Malta’s financial watchdog, the Malta Financial Services Authority, has revoked the licence of a collective investment scheme called Italico Future Invest SICAV plc, a fund tied to offices in Valletta.

The scheme, which was registered as a ‘Notified Alternative Investment Fund’ was found to be in breach of a number of rules within the investment services rules for this type of scheme.

According to the regulator, the scheme failed to:

  • Appoint a full-scope Alternative Investment Fund Manager in terms of Rule 2.01 (ii) of Part A of the Investment Services Rules for Notified Alternative Investment Funds;
  • Appoint a Compliance Officer as per the requirements set out in Rule 9.01 of Part A of the Investment Services Rules for Notified Alternative Investment Funds; and
  • Appoint an MLRO as required by Rule 10.01 of Part A of the Investment Services Rules for Notified Alternative Investment Funds.

As a result, the MFSA removed Italico Future Invest from the list of Notified AIDs and has issued a directive to the scheme instructing it to change its name and remove any reference to licensable activities.

The MFSA’s decision may be appealed before the Financial Services Tribunal within the prescribed period.

NAIFs are promoted to professional investors and/or qualifying investors only, and in accordance with regulatory requirements, must be managed by a full-scope Alternative Investment Fund Manager. This type of fund is touted for providing quick access to the market.

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