Sat, Aug 2, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Bank of Valletta fined by the Malta Financial Services Authority for breeching regulations

Friday, January 06, 2012
Bailey McCann, Opalesque New York: The Malta Financial Services Authority is imposing an administrative penalty of €175,174 on Bank of Valletta plc for regulatory breaches. The penalty is related to disclosure of information and suitability of financial instruments sold to the general public. The action was first reported by the Times of Malta today.

The action comes as the result of an investigation started in 2009, after the Authority received complaints from customers of Bank of Valletta on the way in which certain securities were being sold to investors. The complaints were placed on products including perpetuals and other preferred securities issued by Lehman Bros, Royal Bank of Scotland, HBOS and others.

The Authority is recommending that Bank of Valletta compensate investors that filed complaints. Apart from the fee, the Authority only has the right to make recommendations on what the bank should do to making things right with investors. A full accounting of the action and complaints is available on the Authority's website. Officials have also noted that they will continue investigating any new complaints that come to light.

Finco Treasury Management Ltd is taking action against Bank of Valletta and said in a statement they were pleased by the authority's actions. The Bank was also fined earlier this year as a result of poor fund administration.

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Kyria Capital Management bets on women hedge fund managers[more]

    Bailey McCann, Opalesque New York: As hedge fund assets top $3 trillion, and long/short strategies get more crowded than ever, with every manager hunting for even the tiniest bit of alpha, a new firm has emerged that claims its own edge – women. A recent Rothstein Kass study showed women-owned a

  2. Opalesque Exclusive: Q2, H1 end positively for hedge fund performance[more]

    Bailey McCann, Opalesque New York: New hedge fund monitor data from Citi Prime Finance shows that overall, hedge funds ended the month of June and the first half of the year positively. Composite hedge fund performance, equal-weighted across funds, ranged from +0.93% to +1.73%. June-14 performa

  3. Many CTAs have become more short-volatility in the last five years[more]

    Benedicte Gravrand, Opalesque Geneva: Quantitative easing has reduced and then suppressed volatility for the last five years. So analysts at R.G. Niederhoffer Capital Management recently examined if there had been a tendency for CTAs and hedge funds to adjust their styles to become more 'shor

  4. Other Voices: Event driven strategy outlook: Broader focus required[more]

    This article was authored by Alex Gavrish, founder and CEO of Etalon Investment Research, and author of "Wall Street Back To Basics."

  5. Other Voices: Not so easy to replicate activist hedge funds and achieve similar performance[more]

    This article was authored by Alex Gavrish, founder and CEO of Etalon Investment Research, and author of "Wall Street Back To Basics." With the amount of activist investments on the rise during the last few years, more and more media at