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

Business Activity: Recognised Fund Administrator

FINDINGS:

The MFSA’s investigation found failings in respect of:

• the timely submission of the Annual Audited Financial Statements for the financial years ending 2020 and 2021 by the stipulated regulatory deadline as required under SLC 5.2 of Part BI of the Investment Services Rules for Recognised Persons (the “Rules”)
• the timely submission of the Letter from the Board of Directors for the financial years ending 2020 and 2021 by the stipulated regulatory deadline as required under SLC 5.2(i) of Part BI of the Rules
• the timely submission of the Auditor’s Reports for financial years ending 2020 and 2021 by the stipulated regulatory deadline as required under SLC 5.2(ii) of Part BI of the Rules
• the timely submission of the Auditor’s Management Letters for the financial years ending 2020 and 2021 by the stipulated regulatory deadline as required under SLC 5.3 of Part BI of the Rules

MEASURES

On 17 September 2024, the MFSA agreed to settle pending matters with the Company after demonstration of goodwill by the Fund Administrator. By means of a settlement agreement entered into between the Fund Administrator and the MFSA, the Authority imposed an administrative penalty of five thousand six hundred eighty-eight Euro (€5,688) on the Fund Administrator.

PUBLICATION

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