Kylin Prime Group has recently received the “in principal” approval of the Malta Financial Services Authority (“MFSA”) to set up and operate a licensed professional investor fund scheme in Malta. The Scheme will be called Kylin Prime SICAV p.l.c. (“the Scheme”).
Its first sub-fund, the Malta Government Securities Fund, will focus on investments that are eligible for the Malta Residence and Visa Programme (“MRVP”) and the Malta Individual Investor Programme (“MIIP”) and will itself be recognised as an eligible investment for these programmes. The Scheme will allow Kylin Prime Group to set up further sub-funds with different characteristics in the future. This will enable us to expand our business scope throughout Europe while simultaneously providing investors with yet another high-quality collective investment fund option in Western Europe.
The MFSA, the single financial services regulatory authority in Malta was established on July 23, 2002 to take over the supervisory functions of the former Central Bank of Malta, Malta Stock Exchange and Malta Financial Services Centre. Although the MFSA is a fully autonomous public agency, it must report to Parliament every year. It is primarily responsible for the functioning of the entire financial services industry, managing all financial activities, credit institutions, financial and electronic money agencies, securities and investment services companies, regulated markets, insurance companies, pension schemes and trustees.
The acquisition of this in principal license means that once operational, our Maltese fund, the “Malta Government Securities Fund” will be fully operational. Another important component of this investment fund is that it will satisfy the government approved investment fund section for both the Malta Residence and Visa Programme (MRVP) and Malta Individual Investor Programme (MIIP).
This is a significant development for the group in terms of building up a Europe-wide, integrated financial services platform. This news follows on from the success of our AIFM business in both Cyprus and the UK. This news is yet another indicator of our worldwide growth in providing globally-minded investors from around the world a comprehensive, integrated financial services platform.
Once confirmed, the approval will also see three members of our team; Dr. Clint Bennetti, Mr. Kai Dai and Ms. Lingling Wu become officially approved fund operators by the MFSA.
Speaking on the importance of this news for our group, group COO Ms. Lingling Wu commented “This development represents another landmark achievement on the Kylin Prime Group’s journey to developing a fully-comprehensive financial services platform for our global client base of HNWIs. It is also a very clear and categorical endorsement of the professional ability of our team.”
To learn more about our Maltese fund please click here: http://www.kylinprimefund.com/en/malta.html
