The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr John Anthony Farrell can no longer be deemed as being fit and proper and to hold any approved positions.

BREACHES

The Authority has determined that various breaches of Standard Licence Conditions (“SLC”) laid down in Part BII of the Investment Services Rules for Investment Service Providers (“Rules”) which were committed by Temple Asset Management Limited, can also be attributed to Mr Farrell’s repeated failure as director, as well as other key roles which he occupied within the company. In this regard, Mr Farrell has been found to have acted in breach of/not satisfying the following:

[i] SLC 1.10(j) of Part BII of the Rules;

[ii] SLC 1.11(i) of Part BII of the Rules;

[iii] SLC 2.03(c) and (d) of Part BII of the Rules;

[iv] SLCs 2.29 of Part BII of the Rules;

[v] SLC 2.40 of Part BII of the Rules;

[vi] SLC 3.07 of Part BII of the Rules;

[vii] SLC 3.12 of Part BII of the Rules;

[viii] SLC 3.18 of Part BII of the Rules;

[ix] SLC 3.20 of Part BII of the Rules;

[x] SLC 3.21 of Part BII of the Rules; and

[xi] SLC 3.23 of Part BII of the Rules.

REGULATORY ACTION

On 11 September 2020, the MFSA has decided that Mr John Anthony Farrell can no longer be deemed as being fit and proper and in terms of Article 15(2) of the Investment Services Act and Article 16(2)(b) of the Malta Financial Services Authority Act, is prohibiting him to act, in any capacity, as an approved person with any entity licensed or otherwise authorised by the Authority, or to be personally licensed, authorised, enrolled, registered or otherwise approved by the Authority for a period of ten (10) years from the date of this decision.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 25(1) of the Investment Services Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 12 OCTOBER 2020

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