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

Business Activity: Investment Services Firm

FINDINGS:

The MFSA found failings in respect to:

1. Rule 4 - 5.3.1 of the Old Part BI Rulebook* wherein the Investment Services Firm submitted the Audited COREP Return, the Audited Financial Statements, the Auditors Management Letter, the Auditors Report and the Auditors Confirmation for financial year ending 30 November 2020 after the regulatory deadline;
2. Rule 4 - 5.5.1 of the Old Part BI Rulebook* wherein the Investment Services Firm submitted the Unaudited Quarterly COREP Returns of Q2 and Q3 for financial year ending 30 November 2021 after the regulatory deadline;
3. Rule 1 – 2.2.1 of the Investment Service Rules for Investment Service Providers wherein the Investment Services Firm submitted the Audited Financial Statements, the Auditors Report and the Auditors Management Letter for financial year ending 30 November 2021 after the regulatory deadline.

(*Rulebook applicable until 5 August 2021 prior to the coming into force of the New Rulebook applicable to Investment Services License Holders)

MEASURES

On 15 February 2024, the MFSA agreed to settle pending matters with the Investment Services Firm after demonstration of goodwill by the Investment Services Firm By means of a settlement agreement entered into between the Investment Services Firm and the MFSA, the latter imposed an administrative penalty of six thousand four-hundred and eighty Euro (€ 6,480) on the Investment Services Firm.

PUBLICATION

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