Regulatory Action against Ad Fontes Asia Fund (SICAV) plc (‘‘the Scheme”)
NOVEMBER 11, 2025

The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of the collective investment licence of the Scheme in terms of Article 7(3)(b) of the Investment Services Act.

Address:

Ad Fontes Asia Fund (SICAV) plc
171 Old Bakery Street
Valletta
Malta

Business Activity: Collective Investment Scheme

BREACHES

The MFSA determined that the Scheme has acted in breach of the following standard licence conditions set out in Part BIII of the Rules (the ‘‘Rules’’) and the ISA:

  1. SLC 1.22 – The Scheme shall at all times have a Compliance Officer
  2. SLC 1.28 – The Scheme shall at all times have a Money Laundering Reporting Officer
  3. SLC 1.64 – The Scheme shall submit to the Authority the annual report and audited annual financial statements, within two and six months respectively of the end of the period
  4. SLC 2.2 – The Scheme shall at all times have one or more Directors independent from the Manager and the Custodian
  5. SLC 4.3 – The Scheme shall organise and control its affairs in a responsible manner and shall have adequate operational, administrative and financial procedures and controls to ensure compliance with all regulatory requirements and shall provide the MFSA with all the information it may require from time to time
  6. SLC 4.11 – The Scheme shall on a continuing basis ensure that it has sufficient management resources to effectively conduct its business
  7. SLC 1.38 of Part BII of the Rules for PIFs – Auditors Management Letter for the financial years end 2020 and 2021
  8. SLC 1.89 of Part BII of the Rules for PIFs - Custodian’s Report (experienced PIFs)
  9. SLC 1.62 of Part BII of the Rules for PIFs - Annual Report (including the AFS) for the financial years end 2020 and 2021
  10. SLC 1.62i of Part BII of the Rules for PIFs - Annual Fund Return for the financial years end 2021
  11. SLC 1.62ii of Part BII of the Rules for PIFs - Fund Return Representations Sheet for the financial years end 2021
  12. SLC 1.62iii of Part BII of the Rules for PIFs - Auditor’s Report on the Annual Fund Return for the financial years end 2021
  13. Article 6(2)(a) of the ISA – Director’s Declaration on Manager – Swiss SRO

REGULATORY ACTION

On 5 November 2025, the MFSA decided to proceed with the cancellation of the collective investment licence of the Scheme in terms of 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.  If an appeal is made within such period, the cancellation shall become operative on the date of the decision of the Tribunal dismissing the appeal or the date on which the appeal is abandoned.

Furthermore, the MFSA has also decided to proceed in issuing a Directive in terms of Article 15 of the Investment Services Act, directing the Scheme to remove any reference to any activities requiring the authorisation of the MFSA from the objects clause contained in the Memorandum and Articles of Association. This Directive shall become operative should the decision to cancel the Scheme’s licence is not appealed within the stipulated period, or if appealed 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 notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.