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

Business Activity: Financial Institution

FINDINGS:

The MFSA’s investigation found failings in respect of:

• the timely submission of the Audited Financial Statements for financial years ending 2020 and 2021 by the stipulated regulatory deadline as required by Article 17(b) of the Financial Institutions Act; and
• the timely submission of the Auditor’s Management Letter for financial years ending 2020 and 2021 by the stipulated regulatory deadline as required by Paragraph 35 of the Financial Institutions Rulebook/02.

MEASURES

On 30 August 2024, the MFSA agreed to settle pending matters with the Financial Institution after demonstration of goodwill by the Financial Institution. By means of a settlement agreement entered into between the Financial Institution and the MFSA, the Authority imposed an administrative penalty of three thousand four hundred and fifty Euro (€3,450) on the Financial Institution.

PUBLICATION

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