On 06 May 2019, the Malta Financial Services Authority (“MFSA” or “Authority”) cancelled, on regulatory grounds, the Collective Investment Scheme Licence of Signature Opportunities Fund SICAV plc (“the Scheme”), including the Licence granted to its only Sub-Fund, namely Eden Rock Fund, with immediate effect.
In addition to the Scheme’s failure to satisfactorily address a number of post-licencing conditions which needed to be addressed prior to the commencement of any business, the Scheme was found to be in breach of the following article of the Investment Services Act (“ISA”) and Standard Licence Conditions (“SLC”) of Part BIII of the Investment Services Rules for Professional Investor Funds (“the Rules”):
- Article 13(1) of ISA - Failure to cooperate with the MFSA and to furnish information and documents to MFSA as required;
- SLC 1.64 of Part BIII of the Rules - Failure to submit the Audited Financial Statements of the Scheme
- SLC 1.5 of Part BIII of the Rules - Failure to appoint an Investment Manager
- SLCs 1.22 and 1.28 of Part BIll of the Rules - Failure to appoint a Compliance Officer and a Money Laundering Reporting Officer (MLRO);
- SLC 1.65 of Part BIll of the PIE Rules - Failure to settle Supervisory Fees
The Authority has taken this decision in terms of the powers under Article 7(3)(b) of the Investment Services Act. This notice is being published in terms of the powers vested in the Authority under the provisions of the Malta Financial Services Authority Act.
It should be noted that the MFSA decision to cancel the Scheme’s collective investment scheme licence shall not become operative until the expiration of the period within which an appeal can be filed, and if an appeal is made within such period, the decision shall become operative on the date of the decision of the Tribunal dismissing the appeal or the date on which the appeal is abandoned.