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

REGULATORY ACTION

On 25 October 2022, the MFSA has decided that Mr Matthew Pace can no longer be deemed as being fit and proper. Therefore, in terms of Article 15(2) of the Investment Services Act and Article 16(2)(b) of the Malta Financial Services Authority Act, the MFSA is prohibiting Mr Pace from accepting any new positions including as shareholder in entities or in relation to activities licensed and/or otherwise supervised by the MFSA and which necessitate the approval and/or authorisation of the Authority.

This prohibition will remain in place until such time as the criminal proceedings against Mr Pace are ongoing or until judgement delivered in the criminal proceedings against himself becomes res judicata. The Authority will at that stage consider whether to vary, alter, add to or withdraw the directive after consulting such ruling.

PUBLICATION

This regulatory action is being published in terms of the powers vested in the Authority under Article 25(1) of the Investment Services Act and Article 16(8) of the Malta Financial Services Authority Act and as part of the Authority’s standard enforcement policy, any administrative sanction, of whatever type.

UPDATE ON 2 MARCH 2023

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