Aggregated News From Investment Management Regulators

Regulatory Action against MCM Global Opportunities Fund SICAV plc – MFSA


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

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.

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 with the Financial Services Tribunal 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 Financial Services Tribunal dismissing the appeal or the date on which the appeal is abandoned.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

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