The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand five hundred Euro (€2,500) on the Company.

Address:

Reliance Management Ltd
Level 3, Tower Business Centre
Tower Street
Swatar, Birkirkara BKR 4013

Business Activity: Provision of company services in terms of the Company Service Providers Act (Chapter 529 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Rule 17.03 of the Rules for Company Service Providers (“CSPs”) (the latter applicable until 15 March 2021 prior to the coming into force of the new CSPs Rulebook), to submit the Audited Financial Statements and Auditors’ Management Letter for the year ended 30 November 2019 within the regulatory deadline.

REGULATORY ACTION

On 1 December 2021, the Malta Financial Services Authority decided to impose an administrative penalty of two thousand five hundred Euro (€2,500) on the Company.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 9(1) of the Company Service Providers Act.

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.

UPDATE ON 21 JANUARY 2022

The Authority’s decision was appealed 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 denied all the requests made by Reliance Management Ltd and thus decided in the MFSA’s favour.

In view of such, the administrative penalty of two thousand five hundred Euro (€2,500) imposed by the Authority on Reliance Management Ltd has been confirmed.