CCGM Pension Administrators Limited (“the Company”)
DECEMBER 21, 2020

The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of thirty thousand Euro (€30,000) on the Company.

Address:

CCGM Pension Administrators Limited
Europa Business Centre
Triq Dun Karm
Birkirkara, BKR 9034
Malta

Business Activity:  Retirement Scheme Administrator in terms of the Retirement Pensions Act (Chapter 514 of the Laws of Malta).

BREACHES

The MFSA determined that the Company failed to adhere to its obligations in terms of the following Standard Licence Conditions (“SLC”) of the Pension Rules for Occupational Retirement Schemes and the Pension Rules for Service Providers issued under the Retirement Pensions Act:

[i] SLC 2.6.9 of Part A of the Pension Rules for Occupational Retirement Schemes - Failure to satisfy a post-licensing condition;

[ii] SLC B.5.2.1(k) of Part B of the Pension Rules for Occupational Retirement Schemes – Failure to notify the Authority of material information concerning an Occupational Pension Scheme;

[iii] SLC B.4.4.2 of Part B.4 of the Pension Rules for Service Providers - Failure to obtain prior consent from the Authority prior to the outsourcing of its Custody function; and

[iv] SLC B.1.2.1 of Part B of the Pension Rules for Occupational Retirement Schemes - Failure to operate in accordance with the Scheme Document of the Occupational Pension Scheme.

REGULATORY ACTION

On 18 December 2020, the Malta Financial Services Authority decided to impose an administrative penalty of thirty thousand Euro (€30,000) on CCGM Pension Administrators Limited.

The Authority has taken this decision in terms of the powers in terms of Article 46(1) of the Retirement Pensions Act and Rule B.4.6.2 of Part B.4 of the Pension Rules for Service Providers.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act and Article 46(4) of the Retirement Pensions Act.

UPDATED ON 22 JANUARY 2021

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.