The Times of Malta reported that a tribunal has overturned a fine the financial regulator imposed on the MFSA-regulated investment firm Curmi & Partners for submitting its accounts late due to “administrative difficulties” caused by the COVID-19 pandemic. They were fined €5,000 for filing their audited accounts and other statutory returns three weeks after the April 2020 deadline. The tribunal concluded that an MFSA “concession” should not be lost because of formalities.
In an appeal before the tribunal, Curmi & Partners (website) argued that the MFSA had acknowledged the challenges posed by COVID-19. In a circular in March 2020, MFSA notified investment firms and other licensed entities that it would apply “flexibility” in the submission of regulatory filings due over the next few months. Curmi & Partners argued the MFSA had reversed its own commitment to apply a degree of flexibility when it came to their regulatory submissions.
The onset of the pandemic, it continued, was a time of great uncertainty, with the company and other industry players turning their focus on ensuring continuity in their operations.
