The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr Brian Tonna can no longer be deemed as being fit and proper and to hold any approved positions.
On 2 December 2022, the MFSA has decided that Mr Brian Tonna can no longer be deemed as being fit and proper. Therefore, in terms of Article 11 (4) of the Company Services Providers Act, Article 48 (4) of the Trusts and Trustees Act and Article 16(2)(b) of the Malta Financial Services Authority Act, the MFSA is prohibiting Mr Tonna 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 Mr Tonna are ongoing or until judgement delivered in the criminal proceedings against himself becomes res judicata. The Authority will at that stage consider whether to vary, alter, add to or withdraw the directive after consulting such ruling.
This regulatory action is being published in terms of the powers vested in the Authority under Article 11 (4) of the Company Services Providers Act, Article 48 (4) of the Trusts and Trustees 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.
UPDATE ON 2 MARCH 2023
The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.