Investment Manager – Ref: 2024-16
JULY 17, 2024

The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to an Investment Manager with respect to late submission of regulatory information to the Authority. The Authority has considered the goodwill demonstrated by the Investment Manager and agreed to settle all pending matters.

Business Activity: Investment Manager

FINDINGS:

The MFSA’s investigation found failings in respect of to:

  1. Article 20 of the Retirement Pensions Act and Paragraph B.4.3.18 of the Pension Rules for Service Providers for failure to submit the Management Letter for financial year ended 31 December 2020 within the regulatory deadline;
  2. Article 20 of the Retirement Pensions Act and Paragraphs B.4.3.15 and B.4.3.17 of the Pension Rules for Service Providers for failure to submit the (Unaudited) Annual Financial Return for financial year ended 30 December 2021 within the regulatory deadline;
  3. Article 20 of the Retirement Pensions Act and Paragraphs B.4.3.18 and B.4.3.20(g) of the Pension Rules for Service Providers for failure to submit the (Audited) Annual Financial Return for financial year ended 30 December 2021 within the regulatory deadline;
  4. Article 20 of the Retirement Pensions Act and Paragraph B.4.3.14(a) of the Pension Rules for Service Providers for failure to submit the Audited Financial Statements for financial year ended 30 December 2021 within the regulatory deadline;
  5. Article 20 of the Retirement Pensions Act and Paragraph B.4.3.14(b) of the Pension Rules for Service Providers for failure to submit the Management Letter for financial year ended 30 December 2021 within the regulatory deadline; and
  6. Article 20 of the Retirement Pensions Act and Paragraphs B.4.3.15 of the Pension Rules for Service Providers for failure to submit the Interim Financial Returns – Q3 for financial year ended 30 December 2021 within the regulatory deadline.

MEASURES

On 16 July 2024, the MFSA agreed to settle pending matters with the Investment Manager after demonstration of goodwill by the Investment Manager. By means of a settlement agreement entered into between the Investment Manager and the MFSA, the latter imposed an administrative penalty of seven thousand three hundred and four Euro (€7,304) on the Investment Manager.

PUBLICATION

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