The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of licence and the issuance of a directive to the Company.
41a Triq il-Hemel
Business Activity: Alternative Investment Fund Manager - De Minimis AIFM
The MFSA determined that the Company has failed to submit the Annual Financial Statements as per the requirements set out in SLC 40 of Part BIII of the Rules: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as AIFMs (‘’The Rules’’). The Company has failed to pay the supervisory fees due to the Authority as per the requirements set out in SLC 14 of Part BIII of the Rules. The Company has failed to submit all the documentation required in the process of the cessation of licence as per the requirements set out in SLC 6.03 iii of Part A of the Rules (The Application Process).
Moreover, the Company has further failed to notify the Authority of material changes in shareholding and proceeded in registering the change with the Malta Business Registry (‘’MBR’’), such notification had to be made formally and in a durable medium as per the requirements set out in terms of SLC 7 of the Rules. The Company has also failed to first obtain a written consent from the Authority, prior to perform any changes in the rights of its shareholders and the Company had to inform the Authority once it became aware of the breach in the licence conditions as per the requirements set out in SLC 9(a) and SLC 15 of the Rules.
On 30 June 2021 the MFSA decided to cancel the Company’s Licence. The Authority has further issued a Directive to the Company directing it to remove any reference to licensable activities in the object’s clause contained in the Memorandum and Articles of Association.
This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article15 (4) of the Investment Services Act and Article 16(8) of the Malta Financial Services Authority Act.
UPDATE ON 4 AUGUST 2021
The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.