The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of the collective investment licence of the SICAV in terms of Article 7(3) (Proviso) of the Investment Services Act.

Address:

The Timeless Precious Metals Fund SICAV plc
6, Third Floor, Suite 1 Market Street,
Floriana, FRN 1082
Malta

Business Activity: Collective Investment Scheme

BREACHES

The MFSA determined that the SICAV did not adhere to the Directive issued by the MFSA on 11 November 2021 in terms of Article 15 of the Investment Services Act. Consequently, the MFSA filed 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. On 26 April 2024, the Civil Court (Commercial Section) appointed the Malta Business Registry’s Official Receiver as the liquidator.

REGULATORY ACTION

On 14 February 2025, the MFSA decided to proceed with the cancellation of the collective investment licence of the SICAV in terms of Article 7(3) (Proviso) of the Investment Services Act.

It should be noted that the MFSA’s decision to cancel the SICAV’s collective investment licence may be appealed before the Financial Services Tribunal in accordance with applicable law and shall not become operative until the expiration of the period within which an appeal lies. If an appeal is made within such period, the cancellation shall become operative on the date of the decision of the Tribunal dismissing the appeal or the date on which the appeal is abandoned.

Furthermore, the MFSA has also decided to proceed in issuing a Directive in terms of Article 15 of the Investment Services Act, directing the SICAV to remove any reference to licensable activities in the objects clause contained in the Memorandum and Articles of Association. This Directive shall become operative should the decision to cancel the SICAV’s collective investment licence is not appealed within the stipulated period, or if appealed on the date of the decision of the Financial Services Tribunal dismissing the appeal or the date on which the appeal is abandoned.

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.