The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand five hundred and fifty Euro (€5,550) on the Company.

Address:

SMM Consultancy Services Ltd
217,
Strait Street,
Valletta
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 Rule 17.02 and Rule 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 the Auditor’s Management Letters for the year ended 31 December 2019 within the regulatory deadline.

REGULATORY ACTION

On 6 December 2021, the Malta Financial Services Authority decided to impose an administrative penalty of five thousand five hundred and fifty Euro (€5,550) 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.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

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 JANUARY 2022

On 20 January 2022, the Authority was notified that an appeal dated 20 December 2021 was filed before the Financial Services Tribunal within the period established by law.

UPDATE ON 26 APRIL 2023

On 26 April 2023, the Financial Services Tribunal has denied all the requests made by SMM Consultancy Services Ltd and thus decided in the MFSA’s favour. In view of such, the administrative penalty of five thousand five hundred and fifty Euro (€5,550) imposed by the Authority on SMM Consultancy Services Ltd has been confirmed.