Suspension of Licence of JFP Investments (SICAV) plc
On 14 December 2015, the Malta Financial Services Authority (‘the Authority’) has, on regulatory grounds, suspended with immediate effect, the Collective Investment Scheme Licence of JFP Investments (SICAV) plc (“the Scheme”) in respect of JFP Emerging Europe Momentum Fund (“the Sub-Fund”).
After consideration of all the circumstances surrounding the Scheme and the Sub-Fund, JFP Investments (SICAV) plc was found to be in breach of the following Standard Licence Conditions (“SLCs”):
- SLC 1.63 of Part BIII of the Investment Services Rules for Professional Investor Funds (“the Rules”), which requires the Scheme to submit copies of the Scheme’s annual audited financial statements within six months of the year end;
- SLC 1.71(iii) of Part BIII of the Rules, which requires the Authority to be informed of any other material information concerning the Scheme, its business or its officials in Malta or abroad which a reasonable person would expect the MFSA to wish to be informed about immediately upon becoming aware of the matter;
- SLC 2.8 of Appendix 1 to the Rules, which requires the Scheme to act honestly, fairly and with integrity, in the best interest of its investors/shareholders and of the market;
- SLC 1.66 of Part BIII of the Rules, which requires the Scheme and its service providers to comply with all Maltese and overseas regulations to which they are subject.
The Authority has taken this decision
Source: MFSA – Suspension of Licence of JFP Investments (SICAV) plc
