The Malta Financial Services Authority (“MFSA”) decided that Mr Blaustein can no longer be deemed to be fit and proper, and is prohibited, in terms of Article 11 of the Company Service Providers Act and Article 16(2)(b) of the Malta Financial Services Authority Act, from holding any position and accepting any new appointments including as shareholder in entities or in relation to activities licensed and/or otherwise supervised by the MFSA for a period of 5 years from the date of the MFSA’s decision.

BREACHES

Mr Blaustein has been found to have acted in breach of/not satisfying the following:

[i] Article 5(1)(c)(iii) of the Company Service Providers Act; and
[ii] Rule 5.0 of the Rules for Company Service Providers.

REGULATORY ACTION

On 28 July 2020, the MFSA has decided that Mr Blaustein can no longer be deemed to be fit and proper, and is prohibited, in terms of Article 11 of the Company Service Providers Act and Article 16(2)(b) of the Malta Financial Services Authority Act, from holding any position and accepting any new appointments including as shareholder in entities or in relation to activities licensed and/or otherwise supervised by the MFSA for a period of 5 years from the date of the MFSA’s decision.

PUBLICATION

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.

UPDATE ON 29 AUGUST 2020

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.