The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand and four hundred Euro (€4,400) on the Investment Service Provider.

Business Activity: Investment Manager 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 SLC 11.36 of Part BIII of the Rules for Investment Service Providers (the latter applicable until 23 June 2021 prior to the coming into force of the new NAIFs Rulebook), to submit the Annual Reports (the latter including the Audited Financial Statements) for the year ended 31 December 2019 of two Notified Alternative Investment Funds, within the regulatory deadline.

REGULATORY ACTION

On 28 October 2022, the Malta Financial Services Authority decided to impose an administrative penalty of four thousand and four hundred Euro (€4,400) 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 9 December 2022

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