The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fourteen thousand, four hundred and seventy-five Euro (€14,475) on the Company.

Address:

Atom Trustees Ltd
Suite 5, Level 3, Fafner House,
National Road,
Blata l-Bajda, Hamrun HMR 9011
MALTA

Business Activity: Retirement Scheme Administrator in terms of the Retirement Pensions Act (Chapter 514 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Article 20 of the Retirement Pensions Act as well as Parts B 4.3.15, B 4.3.17, B 4.3.18 and B 4.3.20(g) of the Pension Rules for Service Providers to submit the Audited Annual Financial Statements for the year ended 31 December 2019, the Audited Annual Financial Return for the year ended 31 December 2019, and its Interim Financial Returns covering the periods January-March 2020, April-June 2020 and July-Sept 2020, within the regulatory deadline.

Moreover, the Company failed to adhere to its obligations in terms of Parts B 2.3.5 and B 2.3.9  of the Pension Rules for Personal Retirement Schemes to submit the Audited Annual Financial Statements for the year ended 31 December 2019, Auditor’s Management Letter for the year ended 31 December 2019, as well as the half-yearly report for year 2020 (relating to its Retirement Scheme), within the regulatory deadline.

REGULATORY ACTION

On 21 June 2022, the Malta Financial Services Authority decided to impose an administrative penalty of fourteen thousand, four hundred and seventy-five Euro (€14,475) on the Company.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 46 of the Retirement Pensions Act.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act.

UPDATE ON 13 JULY 2022

The Authority’s decision was appealed before the Financial Services Tribunal within the period established by law.