The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of fifteen thousand Euro (€15,000) on the Company.

Address:

Suite 10, 189 Marina Suites,
Marina Street,
Pieta’ PTA 9041
Malta

Business Activity: authorised to act as a Trustee or Co-Trustee to provide Fiduciary Services in terms of the Trusts and Trustees Act

BREACHES

The MFSA determined that the Company has acted in breach of/not satisfied the following:

[i] Breach of Regulation 3(1) of the Trust and Trustees Act (Register of Beneficial Owners) Regulations;[ii] Breach of Article 43(4)(i)(f) of the Trusts and Trustees Act and of Paragraph 9.6 of the Code of Conduct for Trustees and Other Fiduciaries;
[iii] Breach of Article 47(1)(a) of the Trusts and Trustees Act; and
[iv] Breach of Article 21(1) of the Trusts and Trustees Act and of Paragraph 6 of the Code of Conduct for Trustees and Other Fiduciaries.

REGULATORY ACTION

On 18 June 2020, the Malta Financial Services Authority (“MFSA” or “Authority”) decided to impose an administrative penalty of fifteen thousand Euro (€15,000) on Grand Harbour Trustees Limited.

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 Authority’s standard enforcement policy and in terms of Article 48 of the Trust and Trustees Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 20 JULY 2020

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