Resco Funds SICAV plc (“the Scheme”)
JULY 27, 2022

The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of licence and the issuance of a directive against the Scheme.

Address:

Resco Funds SICAV plc (SV 140)
168 St Christopher Street
Valletta
VLT1467
Malta

Business Activity: Professional Investor Fund

BREACHES

The MFSA determined that the Scheme has breached a number of standard licence conditions of Part BII: Professional Investor Funds Targeting Qualifying Investors (the ‘‘Rules’’) and its Appendix I – Supplementary Licence Conditions (‘‘Appendix I’’), as well as the Investment Services Act, Chapter 370 of the Laws of Malta (‘‘ISA’’).
The Scheme failed to:

  • Submit the Annual Financial Statements in a timely manner as per the requirements set out in SLC 1.62 of the Rules;
  • Appoint a Compliance Officer and MLRO as per the requirements set out in SLC 1.23 and SLC 1.29 of the Rules;
  • Have one or more Directors independent from the manager and custodian as per the requirements set out in SLC 2.2 of Appendix I of the Rules:
  • Have at least one director resident in Malta as per the requirements set out in SLC 4.4 Appendix I of the Rules;
  • Inform the Authority about the resignation of an investment committee member as per the requirements set out in SLC 4.9 of Appendix I of the Rules;
  • Inform the Authority of material information as per the requirements set out in SLC1.70(iii) of the Rules;
  • Inform the Authority about the suspension of the NAV as per the requirements set out in SLC 1.73 of the Rules;
  • Maintain proper record keeping as per the requirements set out in SLC 1.74 of the Rules.

REGULATORY ACTION

On 19 July 2022 the MFSA decided to cancel the licence of the Scheme. The Authority has further issued a Directive to the Scheme, 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. The Authority has also directed the Scheme to take all the necessary steps for the dissolution and consequential winding up of the Scheme in accordance with all applicable at law, including the appointment of a liquidator within three months from the decision.

PUBLICATION

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 12 SEPTEMBER 2022

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