Manazine chief editor, Arjan Nijen Twilhaar, confirmed that while no official warning had been made, MDA officers had visited the magazine to discuss its content and direction.
"They said the magazine was too overtly gay," said Twilhaar. "If the magazine continues its current focus and direction, the MDA will either give us an official warning or they could revoke our licence."
Manazine will, accordingly, "work closely" with the MDA on its next issue, said Twilhaar. "We will go through them before publication."
In particular, Twilhaar pointed out that the MDA was concerned that the magazine was, in its words, "promoting a gay lifestyle", and had specific objections to certain editorial content, photos and ads.
The MDA's actions appear to have had little effect on Manazine's advertising appeal, with Peugeot rumoured to have signed a one year deal shortly after news of its visit broke.
"I don't think advertisers will shy away," said Twilhaar. "Cosmopolitan and FHM have both been banned before - leading magazines all have a period where they work out the fine-tuning with the MDA."