Aggregated News From Investment Management Regulators

Regulatory Action against Blaustein Limited – MFSA

Report/Flag

Please complete the required fields.



On 28 July 2020 the Malta Financial Services Authority (“MFSA”) has imposed the following regulatory action against Blaustein Limited (“the Company”):

i) In terms of article 6(1)(a), (b), (d) and (g) of the Company Service Providers Act (“CSP Act”), the MFSA has decided to cancel the Company’s registration granted to it under article 5 of the CSP Act;

ii) In terms of article 9(1) of the CSP Act impose a penalty of €8,000 for the breach of article 5(1)(c)(iii) of the CSP Act;

iii) In terms of article 9(1) of the CSP Act impose a penalty of €8,000 for the breach of Rule 6.0 of the Rules for Company Service Providers (“CSP Rules”); and

iv) In terms of article 9(1) of the CSP Act impose a penalty of €8,000 for the breach of Rule 7.0 of the CSP Rules.

The above regulatory action has been taken by the MFSA due to the Company having breached the following:

  • Articles 5(1)(c)(iii) and (iv) of the Company Service Providers Act,
  • Rule 15.06 of the CSP Rules;
  • Article 5(7) of the CSP Act and Rule 13.04(e) of the CSP Rules;
  • Rule 6.0 of the CSP Rules;
  • Rule 7.0 of the CSP Rules;
  • Rules 15.01(a) and (c), 15.02, and 15.03;
  • Rule 15.01(f)of the CSP Rules;
  • Article 5(1)(a) of the CSP Act and Rule 5.0 of the CSP Rules;
  • Article 6(1)(d) of the CSP Act.

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.

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.

Source link

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

Recent Articles

Directive for the beneficial ownership register of express trusts and similar legal arrangements

See the Press Release published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

RichmondSuper

Attention! The FMA warns investors against concluding transactions with: RichmondSuper https://www.richmondsuper.com (Link to external page. Opens in new window.) [email protected] [email protected] [email protected] [email protected] [email protected] (Link to external page. Opens in new window.) This provider...

Hardson Becker Global

Attention! The FMA warns investors against concluding transactions with: Hardson Becker Global with its registered address apparently in Hangzhou, China www.hardson.com This provider is not authorised to carry...

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance

In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money...

Chair Powell will host town hall with educators August 2, 2021 at 4 p.m. EDT

Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

Get the latest from Regulatory.News in your inbox!

×