The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand Euro (€3,000) on the PIF.

BREACHES

The MFSA determined that the PIF has acted in breach of SLC 1.62 of Part BII of the Rules for PIFs (targeting qualifying investors), the PIF or the Manager or Administrator on its behalf shall submit copies of the PIF’s Annual Audited Financial Statements and half-yearly report (if any) to the MFSA and such other information, as the MFSA may from time-to-time request. The half-yearly (if any) and annual reports shall be published and provided to investors in the PIF and submitted to the MFSA within two and six months respectively of the end of the period concerned.

Moreover, it should be noted that the PIF failed in terms of SLC 1.38 of Part BII of the Rules for PIFs (targeting qualifying investors), since the PIF shall require its auditor to prepare a management letter in accordance with International Standards on Auditing in respect to each annual accounting period.

REGULATORY ACTION

On 21 August 2023 the Malta Financial Services Authority decided to impose an administrative penalty of three thousand Euro (€3,000) on the PIF.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.

UPDATE ON 4 JANUARY 2024

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