The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one hundred and five thousand Euro (€105,000) and directed Dr Pio Valletta to:

1. cease with immediate effect the provision of unauthorised Company Services Provider (‘’CSP’’) activities as defined under the CSP Act including the offering of Directorships, Company Secretarial Services as well as registered office to a number of Maltese companies;
2. refrain from onboarding new clients and from providing existing clients with any new or additional services; and
3. refrain from destroying, altering or amending in any way documentation related to the provision of any services which require prior authorisation or registration from the MFSA.

Business Activity: Company Service Provider

BREACHES

The MFSA determined that Dr Pio Valletta has acted in breach of:

1. Article 3(1) of the CSP Act by failing to obtain authorisation in terms of the CSP Act;
2. Article 10(1) of the CSP Act by failing to provide the Authority with the required information in terms of the CSP Act; and
3. Article 43 of the Trust and Trustees Act (“TTA Act”) by failing to provide the Authority with the required information in terms of the TTA Act.

REGULATORY ACTION

On 17 January 2025, the MFSA decided to impose an administrative penalty of one hundred and five thousand Euro (€105,000) on Dr Pio Valletta in terms of Article 9(1) of the CSP Act and Article 51(7) of the TTA Act.

Moreover, the Authority has decided to direct Dr Valletta in terms of Article 11(1) of the CSP Act to:

1. cease with immediate effect the provision of unauthorised CSP activities as defined under the CSP Act including the offering of Directorships, Company Secretarial Services as well as registered office to a number of Maltese companies;
2. refrain from onboarding new clients and from providing existing clients with any new or additional services; and
3. refrain from destroying, altering or amending in any way documentation related to the provision of any services which require prior authorisation or registration from the MFSA.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.