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.

 

The MFSA has updated the administrative measures and penalties format for decisions issued as from 2020. Any administrative measures and penalties issued prior to 2020 can be found here.

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

AUGUST 07, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to proceed with the withdrawal of the Institution’s licence and with imposing the following directives: [i] to proceed with returning all clients’ funds held by the Institution according to the timelines in ...
AUGUST 07, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fifteen thousand Euro (€15,000) on the Company. Address: Ewropa Business Centre, Level 3 - 701 Dun Karm Street Birkirkara BKR 9034 Malta Business Activity: authorised to ac ...
JULY 31, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty thousand seven hundred and sixty Euro (€20,760). Address: GlobalCapital Life Insurance Limited, Testaferrata Street, Ta' Xbiex XBX1403 Business Activity: Insurance Un ...
JULY 31, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty-one thousand and one hundred Euro (€21,100). Address: Vision Exchange Building Triq It- Territorjals, Zone 1, Central Business District, Birkirkara CBD 1070 Business ...
JULY 29, 2020
The Malta Financial Services Authority (“MFSA”) decided that Mr Blaustein can no longer be deemed to be fit and proper, and is prohibited, in terms of Article 11 of the Company Service Providers Act and Article 16(2)(b) of the Malta Financial Services Authority Act, from holding any position and ...
JULY 29, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing the following regulatory actions against the Company: [i] In terms of Article 6(1)(a), (b), (d) and (g) of the Company Service Providers Act (“CSP Act”), the MFSA has decided to cancel the Company’s registr ...
JULY 17, 2020
The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of twenty-one thousand four hundred and sixty Euro (€21,460). Address: The Landmark, Level 1, Suite 2, Triq L-Iljun, Qormi QRM3800 Malta Business Activity: Protected Cell companies writing ...
JUNE 19, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fifteen thousand Euro (€15,000) on the Company. Address: Suite 10, 189 Marina Suites, Marina Street, Pieta’ PTA 9041 Malta Business Activity: authorised to act as a Trust ...
JUNE 12, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand Euro (€5,000). Address: Office Level 1, St. Francis street 44, Sliema SLM 2069 Business Activity: Retirement Scheme Administrators BREACHES The Company f ...
JUNE 12, 2020
The Malta Financial Services Authority (‘MFSA’) decided to impose an administrative penalty of five thousand Euro (€5,000) on Plegt-Vos Retirement Scheme. Address: 44, Level 1, St. Francis Street Sliema SLM 2069 Business Activity: Occupational Retirement Schemes - Cross border activ ...