Aggregated News From Investment Management Regulators

Cancellation of Collective Investment Scheme Licence of Brightwell Portfolio Fund SICAV plc – MFSA

Report/Flag

Please complete the required fields.



On 19 May 2020, the Malta Financial Services Authority (“MFSA” or “Authority”) cancelled, on regulatory grounds, the Collective Investment Scheme Licence of Brightwell Portfolio Fund SICAV plc (“the Scheme”), including the Licence granted to its remaining five Sub-Funds, namely Sub-Fund A – Global Managed Futures, Sub-Fund B – Equity Hedged, Sub-Fund C – High Leverage Managed Futures, Sub-Fund I – Properties Preferred and Sub-Fund P – Fixed Yield.

The Scheme 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”) and Appendix I to Part B of the Investment Services Rules for Professional Investor Funds:

  • SLC 1.23 and SLC 1.29 of the Rules – Failure to have an appointed Compliance Officer and MLRO
  • SLC 1.62 of the Rules – Failure to submit the Audited financial statements from 31 December 2011 to 31 December 2018
  • SLC 1.70 of the Rules – No reporting of material information to the MFSA
  • SLC 1.74 of the Rules – Inadequate record-keeping to enable the Scheme to comply with the conditions stipulated in the Rules and to demonstrate that compliance has been achieved
  • SLC 1.8 and SLC 1.10 of the Rules – Inadequate administration agreement
  • SLC 2.2 of Appendix I to Part B of the Investment Services Rules for Professional Investor Funds – Failure to have an appointed Director who is independent from the Manager and Custodian

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

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.

It should be noted that the MFSA decision to cancel the Scheme’s collective investment scheme licence shall not become operative until the expiration of the period within which an appeal can be filed as stipulated in Article 19 of the Investment Services Act or as otherwise determined by Law, and if an appeal is made within such period, the decision shall become operative on the date of the decision of the Tribunal dismissing the appeal or the date on which the appeal is abandoned.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

Recent Articles

New SRO Compliance Priorities Report for 2022/2023: Helping Firms with Compliance

Executive Summary We are pleased to present our annual Compliance Priorities Report: Helping Firms with Compliance for 2022/2023. This year’s report outlines our hybrid return to the office...

SWISS FX INVESTMENTS

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Communiqué No. 02 Multiple Banking Capitalization Index of December 2022

This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content...

FIN-FSA’s Annual Report 2022: State of the financial sector remained solid, but global events caused turmoil in the operating environment

The state of the financial sector remained good in 2022; however, Russia’s invasion of Ukraine increased risks to both economic development and cyber security. “Risks...

Get the latest from Regulatory.News in your inbox!

×