anthony@apexfunds.com.mt  Telephone: +356 21311330 Fax: +356 21312880