The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to the Bank in relation to failings which resulted from the Authority’s supervisory engagement with the Bank. The Authority has considered the goodwill demonstrated by the Bank and agreed to settle all pending matters in relation to the investigation on the Bank subject to a number of terms.

Address:

Izola Bank plc,
53/58 East Street,
Valletta, VLT 1251,
Malta

Business Activity: Issuer in terms of the Financial Markets Act (Cap. 345 of the Laws of Malta)

FINDINGS:

The MFSA’s investigation found failings in respect of:

1. Articles 18(1) and 18(4) of the Market Abuse Regulation (“MAR”) as the Bank failed to address the issue relating to the drawing up and updating of the Insiders List;
2. Article 18(2) of MAR as the Bank failed to adhere to its obligation to inform insiders (in particular Temporary insiders) of their responsibilities in terms of MAR;
3. Article 18(5) of MAR as the Bank failed to observe the requirements relating to the retention of Insiders List; and
4. Article 19(5) of MAR as the Bank failed to adhere to its obligation to inform PDMRs of their responsibilities in terms of MAR.

MEASURES

On 20 December 2024, the MFSA agreed to settle pending matters with the Bank after demonstration of goodwill. By means of a settlement agreement entered into between the Bank and the MFSA, the latter imposed an administrative penalty of one hundred and twenty six thousand Euro (€126,000) on Izola Bank.

PUBLICATION

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