On the 11th April 2013 the Authority decided to cancel the collective investment scheme licence of Pan European Umbrella SICAV plc in terms of article 7(3)(b) of the Investment Services Act with immediate effect. Pan European Umbrella SICAV plc was found to be in breach of SLCs 1.22, 1.28 and 1.57 of Part BII of the Investment Services Rules for Professional Investor Funds. In addition, Pan European Umbrella SICAV plc was also found to be in breach of the Functionaries and Officials of the Company section of the Offering Memorandum.

Consequently, Pan European Umbrella SICAV plc and its sub-funds, namely Energy-4-Europe Fund and Pan European Real Estate Fund are no longer authorised to carry out activities of a collective investment scheme within the meaning of the Investment Services Act, 1994

MFSA Ref: 21-2013