The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of licence of the Company and the issuance of a directive against the Company.
Address:
Agon Asset Management Limited,
Junction Business Centre,
1st Floor, Sqaq Lourdes,
St Julians Malta
Business Activity: Licensed as an Alternative Investment Fund Manager.
BREACHES
The MFSA determined that the Company failed to comply with obligations emanating from the Investment Services Act (Chapter 370 of the Laws of Malta), as well as Standard Licence Conditions as set out in Part B III: Standard Licence Conditions Applicable to Investment Services Licence Holders which qualify as Alternative Investment Fund Managers (the “Rules”).
The AIF Manager failed to:
- Establish and maintain a permanent and effective compliance function in breach of SLC 1.27 of the Rules;
- Enable the compliance function to discharge its responsibilities properly in breach of SLC 1.28 of the Rules;
- Use adequate and appropriate human and technical resources in breach of SLC 2.01 of the Rules;
- Have and employ effectively its resources and procedures in breach of SLC 3.01(a) and (c) of the Rules;
- Submit the annual financial statements as at December 2019 in breach of SLC 6.19 of the Rules.
REGULATORY ACTION
On 31 July 2023, the MFSA decided to proceed with the cancellation of the licence of the Company in terms of Article 7(2)(b) of the Investment Services Act.
The MFSA has further issued a Directive to the Company in terms of Article 15 of the Investment Services Act, directing the Company to change its name and remove any reference to licensable activities in the objects clause contained in the Memorandum and Articles of Association.
It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.
PUBLICATION
This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.
