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Regulatory Action against BTI Management Limited (“BTIM” and/or “the Company”) – MFSA

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The Malta Financial Services Authority (“MFSA”) decided to impose a number of directives against the Company.

Address:

BTI Management Limited
The Penthouse, Suite 2,
Capital Business Centre, Entrance C
Triq Taz-Zwejt
San Gwann
Malta

Business Activity: Registered to act as Company Service Provider in terms of the Company Service Providers Act, 2013 Chapter 529 of the Laws of Malta (“the Act”).

REGULATORY ACTION

The MFSA considers that the Company is not in a position to continue servicing its clients whilst adhering to the applicable legal requirements, particularly the requirements of the Rules for Company Service Providers (“the Rules”) which rules are issued pursuant to Article 8 of the Act, and on the 23 September 2020 the MFSA directed the Company to:

  1. refrain from onboarding new clients and refrain from providing existing clients with any new or additional services until such time as the MFSA  has obtained the necessary information and assurances on the impact that the recent developments may have on the operations of the Company and its ability to satisfy on an on-going basis the applicable requirements under the laws,
  2. provide a detailed report to the MFSA on the impact that these developments have on the business of BTIM. The Company must also provide a way forward for the business; and
  3. direct BTIM to issue a notification to clients on the recent developments and their impact on their services as identified in directive 2 above. The Company is also directed to seek clients’ confirmation whether they wish to retain the services provided by BTIM.

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 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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