Collective Investment Scheme – Ref: 2024-15
JUNE 12, 2024

The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to a Collective Investment Scheme in relation to late submission of regulatory information to the Authority. The Authority has considered the goodwill demonstrated by the Collective Investment Scheme and agreed to settle all pending matters.

Business Activity: Collective Investment Scheme

FINDINGS:

The MFSA found failings in respect to:

  1. SLC 5.06 of Part B of the Investment Services Rules for AIFs wherein the Collective Investment Scheme submitted the Annual Report (including the Audited Financial Statements) and the Audited Financial Statements for the financial years ended 31 December 2020 and 31 December 2021 respectively after the regulatory deadline;
  2. SLC 3.38 of Part B of the Investment Services Rules for AIFs wherein the Collective Investment Scheme submitted the Auditor’s Management Letter for the financial years ended 31 December 2020 and 31 December 2021 after the regulatory deadline;
  3. SLC 5.09 of Part B of the Investment Services Rules for AIFs wherein the Collective Investment Scheme submitted the Custodian’s Report for the financial years ended 31 December 2020 and 31 December 2021 after the regulatory deadline; and
  4. SLC 5.06 (i)(ii)(iii) of Part B of the Investment Services Rules for AIFs wherein the Collective Investment Scheme has not yet submitted the Annual Fund Return, the Representations Sheet and the Auditor’s Report (both related to the Annual Fund Return) for the financial year ended 31 December 2021.

MEASURES

On 12 June 2024, the MFSA agreed to settle pending matters with the Collective Investment Scheme after demonstration of goodwill by the Collective Investment Scheme. By means of a settlement agreement entered into between the Collective Investment Scheme and the MFSA, the latter imposed an administrative penalty of nine thousand, five-hundred and four Euro (€ 9,504) on the Collective Investment Scheme.

PUBLICATION

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