The Malta Financial Services Authority has published a Policy Document on non-material enforcement action as well as a Guidance Note on the methodology adopted to set administrative penalties relating to non-material breaches.
The aim of both documents is to provide transparency and consistency in the interpretation of non-material breaches and the subsequent application of administrative penalties. These documents set out the principles and processes for calculating the amount of the administrative penalty that may be imposed by the MFSA on licensed financial services providers following non-material breaches of European or local legislation, regulations, and rules. Non-material breaches include those that relate to the submissions of regulatory reporting to the Authority, a non-exhaustive list of which is provided in the Guidance Note.