COSMIC FINANCIAL SERVICES (MALTA) LIMITED

Administrative sanction and measure

In terms of the Decision taken by the Malta Financial Services Authority (‘MFSA’) on 30 October 2015, the MFSA has cancelled the Category 1A investment services licence of Cosmic Financial Services (Malta) Limited, with effect from 30 October 2015 after identifying a series of regulatory breaches. Cosmic Financial Services (Malta) Limited is no longer licensed to offer/provide investment services in or from within Malta. This notice is being published in terms of the powers vested in the Authority under the provisions of the Malta Financial Services Authority Act.

On 4th November 2014, the Malta Financial Services Authority (‘MFSA’) has suspended the Category 1A investment services licence of Cosmic Financial Services (Malta) Limited (‘the Company’), after identifying a series of regulatory breaches. As a result, Cosmic Financial Services (Malta) Limited cannot accept new business and cannot continue servicing existing clients. The following are the breaches identified by the Authority in relation to the compliance function and reporting requirements of the Company: Compliance Function: The Company has failed to establish and maintain an effective compliance function. The Compliance Officer of the Company did not fulfilling his oversight role for a number of months. Reporting Requirements: The Company is currently in breach of its reporting requirements including the submission of: i. the annual unaudited financial returns covering year ending 31 May 2014; ii. the annual audited financial statements for year ending May 2014; iii. the annual audited financial return covering year ending May 2014; iv. the Auditors’ Report to the MFSA required in terms of SLC 7.25 of Part BI to the Investment Services Rules for Investment Services Providers; and v. a copy of the Management Letter of 2014. This notice is being published in terms of the powers vested in the Authority under the provisions of the Malta Financial Services Authority Act.

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