Regulatory Action against Italico Future Invest SICAV plc (“the Scheme”)
SEPTEMBER 05, 2022

The Malta Financial Services Authority (“MFSA”) decided to proceed with the removal of the Scheme from the list of Notified AIFs and the issuance of a directive against the Scheme.

Address:

Italico Future Invest SICAV plc
259, St Paul Street,
Valletta VLT 1213
Malta

Business Activity: A collective investment scheme registered as a Notified Alternative Investment Fund.

BREACHES

The MFSA determined that the Scheme has breached a number of rules of Part A of the Investment Services Rules for Notified Alternative Investment Funds.The Scheme failed to:

  • Appoint a full-scope Alternative Investment Fund Manager in terms of Rule 2.01 (ii) of Part A of the Investment Services Rules for Notified Alternative Investment Funds;
  • Appoint a Compliance Officer as per the requirements set out in Rule 9.01 of Part A of the Investment Services Rules for Notified Alternative Investment Funds; and
  • Appoint an MLRO as required by Rule 10.01 of Part A of the Investment Services Rules for Notified Alternative Investment Funds.

REGULATORY ACTION

On 2 September 2022 the MFSA decided to remove the Scheme from the list of Notified AIFs in terms of Article 6(9) of the Investment Services Act (List of Notified AIFs) Regulations. The Authority has further issued a Directive to the Scheme in terms of Article 15 of the Investment Services Act, directing the Scheme to change its name and remove any reference to licensable activities in the objects clause contained in the Memorandum and Articles of Association.

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 as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act.