The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand and five hundred Euro (€4,500) on the Company.

Address:

RiskCap International Limited
Floor 6, Airways House, Gaiety Lane,
Sliema, SLM 1549,
Malta

Business Activity:  Provision of company services in terms of the Company Service Providers Act (Chapter 529 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Rules 17.02 and 17.03 of the Rules for Company Service Providers (“CSPs”) (the latter applicable until 15 March 2021 prior to the coming into force of the new CSPs Rulebook), to submit the Annual Compliance Return, the Audited Financial Statements and Auditor’s Management Letter for the year ended 31 March 2020 within the regulatory deadline.

REGULATORY ACTION

On 30 May 2022, the Malta Financial Services Authority decided to impose an administrative penalty of four thousand and five hundred Euro (€4,500) on the Company.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 9(1) of the Company Service Providers 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 23 JUNE 2022

The Authority’s decision was appealed before the Financial Services Tribunal within the period established by law.

UPDATE ON 17 MAY 2023

On 17 May 2023, the Financial Services Tribunal has denied all the requests made by RiskCap International Limited and thus decided in the MFSA’s favour. In view of such, the administrative penalty of four thousand five hundred Euro (€4,500) imposed by the Authority on RiskCap International Limited has been confirmed.