On the 25th of April 2019, the Malta Financial Services Authority (“MFSA”) has taken the following regulatory action against Mare Nostrum Melita Limited (“the Company”):
[i] In terms of article 46(b) of the Trusts and Trustees Act, the MFSA has decided to cancel the Company’s authorisation, granted to it under article 43 of the Trusts and Trustees Act (Cap. 331 of the Laws of Malta), for breaches of article 43(13)(i)(c), 43(13)(i)(f) and 43(14) of the Trusts and Trustees Act, paragraphs 5.0, 6.0, 9.4, 9.6 and 11 of the Code of Conduct for Trustees and Regulation 4(1) of the Trusts and Trustees Act (Fees) Regulations (L.N. 356 of 2008, S.L. 331.01); and
[ii] In terms of article 51(7) of the Trusts and Trustees Act, the MFSA has decided to impose on the Company an administrative penalty amounting to eight thousand Euros (EUR 8,000), for the infringements of the above mentioned Articles of the Trusts and Trustees Act, Code of Conduct and Trusts and Trustees Act (Fees) Regulations.
In terms of article 21(17) of the Malta Financial Services Authority Act a decision to cancel the licence shall not become operative until the expiration of the period within which an appeal lies under this article and, if an appeal is made within such period, the decision shall become operative on the date of the decision of the Tribunal dismissing the appeal or the date on which the appeal is abandoned.
This notice is being published in terms of the powers vested in the Authority under Article 16(8) of the Malta Financial Services Authority Act.
