OUR SERVICES

Fund Administration

Discover the wide range of Fund Administration services that we offer.

We have you covered

Fund Valuation and Accounting

Maintenance of Shareholder Registry

Regulatory Reporting

OUR SERVICES

Fund Valuation and Accounting

Net Asset Value (NAV)

BOV Fund Services calculates the Net Asset Value (NAV) of Collective Investment Schemes at any frequency required by our clients. Our primary objective is to ensure that all calculations are performed accurately and in a timely manner.
We offer a comprehensive suite of NAV-related services for various fund typologies including:

Undertakings for Collective Investment in Transferable Securities (UCITS)

Alternative Investment Funds (AIFs)

Notified Alternative Investment Funds (NAIFs)

Professional Investor Funds (PIFs)

Notified Professional Investment Funds (NPIFs)

Portfolios

We cover every valuation frequency

We have a well-established operational structure specifically designed to support Funds with daily valuation frequency, and it offers:

Calculating NAV share

Calculating income available for distribution to share classes

Providing detailed valuation reports as needed

Updating portfolio inventory

Reconciling with custodian statement

Updating and reconciling bank transactions

Reporting on income earned from the asset portfolio

Reporting on corporate actions that impact the value of the asset portfolio

Detailed tracking and recording of expense accrual

Calculating performance fees at fund or investor level, using equalisation methods

+56,100

investors within shareholder registry

+5,000

valuations annually

OUR SERVICES

Maintenance of Shareholder Registry

Our Shareholder Services Division offers an all-encompassing service, which includes:

Thorough record-keeping for shareholders in various share classes

Processing of subscriptions, redemptions, switches and transfer of investments shares

Offering Monthly Investment Plans (MIPs)

Payments of dividends and redemption payments.

Providing support for retail, institutional and professional investors

Issuing shareholder statements, valuations, and other related reporting

Delivering support in meeting Anti-Money Laundering compliance, conducting initial due diligence on new investors and reporting to the Fund’s Money Laundering Reporting Officer (MLRO)

Submitting the required returns for CRS (Common Reporting Standards) and FATCA (Foreign Account Tax Compliant Act) reporting

BOVFS SERVICES

Regulatory Reporting

With constantly evolving regulations, compliance is a top priority for our clients. From United States FATCA reporting to EU regulations, local laws, and other obligations, BOV Fund Services provides full support for regulatory reporting.

Foreign Accounting Tax Compliance Act (FATCA)

FATCA, enacted as part of the United States legislation in 2010, aims at preventing tax evasion by US citizens and residents investing in foreign financial institutions, including Collective Investment Schemes.

An agreement between Malta and the US was signed in 2013, obliging Maltese Collective Investment Schemes (CISs), among other financial institutions, to abide by the FATCA legislation.

FATCA compliance requires a number of tasks, including:

analysis of legal entity structure

preparation of required certificates

reporting of any Foreign Account Holders, which would be affected by the legislation

Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is a global framework for the automatic exchange of financial account information, aimed at combatting offshore tax evasion.

It requires financial institutions to identify customer tax residencies, and report accounts held by foreign tax residents, or ultimate beneficial owners, to local tax authorities. Participating countries then exchange this data.

Over 100 countries, including all EU member states and major financial hubs, have committed to CRS.

We help with FATCA and CRS compliance

BOV Fund Services can help you comply with FATCA and CRS rules by providing documentation and reporting services to keep your funds aligned with the regulations. Our package of related services includes:

providing registration for the Global Intermediary Identification Number (GIIN)

assisting in identifying US account holders in the fund, to determine which individual holders need to be reported, and the documentation required

performing a detailed due diligence review to determine single and multiple tax residencies, where applicable

reporting on all shareholder accounts held by a reportable individual, or entity, including those categorised as undocumented shareholder accounts

preparing and submitting the required reporting to the Malta Commissioner for Revenue

verifying and monitoring continuous compliance with the legislation

REPORTING

Alternative Investment Fund Managers Directive (AIFMD) Reporting

AIFMD requires detailed reporting to the competent authorities, including:

information in relation to principal markets on which an AIFM trades

instruments traded

principal exposures

important concentrations

illiquid assets

special arrangements

risk profiles

risk management systems

stress testing results

a list of all AIFs managed

leverage in the AIFs

sources of leverage

Compliance Support Services

We provide comprehensive support to ensure your fund remains compliant with all relevant regulations and standards. Our services can cover:

conducting compliance checks to guarantee that the Fund adheres to restrictions in the Offering documentation and relevant regulations, such as Investment Services Rulebooks and EU Directives

performing pre-trade and post-trade asset eligibility checks to ensure fund assets align with permitted instruments

monitoring ongoing compliance to identify any overexposures or breaches

reporting any overexposures or breaches to the Fund's Investment Manager and Compliance Officer

assisting with the maintenance of the Fund's breaches log

reporting on other compliance matters as directed by the Fund

BOVFS SERVICES

Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs)

What are KID and PRIIPs?

The PRIIPs Regulation came into effect on 1 January 2018 and applies to all packaged retail and insurance-based investment products (“PRIIPs”). A PRIIP has a broad definition and covers a range of products like UCITS and alternative investment funds, offered to retail investors.

Product manufacturers and distributors must provide a Key Information Document (KID) to retail investors, which is a basic pre-contractual and standard information disclosure document written in plain language.

How it can help?

This helps retail investors, who are classified as non-professional customers under MiFID II, and also domiciled in the European Economic Area (EEA), to easily understand how investment products work and compare the risks with other similar investments. The PRIIPs regulation apply to:

AIFMs

Self-managed AIFs

UCITS management companies

Self-managed UCITS offering and marketing their funds to retail investors.

Our services include the following:

producing and updating the PRIIPs KIDs

computing Performance Scenarios (PS)

creating and distributing PRIIPs templates and required CEPT reports

carrying annual updates or changes due to significant events

calculating total costs

calculating the Summary Risk Indicator (SRI)

monthly monitoring of the SRI and PS

OUR SERVICES

Submission of Returns

Central Bank of Malta (CBM) Returns

Local Investment Funds are required to submit periodic statutory statistical reports to the Central Bank of Malta (CBM) and to the Malta Financial Services Authority (MFSA), in accordance with regulatory requirements. There are two reporting categories, namely the 80% bracket and the 20% bracket.

The classification of the Investment Funds into one of these categories is determined at the discretion of the CBM. Reporting obligations vary and depend on the category assigned to the Investment Fund. These obligations include the preparation and submission of the Monthly Liabilities (ML) return, and the full set of returns, either on a quarterly or annual basis.

Annual Fund Return (AFR)

Local SICAVs (Société d'investissement à Capital Variable) are required to submit their AFR to the MFSA. A single Collective Investment Scheme is required to submit one annual return covering all its Funds, aligned with the reporting period of its annual report and audited financial statements.

The purpose of this return is to capture key information usually included in the audited financial statements, along with additional data provided in a spreadsheet format and uploaded on the MFSA portal.

OUR SERVICES

Anti Money Laundering (AML) Support Services

The AML support services include:

preparing a Business Risk Assessment (BRA) and Customer Risk Assessment (CRA)

reviewing customers' files regularly

implementing and updating policies or procedures

checking screening of investors and their documentation

performing transaction monitoring

reporting regularly and providing training to the fund's officials

OUR SERVICES

Other services

Personalised fund set-up

Corporate services

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