Aggregated News From Investment Management Regulators

Novium Opportunity Umbrella SICAV plc (“the Scheme”) – MFSA

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The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to cancel the Scheme’s collective investment services licence including the licence granted to its six (6) sub-funds, namely Personal Care Fund; Special Situations Fund; Vintage Watches Fund; Primatist Multi Strategy Fund; Quality Investment Fund; and Bull Bear Opportunities Fund.

Address:

35, The Penthouse,
Salvu Psaila Street,
Birkirkara BKR 9072
Malta

Business Activity: Collective Investment Schemes Licence Holders – Professional Investor Funds

BREACHES

In addition to the Scheme’s failure to comply with the MFSA Directive dated 28 November 2017 issued in terms of Article 15 of the Investment Services Act, the Scheme was also found to be in breach of the following Standard Licence Conditions (“SLC”) of Part BII of the Investment Services Rules for Professional Investor Funds issued under the Investment Services Act (“the Rules”):

[i] 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

[ii] SLC 1.62 of the Rules – Failure to submit the Audited Financial Statements from 31 December 2015 to 31 December 2019.

REGULATORY ACTION

On 11 September 2020, the Malta Financial Services Authority decided to cancel the Collective Investment Scheme Licence of Novium Opportunity Umbrella SICAV plc, including the licence granted to its six (6) sub-funds, namely Personal Care Fund; Special Situations Fund; Vintage Watches Fund; Primatist Multi Strategy Fund; Quality Investment Fund; and Bull Bear Opportunities Fund.

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

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

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Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

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