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

Business Activity: VFASP

FINDINGS:

The MFSA found failings in respect to R3-3.5.4.2.1(i, ii, iii, vi) and R3-3.5.4.2.1 (iv) - R3-3.1.6.7.2/R3-3.1.6.6.1of the VFA Rulebook wherein the VFASP submitted the IT Audit, Annual Audited VFASP Return, Auditor’s Report, the Audited Financial Statements and Auditors’ Management Letter for financial year ended 31 December 2021 after the stipulated regulatory deadline.

MEASURES

On 27 August 2024, the MFSA agreed to settle pending matters with the VFASP after demonstration of goodwill by the VFASP. By means of a settlement agreement entered into between the VFASP and the MFSA, the latter imposed an administrative penalty of five thousand one hundred and forty-five Euro (€5,145) on the VFASP.

PUBLICATION

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