The Malta Financial Services Authority (“MFSA”) decided to issue a Directive to Sierra Madre Gold & Silver Venture Capital Fund SICAV plc, a SICAV licensed as a Professional Investor Fund targeting experienced investors.

Address:

Sierra Madre Gold & Silver Venture Capital Fund SICAV plc
6, Third Floor Suite 1
Market Street
Floriana FRN 1082
Malta

Business Activity: A collective investment scheme licensed as a Professional Investor Fund.

REGULATORY ACTION

On 11 November 2021, the Malta Financial Services Authority issued a Directive to the SICAV whereby it was directed to take all the necessary steps to ensure that a new liquidator is appointed within one month from the date of the Directive for the conclusion of the liquidation of the Scheme (currently in dissolution) in accordance with the provisions of the Companies Act (Cap. 386 of the Laws of Malta), in the interest of the investors of the SICAV.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 15 of the Investment Services Act.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act and Article 25(1) of the Investment Services Act.

UPDATE ON 11 DECEMBER 2021

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

UPDATE ON 4 AUGUST 2022

In view that the SICAV did not adhere to the above-mentioned Directive issued on 11 November 2021, the Authority decided to file an application to the Civil Court (Commercial Section) for the dissolution and winding up by the court of the SICAV in terms of Article 15A (2A) of the Investment Services Act.

UPDATE ON 3 MAY 2024

On 26 April 2024, the Civil Court (Commercial Section) delivered its judgment and accepted the Authority’s request for the dissolution and winding up by the Court of the SICAV in terms of Article 15A (2A) of the Investment Services Act.