MFSA issues updates on investor protection, pensions and capital markets rules
MFSA issues three updates covering investor protection, pensions and capital markets rules
The Malta Financial Services Authority has issued a series of updates affecting investors, pension administrators and listed companies, including a warning over a clone website, findings from a thematic review of pension statements, and amendments to the Capital Markets Rules.
MFSA warns public over Heritage SICAV clone website
The Malta Financial Services Authority has warned the public about heritagesicavplc.com, a website which it said was falsely using the details of licensed firm Heritage SICAV P.L.C.
In a warning issued on 28 September 2026, the MFSA said the website was offline at the time of publication, but had been used by fraudsters claiming to be associated with the legitimate fund.
The Authority stressed that the website is not an official channel of Heritage SICAV P.L.C. and has no connection with the licensed entity.
Heritage SICAV P.L.C. is authorised by the MFSA as a Professional Investor Fund under licence reference SV 447.
The regulator described the website as an apparent clone and warned the public not to enter into transactions with the false entity in relation to activities regulated under the Investment Services Act.
The MFSA also reminded consumers to check that any financial-services provider is properly authorised before committing funds or entering into a transaction. Anyone who suspects they may be dealing with an unauthorised firm or financial scam is advised to stop the transaction and contact the Authority.
Clone websites are designed to imitate legitimate regulated firms, often using their names, branding and credentials to appear genuine to potential investors.
Pension review highlights weaknesses in member statements
The MFSA has identified a number of shortcomings in how pension information is prepared and communicated to members following a thematic review of Retirement Scheme Administrators (RSAs). The findings, published on 29 September 2026, were based on a review of five administrators representing around 45% of the sector.
The review examined 155 Member Statements and 45 Pension Benefit Statements and found recurring weaknesses in governance, quality assurance processes, regulatory interpretation and oversight of statement preparation. The regulator said some issues extended beyond isolated disclosure errors and pointed to broader shortcomings in compliance controls.
At the time of the exercise, Malta’s pensions sector comprised 11 licensed Retirement Scheme Administrators overseeing 45 retirement schemes. While the firms reviewed have received individual feedback, the MFSA urged all administrators to assess their own practices and implement any necessary improvements.
The review forms part of the MFSA’s ongoing supervisory efforts to promote stronger governance, more effective oversight and greater consistency in pension-related disclosures.
Capital Markets Rules changes aimed at strengthening oversight of related-party transactions
The MFSA’s latest amendments to the Capital Markets Rules, effective from 29 September 2026, introduce tighter oversight of related-party transactions for listed companies falling within the scope of the EU Shareholder Rights Directive II.
Under the new rules, transactions with the same related party must be assessed collectively over a 12-month period or within the same financial year, preventing issuers from splitting transactions to remain below disclosure thresholds. The amendments also require audit committees to periodically review transactions carried out in the ordinary course of business and on normal market terms to ensure those conditions continue to be met.
Importantly, any related party involved in a transaction will be excluded from participating in that assessment, adding an additional layer of governance and investor protection.
While largely targeted at listed issuers and their boards, the changes are expected to enhance transparency around related-party dealings and strengthen shareholder safeguards across Malta’s capital markets.
The related party involved in the transaction must not take part in that assessment.
The MFSA also introduced a number of editorial amendments elsewhere in the Capital Markets Rules. The changes are relevant to listed issuers, directors, company secretaries and advisers involved in related-party transactions.