On 18th November 2019, the Malta Financial Services Authority (“MFSA”) has taken the following regulatory action against E&S Consultancy Limited (“the Company”):
In terms of article 6(1)(a)(b) and (e) of the Company Service Providers Act (Cap. 529 of the Laws of Malta), the MFSA has decided to cancel the Company’s registration granted to it under article 5 of the Company Service Providers Act, for breaches of articles 5(1)(a), 5(7) and 6(1)(a) of the Company Service Providers Act, and Rules 5, 13.04(e), 13.04(f), 16.06, 17.03 and 17.07 of the Rules for Company Services Providers;
In terms of article 6(3) of the Company Service Providers Act, a Company whose registration has been cancelled shall, within sixty days from the date of cancellation of registration, ensure that the services it has been providing to companies or other legal persons in terms of its registration are transferred to another person which is duly registered in terms of this Act;
Further to the above obligation set out in the law and in terms of article 11(1) of the Company Service Providers Act, the Company is directed to provide, from the date of the cancellation of the registration, bi-weekly updates to the Authority with respect to the transfer of business which is to be carried out in terms of article 6(3) of the CSP Act.
In terms of article 21(17) of the Malta Financial Services Authority Act, the MFSA’s decision to cancel the Company’s registration shall not become operative until the expiration of the period within which an appeal lies under article 21 of the Malta Financial Services Authority Act and, if an appeal is made within such period, the said decision shall become operative on the date of the decision of the Financial Services Tribunal dismissing the appeal or the date on which the appeal is abandoned.
On 17th December 2019, E&S Consultancy Limited filed an appeal before the Financial Services Tribunal against the MFSA’s decision of 18th November 2019.