The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of licence and the issuance of a directive.

Address:

Horus Malta Limited
84 St Christopher Street
Valletta
Malta

Business Activity: Freedom of Services and Establishment - Category 2 Maltese Investment Firm Passporting Outside Malta

BREACHES

The MFSA determined that the Company has failed to pay the supervisory fees due to the Authority as per the requirements set out in Article 9 (2) of the Investment Services Act and Section 4 R 1-2.4.1 of the Investment Services Rules for Investment Services Providers. Part BI: Rules Applicable to Investment Services Licence Holders Which Qualify As MiFID Firms (the ‘Rules’). The Company has also failed to appoint a compliance officer as per the requirements set out in Rule 3-2.3 (ii) of the Rules and failed to submit the documentation required prior to the voluntary surrender of the licence. The Company failed to cooperate with the Authority as per the requirements set out in R9-9.1 of Section 9 Part A-The Application Process of the Rules and Article 16A of the Investment Services Act, respectively.

REGULATORY ACTION

On 1 July 2021, the MFSA decided to cancel the Company’s licence. The Authority has further issued a Directive to the Company directing it to remove any reference to licensable activities in the object’s clause contained in the Memorandum and Articles of Association.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 15(4) of the Investment Services Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 5 AUGUST 2021

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