Aggregated News From Investment Management Regulators

Clayton Formosa and Odin Professional Services (“Odin”) – MFSA

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The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of twenty-five thousand euros (€25,000) and directed Mr Clayton Formosa to cease the provision of any services which require prior authorisation or registration from the MFSA, including the provision of Corporate Services Provider (“CSP”) activities as defined under the applicable law.

BREACHES

The MFSA determined that Mr Clayton Formosa has acted in breach of Article 10(1) of the Company Service Providers Act (Cap 529 of the Laws of Malta) (“CSP Act”).

REGULATORY ACTION

On 13 October 2020, the MFSA decided to impose an administrative penalty of twenty-five thousand euros (€25,000) in term of Article 16(3) of the MFSA Act in view of the breach of Article 10(1) of the CSP Act in view of his failure to provide requested information to the Authority. Moreover, the Authority has decided to direct Mr Formosa in terms of Article 16(2) of the MFSA Act to cease the provision of any services which require prior authorisation or registration from the MFSA, including the provision of CSP services as defined under the applicable law.

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 Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.

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Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

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