Administrative Measures and Penalties


In terms of article 4(1)(c) of the Malta Financial Services Authority Act, one of the MFSA’s functions is to keep the general public informed of important developments in the sector that it regulates, and to provide the public with relevant information and guidance. Article 16(8) of the Malta Financial Services Authority Act also provides that:

Any administrative or disciplinary sanction or measure, of whatever type, including reprimands or warnings, imposed or decided by the Authority under any law for whose administration it is responsible, shall be published in such medium and in such manner and for such duration as may be deemed warranted by the circumstances and the nature and seriousness of the breach or wrongdoing. 

The MFSA is obliged to make public all sanctions and penalties it imposes on its licence-holders so that the general public will be better informed. The current MFSA policy on publication is that after a licence-holder is notified of the MFSA’s decision to impose a penalty or administrative sanction, the MFSA shall publish a notice of the sanction on its website and in such other media deemed appropriate in the circumstances. Where and as applicable, the notice published on the website will indicate clearly whether the penalty or sanction is currently being appealed against. Publication on the MFSA website is based on the following criteria:

  1. A notice to the public in respect of a fine not exceeding € 3,000, a warning, a reprimand or other minor infringement shall remain posted on the website for a minimum period of two (2) years.
  2. A notice to the public in respect of a fine exceeding € 3,000 but not exceeding € 25,000, or of more serious infringements shall remain posted on the website for a period of five (5) years.
  3. A notice to the public in respect of serious infringements, including suspension or restriction of a licence for regulatory purposes (not a voluntary request for suspension or restriction) and fines exceeding € 25,000 shall remain posted on the website for a period of ten (10) years.
  4. A notice to the public in respect of a cancellation of a licence for regulatory purposes (not a voluntary surrender) shall not be removed from the web-site.
  5. A warning of a general nature shall be removed from the web-site only when it is established that there is no further threat to the public. The removal of such warnings is not tied to a pre-determined number of years.   The MFSA seeks to ensure high standards of conduct and management throughout the financial system.

The MFSA believes that the naming of persons, including licence-holders that have been sanctioned for breaching provisions of law, will lead to a greater awareness of the standards which should guide the activities and the conduct of operators in the financial services industry.

Kindly note that these notices are intended as a summary of the Authority’s decisions and, accordingly, are not the actual decisions themselves.

 

  Administrative Measures & Penalties issued prior to 2020

DECEMBER 06, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of six thousand one hundred Euro (€6,100) on the Company. Address: Sovereign Pension Service Limited Level 5, St Julian’s Business Centre, Ella Zammit Street, St Julians STJ 31 ...
NOVEMBER 17, 2022
The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Ms Lorraine Falzon can no longer be deemed as being fit and proper and to hold any approved positions. REGULATORY ACTION On 25 October 2022, the MFSA has decided that Ms Lorraine Falzon can no longer be dee ...
NOVEMBER 17, 2022
The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr Matthew Pace can no longer be deemed as being fit and proper and to hold any approved positions. REGULATORY ACTION On 25 October 2022, the MFSA has decided that Mr Matthew Pace can no longer be deemed as ...
NOVEMBER 02, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand one hundred Euro (€5,100) on the Company. Address: Jacaranda Special Situations SICAV plc 52, St. Christopher Street, Valletta VLT 1462 Malta Business Activit ...
NOVEMBER 02, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand and six hundred Euro (€3,600) on the Company. Address: EurAsia Alternative Investment Fund SICAV plc 4th Floor, Avantech Building, St. Julians Road, San Gwann S ...
NOVEMBER 02, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand and two hundred Euro (€4,200) on the Company. Address: ESTM Limited Somnium, Level 2, Tower Street, Swatar, Birkirkara, Malta Business Activity: Fund Adminis ...
NOVEMBER 02, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand, eight hundred and twenty-five Euro (€3,825) on the Company. Address: Core Strategy SICAV plc Cornerstone Complex, Suite A, Level 1, 16th September Square, Mos ...
NOVEMBER 02, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand, eight hundred and twenty-five Euro (€3,825) on the Company. Address: Alpha Value Funds SICAV plc Cornerstone Complex, Suite A, Level 1, 16th September Square, ...
NOVEMBER 02, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand and four hundred Euro (€4,400) on the Company. Address: Abalone Asset Management Ltd Skyway Offices, Block C, Office 1, 170, Marina Street, Pieta’, PTA 9042 M ...
SEPTEMBER 05, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with the removal of the Scheme from the list of Notified AIFs and the issuance of a directive against the Scheme. Address: Italico Future Invest SICAV plc 259, St Paul Street, Valletta VLT 1213 Malta Business Activity ...