In the course of routine inspections which the Malta Financial Services Authority (“MFSA” or “Authority”) carried out as part of its supervisory engagement with MeDirect, the MFSA has identified shortcomings relating to MeDirect’s adherence with Article 16(2) of the Regulation (EU) 596/2014 on Market Abuse (“MAR”). Having considered the goodwill demonstrated by MeDirect, particularly considering the significant investments made by MeDirect in its process to remediate the shortcomings identified by the MFSA and the efforts made to strengthen its overall arrangements, systems and procedures in line with MAR, the Authority has agreed to settle all pending matters.

Address:

MeDirect Bank (Malta) plc
The Centre,
Tigné Point,
Sliema, TPO 0001
MALTA

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

FINDINGS

The MFSA found certain shortcomings in respect of MeDirect’s compliance with Article 16(2) of MAR. More specifically, between the beginning of 2018 and the end of 2020, MeDirect did not have adequate arrangements, systems and procedures in place to prevent, detect and report suspicious orders and transactions that could constitute market abuse or an attempt thereof.

MEASURES

Following the demonstration of goodwill by MeDirect and having taken into consideration the significant investment which MeDirect has made in its effort towards remediating the shortcomings identified by the MFSA and to bring itself in line with MAR, the MFSA agreed to settle pending matters with MeDirect on 27 April 2023. By means of a settlement agreement entered into between MeDirect and the MFSA, the latter imposed an administrative penalty of seventy thousand Euro (€70,000) on MeDirect.

PUBLICATION

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