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

Address:

3 Sigma Riskcap SICAV plc
TG Complex Suite 2 Level 3
Brewery Street, Mriehel,
Birkirkara, Malta
BKR 3000

Business Activity: Alternative Investment Fund Manager - De Minimis AIFM

BREACHES

The MFSA determined that the Scheme has failed to submit the Annual Financial Statements in a timely manner as per the requirements set out in SLC 1.62 of Part BII: Standard Licence Conditions applicable to Investment Services Licence Holders which qualify as UCITS Management Companies (the ‘’Rules’’). The Scheme has failed to pay the supervisory fees due to the Authority as per the requirements set out in SLC 1.63 of Part BII of the Rules. Moreover, the Scheme has also failed to appoint key role holders being a compliance officer, an MLRO and Fund Administrator as per the requirements set out in SLC 1.8 and SLC 1.10 of Part BII of the Rules and SLC 1.23 and SLC 1.29 of Part BII of the Rules respectively.

REGULATORY ACTION

On 30 June 2021 the MFSA decided to cancel the Scheme’s licence of 3 Sigma Riskcap SICAV PLC. 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 object’s clause contained in the Memorandum and Articles of Association.

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 4 AUGUST 2021

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