The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing the following regulatory actions against the Company:

[i] In terms of Article 6(1)(a), (b), (d) and (g) of the Company Service Providers Act (“CSP Act”), the MFSA has decided to cancel the Company’s registration granted to it under article 5 of the CSP Act;
[ii] In terms of Article 9(1) of the CSP Act has imposed a penalty of €8,000 for the breach of article 5(1)(c)(iii) of the CSP Act;
[iii] In terms of Article 9(1) of the CSP Act has imposed a penalty of €8,000 for the breach of Rule 6.0 of the Rules for Company Service Providers (“CSP Rules”); and
[iv] In terms of article 9(1) of the CSP Act has imposed a penalty of €8,000 for the breach of Rule 7.0 of the CSP Rules.

Address:

Ground Floor, Palace Court,
Church Street,
St. Julians STJ3049
Malta

Business Activity: registered to act as Company Service Provider in terms of the Company Service Providers Act, 2013

BREACHES

The MFSA determined that the Company has acted in breach of the following:

[i] Articles 5(1)(c)(iii) and (iv) of the Company Service Providers Act,
[ii] Rule 15.06 of the CSP Rules;
[iii] Article 5(7) of the CSP Act and Rule 13.04(e) of the CSP Rules;
[iv] Rule 6.0 of the CSP Rules;
[v] Rule 7.0 of the CSP Rules;
[vi] Rules 15.01(a) and (c), 15.02, and 15.03;
[vii] Rule 15.01(f) of the CSP Rules;
[viii] Article 5(1)(a) of the CSP Act and Rule 5.0 of the CSP Rules; and
[ix] Article 6(1)(d) of the CSP Act.

REGULATORY ACTION

On 28 July 2020, the MFSA decided to proceed with imposing the following regulatory actions against the Company:

[i] In terms of Article 6(1)(a), (b), (d) and (g) of the Company Service Providers Act (“CSP Act”), the MFSA has decided to cancel the Company’s registration granted to it under article 5 of the CSP Act;
[ii] In terms of Article 9(1) of the CSP Act has imposed a penalty of €8,000 for the breach of article 5(1)(c)(iii) of the CSP Act;
[iii] In terms of Article 9(1) of the CSP Act has imposed a penalty of €8,000 for the breach of Rule 6.0 of the Rules for Company Service Providers (“CSP Rules”); and
[iv] In terms of article 9(1) of the CSP Act has imposed a penalty of €8,000 for the breach of Rule 7.0 of the CSP Rules.

In terms of Article 6(3) of the Company Service Providers Act, a Company whose registration has been cancelled shall, within sixty days from the date of cancellation of registration, ensure that the services it has been providing to companies or other legal persons in terms of its registration are transferred to another person which is duly registered in terms of this Act.

PUBLICATION

This notice is being published in terms of the powers vested in the Authority under Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 29 AUGUST 2020

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.