The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fifty-three thousand, three hundred- and thirty-three euro (€53,333) and directed Mr Iosif Galea to cease the provision of Company Services Provider (‘’CSP’’) activities as defined under the applicable law.

Business Activity: Company Service Provider

BREACHES

The MFSA determined that Mr Galea has acted in breach of Article 3 (1) and Article 10 (1) (b) of the Company Services Providers Act (Cap 529 of the Laws of Malta) (‘‘CSP Act’’).

REGULATORY ACTION

On 11 November 2021 the MFSA decided to impose an administrative penalty of fifty-three thousand and three hundred and thirty-three euro (€53,333) in terms of Article 16(3) of the MFSA Act for the breach of Article 3 (1) and Article 10 (1) (b) of the CSP Act in view of the performance of unauthorised business activity and the failure to provide the requested information to the Authority. Moreover, the Authority has decided to direct Mr Galea in terms of Article 16(2) of the MFSA Act to cease the provision of any services which require prior authorisation or registration from the MFSA, including the provision of CSP services as defined under the applicable law.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 9 (4) of the Company Services Providers Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 23 DECEMBER 2021

The Authority’s decision was appealed before the Financial Services Tribunal within the period established by law.