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

NOVEMBER 19, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand Euro (€2,000) on the Company. Address: Corpserv Ltd 5/2 Merchant Street Valletta VLT 1171 MALTA Business Activity: Provision of company services in terms of t ...
NOVEMBER 19, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: Atom Corporate Services Ltd Suite 5, Level 3, Fafner House, National Road, Blata L-Bajda, Hamrun HMR 9011 Malta Business ...
NOVEMBER 19, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: Mare Services Limited 5/1, Merchants Street, Valletta VLT1171 Malta Business Activity: Provision of company services in te ...
NOVEMBER 18, 2021
The Malta Financial Services Authority (“MFSA”) decided to issue a Directive to The Timeless Precious Metals Fund SICAV plc, a SICAV licensed as a collective investment scheme targeting retail investors (Non-UCITS). Address: The Timeless Precious Metals Fund SICAV plc 6, Third Floor Suite ...
NOVEMBER 18, 2021
The Malta Financial Services Authority (“MFSA”) decided to issue a Directive to Sierra Madre Gold & Silver Venture Capital Fund SICAV plc, a SICAV licensed as a Professional Investor Fund targeting experienced investors. Address: Sierra Madre Gold & Silver Venture Capital Fund SICA ...
NOVEMBER 18, 2021
The Malta Financial Services Authority (“MFSA”) decided to issue a Directive to The Timeless Uranium Fund SICAV plc, a SICAV licensed as a collective investment scheme targeting retail investors (Non-UCITS). Address: The Timeless Uranium Fund SICAV plc 6, Third Floor Suite 1 Market Stree ...
NOVEMBER 12, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fifty-three thousand, three hundred- and thirty-three euro (€53,333) and directed Mr Iosif Galea to cease the provision of Company Services Provider (‘’CSP’’) activities as def ...
NOVEMBER 03, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three hundred and ten thousand Euro (€310,000) on the Company. Address: Integrated-Capabilities (Malta) Limited 4/1 Bohemia Business Hub 150 Independence Avenue Mosta MST 9024 ...
NOVEMBER 01, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of thirty-one thousand, seven hundred and forty euro (€31,740) on the Company. Address: Investar plc Testaferrata Street Ta’ Xbiex, XBX 1403 Malta Business Activity: The Comp ...
OCTOBER 26, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: Vella & Associates JB House 22, Lewis F. Mizzi Street, Iklin IKL 1061 MALTA Business Activity: Provision of company s ...