Administrative Measures and Penalties


    In terms of Article 17(1)(c) of the Financial Markets Act, the Listing Authority is required to immediately make public decisions taken in terms of Article 17(1)(a) of the Financial Markets Act, being the discontinuance or suspension of listing of financial instruments admitted to listing and trading on a regulated market. In terms of Article 41A of the Financial Markets Act, if it appears to the Listing Authority that a person has contravened any of the provisions of the Financial Markets Act or of any regulations made under the Financial Markets Act or has contravened or failed to comply with any condition, obligation, requirement, Financial Market Rules, Listing Rules or directives made or given under any of the provisions of the Financial Markets Act, the Listing Authority, may publish a statement to that effect indicating the natural person or the legal entity responsible and the nature of the breach.

    Furthermore and in the case of Listing Rules transposing the Transparency Directive, the Listing Authority shall, by means of a public statement and without undue delay, publish every decision on sanctions and measures imposed for a breach of the Listing Rules transposing the Transparency Directive, including at least information on the type and nature of the breach and the identity of natural persons or legal entities responsible for it.

    It is current practice that as soon as an issuer is notified of the Listing Authority’s decision to impose a penalty or to discontinue or suspend a listing of financial instruments admitted to listing and trading on a regulated market, the Listing Authority shall publish a notice of the sanction on its website and in such other media deemed appropriate in the circumstances.

    Where and as applicable, and in terms of Article 41B of the Financial Markets Act, the notice published on the website will indicate clearly whether the penalty or sanction is currently being appealed against. These notices are intended as a summary of the Listing Authority’s decisions and, accordingly, are not the actual decisions themselves.

     

    Date  Entity Subject
    19/04/2018 Pefaco International plc 

    With effect from 19th April 2018 the Listing Authority has decided to discontinue the listing of the shares of Pefaco International plc (MT0000800103) from the Malta Stock Exchange in terms of Articles 17(1)(a) of the Financial Markets Act and Listing Rule 1.21 of the Listing Rules issued by the Listing Authority. In addition, the Listing Authority has decided to impose an administrative penalty on Pefaco International plc of €60,000 in terms of Article 19 of the Financial Markets Act.

    The following are the breaches identified by the Listing Authority in relation to Pefaco International p.l.c. compliance with the Listing Rules:   

    i.          Pefaco International p.l.c. has failed to publish the Annual Financial Report for the year ended 31st December 2016 by not later than four (4) months after the end of the financial year. This is a breach of Listing Rule 5.56 of the Listing Rules issued by the Listing Authority. Pefaco International p.l.c. has been in breach of this Listing Rule since the end of April 2017.       

    ii.         Pefaco International p.l.c. has failed to publish the Half-Yearly Report covering period ending 30th June 2017 by not later than two months after the end of the relevant period. This is a breach of Listing Rule 5.85 of the Listing Rules issued by the Listing Authority. Pefaco International p.l.c. has been in breach of this Listing Rule since the end of August 2017.       

    iii.        Pefaco International p.l.c. has failed to publish a Company Announcement containing information on legal proceedings in which the company is involved with immediate effect as requested by the Listing Authority in terms of Listing Rule 1.11.  

    This decision is being published in terms of Article 17(1)(c) and Article 41A of the Financial Markets Act. 

    10/06/2014   A25 Gold Producers Corp   With effect from 6th June 2014, the Listing Authority has decided to discontinue the listing of A25 Gold Producers Corp in terms of Listing Rule 1.21 and Article 18 of the Financial Markets Act (Cap. 345) 
    05/04/2011   Mediterranean Investments Holding plc. On the 15th October 2010, an administrative penalty of €30,000 was imposed on Mediterranean Investments Holdings plc. Mediterranean Investments Holding plc. was found in breach of the Listing Rules when it published a prospectus which contained changes not approved by the Listing Authority. The prospectus was published in connection with the issue of €30 million 7.15% bonds 2015 – 2017 subject to an increase by a further € 10 million in the case of exercise of an over-allotment option. The imposition of this administrative penalty is currently being appealed before the Financial Services Tribunal.
    24/05/2010 Mediterranean Investments Holding plc.
    On the 14th May, 2010 the Listing Authority has reprimanded Mediterranean Investments Holding p.l.c. (‘MIH’) following its breach of the July 2008 bond prospectus. The breach refers to MIH’s decision to re-direct €19 million of the proceeds from its July 2008 bond issue to the Palm City project instead of utilising them for the Medina Tower Project in line with the provisions of the prospectus and the Company Announcement of the 14th July, 2009. This reprimand is being published in terms of the powers vested in the MFSA and the Listing Authority, including article 41A of the Financial Markets Act, 1990