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

Business Activity: Company Service Provider

BREACHES

The MFSA determined that the CSP has acted in breach of Rule 17.03 of the CSP Rulebook (applicable until 15 March 2021 prior to the coming into force of the new CSP Rulebook) and Rule R3-13.2 of the CSP Rulebook, in view that the CSP failed to submit the Management Letter for the financial year ended 31 December 2020, and the Annual Compliance Return for the financial year ended 31 December 2021 within the regulatory deadline.

REGULATORY ACTION

On 5 June 2024, the MFSA decided to proceed with imposing an administrative penalty of three thousand Euro (€3,000) on the CSP.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

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.