The Malta Financial Services Authority (“MFSA” or “Authority”) cancelled, on regulatory grounds, the Collective Investment Scheme Licence of MCM Global Opportunities Fund SICAV plc, including the Licence granted to its only Sub-Fund, namely Global Equity Opportunities Fund.

Address:

Vision Exchange Building,
Territorials Street, Mriehel
Birkirkara BKR 3000

Business Activity:  Collective Investment Schemes Licence Holders - PIFs

BREACHES

In addition to the Scheme’s failure to satisfactorily address a number of breaches which needed to be rectified following the suspension of its licence on 24 May 2017, the Scheme did not seek to take any corrective actions or initiatives to restore its business operations and was found to be in breach of the following Standard Licence Conditions (“SLC”) of Part BII of the Investment Services Rules for Professional Investor Funds (“the Rules”):

[i] SLC 1.8 of the Rules – Failure to appoint a Fund Administrator;
[ii] SLC 1.13 of the Rules – Failure to implement adequate safekeeping arrangements;
[iii] SLC 1.23 of the Rules – Failure to have an appointed Compliance Officer;
[iv] SLC 1.29 of the Rules – Failure to have an appointed Money Laundering Reporting Officer;
[v] SLC 1.32 of the Rules – Failure to have in place an Auditor;
[vi] SLC 1.39 of the Rules – Failure to take all reasonable steps to comply with the investment objectives, policies and restrictions outlined in its Offering Documentation; and
[vii] SLC 1.62 of the Rules – Failure to submit the Audited Financial Statements from 31 December 2014 to 31 December 2019.

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

REGULATORY ACTION

On 11 June 2020, the Malta Financial Services Authority cancelled, on regulatory grounds, the Collective Investment Scheme Licence of MCM Global Opportunities Fund SICAV plc, including the Licence granted to its only Sub-Fund, namely Global Equity Opportunities Fund.

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

PUBLICATION

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

UPDATE ON 14 JULY 2020

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