The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty-one thousand, two hundred and forty Euro (€21,240) on an Issuer previously listed on the Malta Stock Exchange’s Official List.

BREACHES

The MFSA’s investigation found failings in respect of:

1. Article 18(1) of Regulation (EU) 596/2014 of the European Parliament and of the Council on Market Abuse (the “Market Abuse Regulation”), arising from failings relating to the drawing up and updating of the List of Insiders.
2. Article 18(2) of the Market Abuse Regulation, arising from failings relating to the Issuer’s obligation to inform all insiders of their inclusion to the List of Insiders and of their ensuing legal and regulatory duties.
3. Article 19(5) of the Market Abuse Regulation, arising from failings relating to the drawing up a full and complete list of Persons Discharging Managerial Responsibilities (“PDMRs”) and Persons Closely Associated with them (“PCAs”), together with failings relating to the Issuer’s obligation to inform PDMRs of their obligations under the same Article.

REGULATORY ACTION

On 18 September 2026, the MFSA agreed to settle all pending matters with the Issuer after demonstration of goodwill by the Issuer. By means of a settlement agreement entered between the Issuer and the MFSA, the Authority imposed an administrative penalty of twenty-one thousand, two hundred and forty Euro (€21,240) on the Issuer.

PUBLICATION

This notice is being published in terms of the Authority's Settlement Policy.