Thu, Mar 30, 2017
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: FS Investments launches energy fund[more]

    Bailey McCann, Opalesque New York: $19 billion Philadelphia-based FS Investments has launched a new interval fund which will invest in energy. The FS Energy Total Return Fund is the firm's first closed-end interval fund and will invest opportunistically in energy companies and assets. FS

  2. Opalesque Exclusive: Aberdeen makes the case for the lower mid-market[more]

    Bailey McCann, Opalesque New York: Aberdeen Asset Management has released a new paper focused on lower mid-market private equity. According to the paper, this segment of the private equity market is gaining popularity with private equity investors that are looking for multiple expansion and less

  3. Hedge funds await outcome of French elections, feel pinch on lower oil prices & weak dollar[more]

    Komfie Manalo, Opalesque Asia: Hedge funds felt the pinch of lower oil prices and weak U.S. dollar as the Lyxor Hedge Fund Index was marginally down as of the week ending 14 March, Lyxor Asset Management said in its Weekly Briefing. The Lyxor He

  4. Opalesque Exclusive: Swiss start-up and German fund manager to launch AI hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: NNAISENSE, a Swiss start-up that develops artificial intelligence (AI) and machine learning applications, and

  5. Eric Mindich to shutter hedge fund Eton Park after difficult 2016[more]

    Komfie Manalo, Opalesque Asia: Erich Mindich is shutting down his hedge fund Eton Park after losing 9% in 2016 and its assets falling by $2bn to the current $7bn, Reuters reported. Mindich told investors