The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of the Professional Investor Fund Licence of the Scheme, and that of its Malta Government Securities Sub-Fund, in terms of Article 7(3)(b) of the Investment Services Act.

Address:

Kylin Prime SICAV plc
Balluta Mansions,
119, Old College Street,
Sliema, SLM1376 Malta

Business Activity: Professional Investor Fund

BREACHES

The MFSA determined that the Scheme has acted in breach of:

[i] Article 13(1)(b) of the Investment Services Act due to the Scheme’s failure to provide the Authority with the required information;

[ii] SLC 1.23, of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to have a Compliance Officer;

[iii] SLC 1.29 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to have a Money Laundering Reporting Officer;

[iv] SLC 1.62 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to submit regulatory reporting within stipulated timeframes;

[v] SLC 1.63 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to pay the supervisory fees;

[vi] SLC 1.70 (i)–(iii) of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to inform the Authority of material information concerning the Scheme, its management or its operations;

[vii] SLC 4.1(iii) of Appendix I of the Supplementary License Conditions for Professional Investor Funds due to the Scheme’s failure to submit the management letter within stipulated timeframes;

[viii] SLC 4.3 of Appendix I of the Supplementary License Conditions for Professional Investor Funds due to the Scheme’s failure to have operational, administrative, and financial procedures and controls to ensure compliance;

[ix] SLC 4.4 of Appendix I of the Supplementary License Conditions for Professional Investor Funds due to the Scheme’s failure to have a Director resident in Malta and an in-House Investment Committee;

[x] SLC 4.10 of Appendix I of the Supplementary License Conditions for Professional Investor Funds due to the Scheme’s failure to monitor the activities of the Portfolio Manager and the Investment Committee;

[xi] SLC 4.11 of Appendix I of the Supplementary License Conditions for Professional Investor Funds due to the Scheme’s failure to have sufficient management resources to effectively conduct the business;

[xii] Rules 8.26.5 and 8.28 of the Capital Market Rules due to the Scheme’s failure to disclose material changes impacting market integrity;

[xiii] Rule 8.35 of the Capital Market Rules due to the Scheme’s failure to publish the Annual Report and the Audited Accounts within the required timeline.

REGULATORY ACTION

On 20 October 2026, the MFSA decided to proceed with the cancellation of the Professional Investor Fund licence of the Scheme and its Malta Government Securities Sub-Fund in terms of Article 7(3)(b) of the Investment Services Act.

Furthermore, the MFSA has also decided to proceed in issuing Directives in terms of Article 15(1) of the Investment Services Act, directing the Scheme to:

1. affect the necessary legal and regulatory structural changes to ensure that it is no longer constituted in a manner reserved exclusively for entities authorised to conduct the activities of a collective investment scheme;
2. change its name, as obliged to do so under Article 70 (6)(d) of the Companies Act; and
3. remove any reference to licensable activities in the object’s clause contained in the Memorandum and Articles of Association of the Scheme.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.