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

DECEMBER 10, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of six thousand Euro (€6,000) on the Company. Address: Neox Capital Limited, Venezia 38 Fl 4, Triq Belvedere, Gzira, Malta Business Activity: Investment Services Provider in ...
DECEMBER 10, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand Euro (€5,000) on the Company. Address: LL Capital & Partners Limited, Tigne Place, Block 35, Office 2/3 Tigne Street Sliema, SLM3173 Malta Business Activ ...
DECEMBER 10, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand Euro (€5,000) on the Company. Address: Curmi and Partners Limited, Finance House, Princess Elizabeth Street, Ta’ Xbiex, XBX 1102 Malta Business Activity: I ...
DECEMBER 10, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand five hundred Euro (€2,500) on the Company. Address: Calamatta Cuschieri Investment Services Limited, Ewropa Business Centre Triq Dun Karm, Birkirkara, BKR9034 Ma ...
DECEMBER 06, 2021
The Malta Financial Services Authority (“MFSA”) decided to impose a Directive against the Company. Address Phoenix Business Centre, The Penthouse Old Railway Track Santa Venera, SVR9022 Malta Business Activity: Applied for a Class 4 Virtual Financial Assets Licence, and operating un ...
DECEMBER 03, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: Sovereign Directors (Malta) Ltd Level 5, St. Julian’s Business Centre Elia Zammit Street St. Julian’s STJ 3153 Busines ...
DECEMBER 03, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand five hundred Euro (€2,500) on the Company. Address: Solon Director (Malta) Limited 4th Floor, Avantech Building St Julian’s Road San Gwann SGN 2805 Business ...
DECEMBER 03, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand five hundred Euro (€2,500) on the Company. Address: Reliance Management Ltd Level 3, Tower Business Centre Tower Street Swatar, Birkirkara BKR 4013 Business Ac ...
DECEMBER 03, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: Med Castle Directors Ltd 17, Macerata Street Floriana FRN 1080 Business Activity: Provision of company services in terms of ...
DECEMBER 03, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: LexPractis Limited 97, Archbishop Street Valletta VLT 1446 Business Activity:  Provision of company services in terms of t ...