The Malta Financial Services Authority published an in-depth overview of its 2024 enforcement activity, reporting 387 investigations concluded and 134 enforcement actions imposed, with total administrative penalties of EUR 926,485. The overview describes how investigations assess potential breaches by authorised entities or individuals and can result in measures ranging from public reprimands and directives to administrative penalties and licence suspension or cancellation. Across 2024, the MFSA’s Enforcement Function worked on 612 ongoing investigations, including 220 relating to unauthorised persons and financial scams, and reported strengthened efforts against unauthorised financial services activity. The most investigated sector was Investment Services (187 cases), followed by Company Service Providers (91) and Capital Markets (43). Nearly half of investigations related to non-submission of statutory documentation, and 120 cases received a penalty on this basis; other recurring issues included governance and internal control deficiencies, fitness and properness concerns, and market abuse and market manipulation matters. The MFSA entered into settlement agreements in 38 cases and reiterated that enforcement actions may be published anonymously under its Publication Policy for non-material breaches where the penalty does not exceed EUR 30,000 and publication would cause disproportionate damage, while anonymity does not apply where cases are appealed before the Financial Services Tribunal or judicial proceedings are instituted against the MFSA.

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