In the course of routine inspections which the Malta Financial Services Authority (“MFSA” or the “Authority”) carried out as part of its supervisory engagement with Jesmond Mizzi Financial Advisors Limited (“JMFA” or the “Company”), the MFSA has identified certain shortcomings relating to the Company’s adherence to Article 16 of Regulation (EU) 596/2014 on Market Abuse (“MAR”). The MFSA has considered the goodwill demonstrated by JMFA, particularly considering the investments made by the Company in strengthening its systems and procedures in line with MAR, and in view of such the Authority agreed to settle all pending matters.

Address:

Jesmond Mizzi Financial Advisors Limited
67, Flat 3,
South Street,
Valletta

Business Activity: Investment Firms

FINDINGS

The MFSA found certain shortcomings in relation to the Company’s adherence to Article 16 of MAR for the period beginning 2016 and ending 2020, where JMFA did not  keep proper records of the arrangements, systems and procedures which it had in place to detect and report suspicious orders and transactions that could constitute market abuse or an attempt thereof. In view of such shortcomings, the MFSA was not in a position to assess the adequacy of the arrangements, systems and procedures which it had in place to detect and report suspicious orders and transactions that could constitute market abuse or an attempt thereof in terms of Article 16 of MAR.

MEASURES

On 17 April 2024, the MFSA agreed to settle pending matters with JMFA after demonstration of goodwill by the Company, inter alia by investing considerable resources in order to be in line with MAR. By means of a settlement agreement entered into between the Company and the MFSA, the latter imposed an administrative penalty of fifteen thousand Euro (€15,000) on JMFA.

PUBLICATION

This notice is being published in terms of the Authority’s Settlement Policy.