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.
Kindly refer to the Publication of Administrative Measures & Penalties Policy which can be accessed here.
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SEPTEMBER 24, 2020
The Malta Financial Services Authority (“MFSA”) decided to impose a number of directives against the Company.
Address:
BT International Limited
The Penthouse, Suite 2,
Capital Business Centre, Entrance C
Triq Taz-Zwejt
San Gwann
Malta
Business Activity: Authorised to provide fiduci ...
SEPTEMBER 24, 2020
The Malta Financial Services Authority (“MFSA”) decided to impose a number of directives against the Company.
Address:
BTI Management Limited
The Penthouse, Suite 2,
Capital Business Centre, Entrance C
Triq Taz-Zwejt
San Gwann
Malta
Business Activity: Registered to act as Company S ...
SEPTEMBER 23, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one hundred and fifty thousand euros (€150,000) and directed Dennis Muscat to cease the activity of introducing investment services clients to locally licensed investment firms for a p ...
SEPTEMBER 17, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to cancel the Scheme’s Collective Investment Scheme Licence including the licence granted to its four (4) sub-funds, namely Innovative Investment Fund; Perfectum Fund; Exclusive Gold and Precious Metals Fund; an ...
SEPTEMBER 11, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to cancel the Scheme’s collective investment services licence including the licence granted to its six (6) sub-funds, namely Personal Care Fund; Special Situations Fund; Vintage Watches Fund; Primatist Multi Str ...
SEPTEMBER 11, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr John Anthony Farrell can no longer be deemed as being fit and proper and to hold any approved positions.
BREACHES
The Authority has determined that various breaches of Standard Licence Conditions (“SLC ...
SEPTEMBER 11, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand Euro (€5,000) on the Company.
Address:
HHF 303, Industrial Estate,
Hal Far,
Birzebbugia, BBG 3000
Malta
Business Activity: Bonds issued by the Company and a ...
AUGUST 29, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to cancel the Company’s investment services licence by virtue of the powers granted under Article 7(2)(a), (b), (c) and (g) of the Investment Services Act and with imposing a number of directives against MPM.
...
AUGUST 29, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr Melvyn Mangion can no longer be deemed as being fit and proper and to hold any approved positions.
REGULATORY ACTION
On 28 August 2020, the MFSA has decided that Mr Melvyn Mangion can no longer be deemed ...
AUGUST 29, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr Alexander Mangion can no longer be deemed as being fit and proper and to hold any approved positions.
REGULATORY ACTION
On 28 August 2020, the MFSA has decided that Mr Alexander Mangion can no longer be ...
AUGUST 12, 2020
The Malta Financial Services Authority (“MFSA” or “the Authority”) has decided to proceed with the withdrawal of the Institution’s licence.
Address:
Office Number 236,
Regus Tower Business Centre, 2nd Floor
Tower Street,
Swatar, Birkirkara BKR 4013
Malta
Business Activity: Fin ...
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 Trustee.
Business Activity: authorised to act as a Trustee or Co-Trustee to provide Fiduciary Services in terms of the Trusts and Trustees Act ...
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).
Business Activity: Insurance Undertakings
BREACHES
The MFSA determined that the Company failed to adhere to its obligat ...
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).
Business Activity: Protected Cell companies writing insurance business
BREACHES
The MFSA determined that the Company failed ...
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).
Business Activity: Protected Cell companies writing insurance business
BREACHES
The Company failed to adhere to its obligations i ...
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).
Business Activity: Retirement Scheme Administrators
BREACHES
The Company failed to adhere to its obligations in terms of Article 46(1) of the Reti ...
JUNE 12, 2020
The Malta Financial Services Authority (‘MFSA’) decided to impose an administrative penalty of five thousand Euro (€5,000) on the Occupational Retirement Scheme.
Business Activity: Occupational Retirement Schemes - Cross border activities: IORP regulated in Malta accepting sponsorship from ...
JUNE 12, 2020
The Malta Financial Services Authority (“MFSA” or “Authority”) cancelled, on regulatory grounds, the Collective Investment Scheme Licence of MCM Global Opportunities Fund SICAV plc, including the Licence granted to its only Sub-Fund, namely Global Equity Opportunities Fund.
Address:
Vi ...
JUNE 12, 2020
The Malta Financial Services Authority (“MFSA” or “Authority”) cancelled, on regulatory grounds, the Category 2 Investment Services Licence of Malta Capital Management Ltd.
Address:
Level 3,
6 Market Street,
Floriana FRN 1082
Business Activity: De Minimis Alternative Investment ...
JUNE 12, 2020
The MFSA decided to proceed with the cancellation of the Company’s Alternative Investment Fund Manager Licence. Following the suspension of the Company’s licence by the MFSA in May 2018, it remained in breach of the Standard Licence Conditions of Part BIII of the Investment Services Rules for In ...
JUNE 08, 2020
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing a notional administrative penalty of €475,192 in accordance with the law due to serious regulatory breaches of the Insurance Business Act Chapter 403 of the Laws of Malta and the MFSA Act, Chapter 330 of the Laws ...
MAY 19, 2020
The MFSA decided to proceed with the cancellation of the Collective Investment Scheme Licence of the Scheme, including the Licence granted to its remaining five Sub-Funds, namely Sub-Fund A - Global Managed Futures, Sub-Fund B - Equity Hedged, Sub-Fund C - High Leverage Managed Futures, Sub-Fund I - ...
MAY 11, 2020
The Malta Financial Services Authority has issued a number of directives to RES Malta Ltd. as a consequence of the regulatory action taken against Dr. Christian Ellul and Mr. Karl Schranz on 8 May 2020.
Address:
Palace Court,
Church Street,
St. Julians STJ3049
Malta
Business Activity: re ...
MAY 11, 2020
The Malta Financial Services Authority issued a number of directives to Solv International Ltd. as a consequence of the regulatory action taken against Dr. Christian Ellul and Mr. Karl Schranz on 8 May
Address:
2,
Spinola road,
St. Julians STJ3014
Malta
Business Activity: authorised to a ...
MAY 08, 2020
The Malta Financial Services Authority (“Authority”) decided to proceed with issuing a number of directives to Dr Christian Ellul.
BREACHES
Dr Ellul has been found to have acted in breach of/not satisfying the following:
[i] Article 5(1)(c)(iii) of the Company Service Providers Act, Rul ...
MAY 08, 2020
The Malta Financial Services Authority (“Authority”) decided to proceed with issuing a number of directives to Mr Karl Schranz.
BREACHES
Mr Schranz has been found to have acted in breach of/not satisfying the following:
[i] Article 5(1)(c)(iii) of the Company Service Providers Act, Rule ...
MAY 07, 2020
The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of twenty-five thousand seven hundred Euro (€25,700).
Business Activity: Intermediaries - Insurance Managers List
BREACHES
The Company failed to adhere to its obligations in terms of Article ...
MAY 07, 2020
The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of thirty-two thousand one hundred and seventy-five Euro (€32,175).
Address:
62, Flat 1,
St. Slvester Street
Mosta MST3705
Malta
Business Activity: Intermediaries - Insurance Brokers List ...
MAY 07, 2020
The Malta Financial Services Authority decided to proceed with imposing an administrative penalty of twenty-nine thousand six hundred and seventy-five Euro (€29,675).
Business Activity: Intermediaries - Insurance Managers List
BREACHES
The Company failed to adhere to its obligations in te ...
APRIL 11, 2020
The Malta Financial Services Authority (“the Authority”) decided to issue a number of Directives to MPM Capital Investments Limited (“MPM”), a Company holding a Category 2 investment services licence.
Address:
76,
Valley Road,
Birkirkara
Malta
Business Activity: Investment Servic ...
MARCH 30, 2020
The MFSA decided to proceed with imposing an administrative penalty of twenty-three thousand Euro (€23,000) on the Company in terms of the Insurance Distribution (Penalties and Other Measures) Regulations. This penalty was the highest penalty at the time of the breach which could have been imposed ...
MARCH 23, 2020
The Malta Financial Services Authority (“MFSA” or “Authority”) has decided to cancel the collective investment scheme licence of AIS Capital Management Investment Fund SICAV P.L.C.
Address:
Smartcity Malta SCM01
Floor 4, Ricasoli
Kalkara SCM 1001
Malta
Business Activity: Collec ...
FEBRUARY 18, 2020
The Malta Financial Services Authority (“MFSA”) decided to settle pending matters with the Company due to having acted in breach of a number of provisions of the Insurance Distribution Act, the Insurance Distribution Rules and the Investment Services Rules, which breaches took place during the t ...
