The Malta Financial Services Authority (“MFSA”) decided to proceed with the removal of the Scheme and its sole Sub-Fund from the MFSA’s List of Notified Alternative Investment Funds (“NAIFs”) in terms of Article 6(9) of the Investment Services Act (List of Notified AIFs) Regulations.

Moreover, the Authority decided to issue a Directive in terms of Article 15 of the Investment Services Act, directing the Scheme to change its name and remove any reference to any licensable activities from the objects clause contained in its Memorandum and Articles of Association.

Address:

171, Old Bakery Street
Valletta
VLT 1455
Malta

Business Activity: Notified Alternative Investment Fund authorised under the Investment Services Act

BREACHES

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

1. SLC 2.01 (ii) of Part A of the Investment Services Rules for NAIFs due to the Scheme’s failure to appoint an Alternative Investment Fund Manager;
2. Rule 2.01 (iii) of Part A of the Investment Services Rules for NAIFs due to the Scheme’s failure to have a Board of Directors composed of at least three members;
3. SLC 9.01 of Part A of the Investment Services Rule for NAIFs due to the Scheme’s failure to appoint a Compliance Officer;
4. SLC 10.01 of Part A of the Investment Services Rule for NAIFs due to the Scheme’s failure to appoint a Money Laundering Reporting Officer;
5. Article 13 of the Investment Services Act due to the Scheme’s failure to provide the Authority with required information; and

Article 4(2) of the Investment Services Act (Fees) Regulations due to the Scheme’s failure to settle outstanding regulatory fees.

REGULATORY ACTION

On 4 October 2023, the Authority decided to proceed with the removal of Westsphere SICAV plc and Westsphere No.1 Sub-Fund from the MFSA’s List of Notified Alternative Investment Funds by virtue of powers granted to the MFSA under Article 6(9) of the Investment Services Act (List of Notified AIFs) Regulations.

Furthermore, the MFSA has issued a Directive in terms of Article 15 of the Investment Services Act, directing the Scheme to change its name and remove any reference to any licensable activities from the objects clause contained in its Memorandum and Articles of Association.

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.

UPDATE ON 8 NOVEMBER 2023

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