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: Investment Services Provider in terms of the Investment Services Act (Chapter 370 of the Laws of Malta).
BREACHES
The Company failed to adhere to its obligations in terms of Rule 4-5.3.1 of Part B1 Rules for Investment Services Providers (applicable until 5 August 2021), to submit the Audited COREP Return, the Audited Financial Statements, the Auditors’ Management Letter and the Auditors’ Report for the year ended 31 December 2019, within the regulatory deadline.
REGULATORY ACTION
On 6 December 2021, the Malta Financial Services Authority decided to impose an administrative penalty of five thousand Euro (€5,000) on the Company.
The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 16 A.(1) of the Investment Services Act.
It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.
PUBLICATION
This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act and Article 16A.(4) of the Investment Services Act.
UPDATE ON 20 JANUARY 2022
On 20 January 2022, the Authority was notified that an appeal dated 5 January 2022 was filed before the Financial Services Tribunal within the period established by law.
UPDATE ON 13 JULY 2022
On 13 July 2022, the Financial Services Tribunal has accepted the appeal lodged by Curmi and Partners Limited.
UPDATE ON 2 AUGUST 2022
On 2 August 2022, the Authority has appealed the decision of the Financial Services Tribunal in front of the Court of Appeal (Inferior Jurisdiction) in terms of Article 21(14) of the MFSA Act.
UPDATE ON 9 JUNE 2023
On 9 June 2023, in terms of appeal number 106/2022 LM, the Court of Appeal (Inferior Jurisdiction) confirmed the decision of the Financial Services Tribunal dated 13 July 2022.
