On 12 June 2020, the Malta Financial Services Authority (‘MFSA’) decided to impose an administrative penalty of five thousand Euro (€5,000) on the Occupational Retirement Scheme. The administrative penalty was imposed for breach of 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.

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).

This decision may be appealed before the Financial Services Tribunal according to law.