Regulatory Action against Investment Services Provider – Ref: 2023-42
DECEMBER 19, 2023

The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand and eight hundred Euro (€4,800) on the AIFM.

BREACHES

The MFSA determined that the AIFM has acted in breach of SLC 11.36 of Part BIII of the Rules for Investment Services Providers and SLC 5.02 of Part B of the Investment Services Rules for Notified AIFs. The AIFM failed to submit the NAIF’s Annual Report (including the Audited Financial Statements) and the NAIF’s Audited Financial Statements for the financial years ended 31 December 2020 and 31 December 2021 respectively within the regulatory deadline.

REGULATORY ACTION

On 6 December 2023, the MFSA decided to impose an administrative penalty of four thousand and eight hundred Euro (€4,800) on the AIFM.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.

UPDATE ON 1 APRIL 2024

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