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

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 ...