The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of the Scheme’s license as well as that of its sub-fund in terms of Article 7 (3)(b) of the Investment Services Act.

Moreover, the Authority decided to issue a Directive in terms of Article 15 of the Investment Services Act, directing the Scheme to change its name and remove any reference to any licensable activities from the objects clause contained in its Memorandum and Articles of Association.

Address:

60/2, Melita Street
Valletta
VLT 1122
Malta

Business Activity: Professional Investor Fund authorised under the Investment Services Act.

BREACHES

The MFSA determined that the Company has acted in breach of:

1. SLC 1.23 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to appoint a Compliance Officer;
2. SLC 1.29 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to appoint a Money Laundering Reporting Officer;
3. SLC 1.8 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to replace the Scheme’s Administration Function;
4. SLC 1.62 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to submit Regulatory Reporting within stipulated timeframes;
5. SLC 1.32 of Part BII of the Investment Services Rules for Professional Investor Funds due to the Scheme’s failure to appoint an auditor approved by the MFSA; and
6. Article 13(1B)(b) of the Investment Services Act due to the Scheme’s failure to provide the Authority with required information.

REGULATORY ACTION

On 2 May 2024, the MFSA decided to proceed with the cancellation of the licenses of TTC SICAV plc and TTC Green Energy Fund in terms of Article 7 (3)(b) of the Investment Services Act.

Moreover, the Authority has issued a Directive in terms of Article 15 of the Investment Services Act, directing the Scheme to change its name and remove any reference to any licensable activities from the objects clause contained in its 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.

UPDATE ON 5 JUNE 2024

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