The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand, eight hundred and twenty-five Euro (€3,825) on the Investment Service Provider.

Business Activity: Alternative Investment Fund in terms of the Investment Services Act (Chapter 370 of the Laws of Malta).

BREACHES

The AIF failed to adhere to its obligations in terms of SLCs 3.38, 5.06 and 5.09 of Part B of the Rules for Alternative Investment Funds, to submit the Annual Report for the year ended 31 December 2019 (the latter including the Audited Financial Statements), the Custodian’s Report as well as the Auditor’s Management Letter for the year ended 31 December 2019, within the regulatory deadline.

REGULATORY ACTION

On 18 January 2023 the Malta Financial Services Authority decided to impose an administrative penalty of three thousand, eight hundred and twenty-five Euro (€3,825) on the Investment Service Provider.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 16 A(1) of the Investment Services 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 20 February 2023

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.