Regulatory Action against BT International Limited (“BTI” and/or “the Company”)
SEPTEMBER 24, 2020

The Malta Financial Services Authority (“MFSA”) decided to impose a number of directives against the Company.

Address:

BT International Limited
The Penthouse, Suite 2,
Capital Business Centre, Entrance C
Triq Taz-Zwejt
San Gwann
Malta

Business Activity: Authorised to provide fiduciary services in terms of Article 43(12)(a) of the Trusts and Trustees Act Chapter 331 of the Laws of Malta (“the Act”) (which do not include acting as trustee).

REGULATORY ACTION

The MFSA considers that the Company is not in a position to adhere in full to the requirements of Rule 6 of the Code of Conduct (“the Code”) issued pursuant to Article 52 of the Trusts and Trustees Act Chapter 331 of the Laws of Malta, and on the 23 September 2020 the MFSA directed the Company to:

  1. refrain from onboarding new clients and refrain from providing existing clients with any new or additional services until such time as the MFSA has obtained the necessary information and assurances on the impact that the recent developments may have on the operations of the Company and its ability to satisfy on an on-going basis the applicable requirements under the laws.
  2. provide a detailed report to the MFSA on the impact that these developments have on the business of BTI; and
  3. direct BTI to issue a notification to clients on the recent developments and their impact on their services as identified in directive 2 above. The Company is also directed to seek clients’ confirmation whether they wish to retain the services provided by BTI.

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 48 of the Trust and Trustees Act and Article 16(8) of the Malta Financial Services Authority Act.