The Malta Financial Services Authority (“MFSA”) decided to suspend the authorisation of Nexia BT to act as an approved auditor in terms of the Insurance Business (Approved Auditor) Regulations (Legal Notice 105 of 2000, as amended) (‘the Regulations’).

Address:

Nexia BT
The Penthouse
Suite 2, Capital Business Centre
Entrance C, Triq Ta’ Zwejt
San Gwann
SGN 3000
Malta

Business Activity: Approved Auditors - Authorised to audit accounts of insurance intermediaries.

REGULATORY ACTION

By virtue of the powers given to the MFSA under Article 6(1)(d) of the Regulations, the Authority has decided, on 13 October 2020 to suspend the authorisation of Nexia BT to act as approved auditors authorised to audit accounts of insurance intermediaries in view of the temporary suspension of the registration of Nexia BT by the Accountancy Board.

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 as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.

UPDATED ON 30 OCTOBER 2020

Reference is made to the decision of the Malta Financial Services Authority (‘MFSA’ and/or ‘Authority’) of 13 October 2020, whereby the Authority decided to suspend the authorisation of Nexia BT to act as approved auditors authorised to audit accounts of insurance intermediaries in view of the temporary suspension of the registration of Nexia BT by the Accountancy Board. This decision was taken in terms of the powers granted to the Authority under Article 6(1)(d) of the Insurance Business (Approved Auditor) Regulations (Legal Notice 105 of 2000, as amended).

Further to the above, on the 30 October 2020, the Authority notified Nexia BT that in light of the resolution of the Accountancy Board dated 16 October 2020, revising the temporary suspensions issued on 25 September 2020, the Authority decided that should the Accountancy Board approve the engagement of Nexia BT for audits of entities licensed by the MFSA, the Firm should duly inform the Authority of the Accountancy Board’s decision. Nexia BT was informed that the Authority would then process such engagements on a case by case basis to approve or otherwise, as applicable, such engagements, in accordance with the relevant laws and regulations.

UPDATED ON 30 NOVEMBER 2020

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