The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand Euro (€5,000) on the Investment Service Provider.

Business Activity: Investment Services Provider in terms of the Investment Services Act (Chapter 370 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Rule 4-5.3.1 of Part B1 Rules for Investment Services Providers (applicable until 5 August 2021), to submit the Audited Financial Statements, the Audited COREP Return, the Auditors’ Management Letter and the Auditors’ Report for the year ended 31 December 2019, within the regulatory deadline.

REGULATORY ACTION

On 6 December 2021, the Malta Financial Services Authority decided to impose an administrative penalty of five thousand Euro (€5,000) on the Investment Service Provider.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 16 A.(1) of the Investment Services 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 16A.(4) of the Investment Services Act.

UPDATE ON 5 JANUARY 2022

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.