The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand and fifty euros (€5,050) on the PDMR.

Business Activity: Requirement to submit PDMR notifications under the Regulation (EU) 596/2014 on Market Abuse (“MAR”).

BREACHES

The MFSA determined that the PDMR has failed to act in terms of the obligation stipulated under  Article 19(1) of the Regulation (EU) 596/2014 on Market Abuse (“MAR”).

REGULATORY ACTION

On 25 March 2022, the MFSA decided to impose an administrative penalty of five thousand and fifty euros (€5,050) on the PDMR. The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 22 of the Prevention of Financial Markets Abuse Act, Cap 476 of the Laws of Malta.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of 22(3) of the Prevention of Financial Markets Abuse Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 25 APRIL 2022

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