Ms Lorraine Falzon
NOVEMBER 17, 2022

The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Ms Lorraine Falzon 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 Ms Lorraine Falzon 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 Ms Falzon 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 Ms Falzon are ongoing or until judgement delivered in the criminal proceedings against herself becomes res judicata. The Authority will at that stage consider whether to vary, alter, add to or withdraw the directive after consulting such ruling.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the periods as prescribed by the applicable law.

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.