The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to the Company in relation to failings which resulted from the Authority’s supervisory engagement with the Company. The Authority has considered the goodwill demonstrated by the Company and agreed to settle all pending matters.
Business Activity: Company Service Provider under CSP Act.
FINDINGS:
The MFSA’s investigation found failings in respect of:
- Rule 17.02 of the CSP Rulebook[1] due to the Company’s late submission of its Annual Compliance Return for financial year ended 31 December 2020.
MEASURES
On 23 May 2024, the MFSA agreed to settle pending matters with the Company after demonstration of goodwill by the Company by means of a settlement agreement entered into between the Company and the MFSA, the latter imposed the following measures:
[i] Administrative penalty of € 1,600 on the Company Service Provider.
PUBLICATION
This notice is being published in terms of the Authority’s Settlement Policy.
[1] Rulebook applicable until 15 March 2021 prior to the coming into force of the new CSPs Rulebook.
