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.

 

The MFSA has updated the administrative measures and penalties format for decisions issued as from 2020. Any administrative measures and penalties issued prior to 2020 can be found here.

Kindly note that these notices are intended as a summary of the Authority’s decisions and, accordingly, are not the actual decisions themselves.

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 Managers Lis ...
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). Address: The Landmark, Level 1, Suite 2, Triq L-Iljun, Qormi QRM3800 Malta Business Activity: Intermediaries - Insuranc ...
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 27, 2020
The Malta Financial Services Authority (‘the Authority”) decided to issue a reprimand against Altarius Asset Management Limited and the Directors on the Board of the Company, at the time of the deficiencies identified by the Authority, that is, Mr Heinz Daxl, Mr Pierre Maliczak and Mr Peter Mitt ...
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 ...