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.

 

  Administrative Measures & Penalties issued prior to 2020

JULY 06, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand two hundred and fifty Euro (€4,250) on the PIF. BREACHES The MFSA determined that the PIF has acted in breach of SLC 1.64 of Part BIII of the Rules for PIFs (target ...
JUNE 21, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand Euro (€4,000) on the PIF. BREACHES The MFSA determined that the PIF has acted in breach of SLC 1.62 of Part BII of the Rules for PIFs (targeting qualifying investor ...
JUNE 21, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand two hundred and fifty Euro (€4,250) on the PIF. BREACHES The MFSA determined that the PIF has acted in breach of SLC 1.62 of Part BII of the Rules for PIFs (targeti ...
JUNE 16, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of the Scheme’s collective investment licence and the issuance of a directive against the Scheme.  Address: Nova Renewable Energy (Novare) Fund SICAV plc Suite 5, Valley Towers, Valley Road, Birk ...
MARCH 14, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty thousand Euro (€20,000) on the Company. Address: LV Group Limited Soho Office Space, Punchbowl Centre Elija Zammit Street St. Julians STJ3154 Malta Business Activity ...
MARCH 01, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with issuing a Directive in terms of the powers conferred to it by Article 31A of the Insurance Business Act, as applicable under Article 54 of the Insurance Distribution Act. In addition, the MFSA also decided to: Strike ...
FEBRUARY 21, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand Euro (€4,000) on the Insurance Undertaking. Business Activity: Insurance Undertaking in terms of the Insurance Business Act (Chapter 403 of the Laws of Malta). BREA ...
FEBRUARY 21, 2023
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty-three thousand Euro (€23,000) on the Insurance Undertaking. Business Activity: Insurance Undertaking in terms of the Insurance Business Act (Chapter 403 of the Laws of Malta) ...
JANUARY 19, 2023
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 Investment Service Provider. Business Activity: Alternative Investment Fund in terms of the Investment Services Ac ...
JANUARY 17, 2023
The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr Brian Tonna can no longer be deemed as being fit and proper and to hold any approved positions. REGULATORY ACTION On 2 December 2022, the MFSA has decided that Mr Brian Tonna can no longer be deemed as b ...