The Malta Financial Services Authority (“MFSA”) decided to impose an administrative penalty of thirty-two thousand four hundred euros (€32,400) on Mistral Pay Limited and has allowed the Institution to start the process for the voluntary surrender of their licence under the Financial Institutions Act (Cap 376 of the Laws of Malta).

Address: 

Mistral Pay Ltd
Central Business Centre,
Level 2, Suite 1,
Mdina Road,
Zebbug, ZBG 9015
Malta

BREACHES

The MFSA determined that the Institution has acted in breach of Article 5(1)(c) and Article 11A of the Financial Institutions Act (‘FIA’ and/or ‘Act’).

REGULATORY ACTION

On the 21 October 2020, the MFSA decided to impose an administrative penalty of thirty-two thousand four hundred euros (€32,400) in terms of Subsidiary Legislation 376.02 Fines and Administrative Penalties for Offences Regulations issued under the FIA for breaches of Article 5(1)(c) and Article 11A of the FIA.

OTHER MATTERS

In the meantime, Mistral has submitted a request to surrender its licence under the Act and the MFSA has allowed the Institution to initiate the process for the voluntary surrender of the licence subject to all the requirements at law applicable to the voluntary surrender of a licence under the FIA, including any additional conditions which the Authority may deem appropriate to impose.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.

UPDATED ON 22 NOVEMBER 2020

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