The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of eleven thousand Euro (€11,000) on the Retirement Scheme Administrator.

Business Activity: Retirement Scheme Administrator in terms of the Retirement Pensions Act (Chapter 514 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Article 20 of the Retirement Pensions Act and Part B 2.3.9 of the Pension Rules for Personal Retirement Schemes to submit the Audited Annual Financial Statements and Auditor’s Management Letters (relating to its Retirement Schemes) for the year ended 31 December 2019 within the regulatory deadline.

REGULATORY ACTION

On 21 June 2022, the Malta Financial Services Authority decided to impose an administrative penalty of eleven thousand Euro (€11,000) on the Retirement Scheme Administrator.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 46 of the Retirement Pensions 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.

UPDATE ON 21 JULY 2022

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