Mistral Pay Ltd (“Mistral” and/or “the Institution”)

Central Business Centre, Level 2, Suite 1, Mdina Road, Zebbug, ZBG 9015 Malta BREACHES The MFSA determined that the Institution has acted in breach of Article 5(1)(c) and Article 11A of the Financial Institutions Act (‘FIA’ and/or ‘Act’). REGULATORY ACTION On the 21 October 2020, the MFSA decided to impose an administrative penalty of thirty-two thousand four hundred euros (€32,400) in terms of Subsidiary Legislation 376.02 Fines and Administrative Penalties for Offences Regulations issued under the FIA for breaches of Article 5(1)(c) and Article 11A of the FIA. OTHER MATTERS In the meantime, Mistral has submitted a request to surrender its licence under the Act and the MFSA has allowed the Institution to initiate the process for the voluntary surrender of the licence subject to all the requirements at law applicable to the voluntary surrender of a licence under the FIA, including any additional conditions which the Authority may deem appropriate to impose. PUBLICATION This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act. UPDATED ON 22 NOVEMBER 2020 The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.