The Malta Financial Services Authority (‘MFSA’) decided to impose an administrative penalty of five thousand Euro (€5,000) on the Occupational Retirement Scheme.

Business Activity: Occupational Retirement Schemes - Cross border activities: IORP regulated in Malta accepting sponsorship from sponsoring undertakings in EU/EEA

BREACHES

The Scheme failed to adhere to its obligations in terms of Article 46(1) of the Retirement Pensions Act (Cap 514) to submit the audited financial statements within the regulatory deadline.

REGULATORY ACTION

On 12 June 2020, the MFSA decided to impose an administrative penalty of five thousand Euro (€5,000) on the Occupational Retirement Scheme.

PUBLICATION

This notice is being published in terms of the powers vested in the MFSA in terms of article 16(8) of the Malta Financial Services Authority Act (Cap. 330).

UPDATE ON 14 JULY 2020

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