The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to cancel the Scheme’s Collective Investment Scheme Licence including the licence granted to its four (4) sub-funds, namely Innovative Investment Fund; Perfectum Fund; Exclusive Gold and Precious Metals Fund; and Omega Investment Fund.

Address:

35, The Penthouse,
Salvu Psaila Street,
Birkirkara BKR 9072
Malta

Business Activity:  Collective Investment Scheme Licence Holders – Professional Investor Funds.

BREACHES

In addition to the Scheme’s failure to comply with the MFSA Directive dated 23 January 2018 issued in terms of Article 15 of the Investment Services Act (“ISA”), the Scheme was also found to be in breach of the ISA and Standard Licence Condition (“SLC”) of Part BII of the Investment Services Rules for Professional Investor Funds issued under the ISA (“the Rules”):

[i] Article 13(1)(ii)(a) of the ISA – Failure to submit documentation in relation to the surrender of licences granted to two (2) of the Scheme’s sub-funds; and

[ii] SLC 1.62 of the Rules - Failure to submit the Audited Financial Statements from 31 December 2014 to 31 December 2019.

REGULATORY ACTION

On 17 September 2020, the Malta Financial Services Authority decided to cancel the Collective Investment Scheme Licence of Excellence Investment Umbrella SICAV plc, including the licence granted to its four (4) sub-funds, namely Innovative Investment Fund; Perfectum Fund; Exclusive Gold & Precious Metals Fund; and Omega Investment Fund.

The Authority has taken this decision in terms of the powers under Article 7(3)(b) of the Investment Services Act.

PUBLICATION

This regulatory action is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act and Article 25(1) of the Investment Services Act.

UPDATE ON 19 OCTOBER 2020

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