Public Private Real Estate Fund SICAV plc (“the Scheme”)
OCTOBER 06, 2020

The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to cancel the Collective Investment Scheme Licence of Public Private Real Estate Fund SICAV plc.

Address:

Central North Business Centre
Level 1, Sqaq Il-Fawwara
Sliema SLM 1670

Business Activity: Collective Investment Schemes Licence Holders – Professional Investor Funds.

BREACHES

The Scheme was found to be in breach of the Investment Services Act (“ISA”) and Standard Licence Conditions (“SLC”) of Part BII of the Investment Services Rules for Professional Investor Funds (“the Rules”) as per below:

[i] Article 13(1)(ii)(a) of the ISA – Failure to furnish the Authority with relevant information and documentation;

[ii] SLC 1.62 of the Rules - Failure to submit the Audited Financial Statements from 31 December 2015 to 31 December 2019;

[iii] SLC 1.5 of the Rules and SLC 4.3 of Appendix 1 of the Rules - Failure to appoint a third-party Investment Manager or to set up an adequately constituted Investment Committee; and

[iv] SLC 1.8 and SLC 1.10 of the Rules - Failure to appoint a Fund Administrator.

REGULATORY ACTION

On 6 October 2020, the Malta Financial Services Authority decided to cancel the Collective Investment Scheme Licence of Public Private Real Estate Fund SICAV plc. The Authority has taken this decision in terms of the powers under Article 7(3)(b) of the Investment Services Act.

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. In terms of Article 21(17) of the Malta Financial Services Authority Act, the MFSA’s decision to cancel the Company’s Collective Investment Scheme Licence shall not become operative until the expiration of the period within which an appeal lies under Article 21 of the Malta Financial Services Authority Act and, if an appeal is made within such period, the said decision shall become operative on the date of the decision of the Financial Services Tribunal dismissing the appeal or the date on which the appeal is abandoned.

PUBLICATION

This regulatory action is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act and Article 25(1) of the Investment Services Act.

UPDATE ON 6 NOVEMBER 2020

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.