The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of thirty-one thousand, seven hundred and forty euro (€31,740) on the Company.

Address:
Investar plc
Testaferrata Street
Ta’ Xbiex, XBX 1403
Malta

Business Activity: The Company had 5,500,000 6% Exchangeable Notes listed on the Institutional Financial Securities Market which were due on 31 March 2021.

BREACHES
The Company failed to adhere to its obligations in terms of Rule 4.22 of the Capital Markets Rules for Wholesale Securities Markets, to publish the Annual Financial Returns for years ended 31 December 2017, 2018 and 2019 within the regulatory deadline.

REGULATORY ACTION
On 29 October 2021, the Malta Financial Services Authority decided to impose an administrative penalty of thirty-one thousand, seven hundred and forty euro (€31,740) on Investar plc.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 39A(2) of the Financial Markets Act.

PUBLICATION
This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act and Article 41A of the Financial Markets Act.

UPDATE ON 26 NOVEMBER 2021

The Authority’s decision was appealed before the Financial Services Tribunal within the period established by law.

UPDATE ON 4 JUNE 2024

On 29 May 2024, the Financial Services Tribunal has denied all the requests made by Investar plc and thus decided in the MFSA’s favour.

In view of such, the administrative penalty of thirty-one thousand, seven hundred and forty euro (€31,740) imposed by the Authority on Investar plc has been confirmed.