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Regulatory Action against Grand Harbour Trustees Limited – MFSA

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On 18 June 2020, the Malta Financial Services Authority (“MFSA” or “Authority”) decided to impose an administrative penalty of fifteen thousand Euro (€15,000) on Grand Harbour Trustees Limited (“the Company”) after being found to have acted in breach of/not satisfying the following:

[i] Breach of Regulation 3(1) of the Trust and Trustees Act (Register of Beneficial Owners) Regulations;

[ii] Breach of Article 43(4)(i)(f) of the Trusts and Trustees Act and of Paragraph 9.6 of the Code of Conduct for Trustees and Other Fiduciaries;

[iii] Breach of Article 47(1)(a) of the Trusts and Trustees Act; and

[iv] Breach of Article 21(1) of the Trusts and Trustees Act and of Paragraph 6 of the Code of Conduct for Trustees and Other Fiduciaries.

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 48 of the Trust and Trustees Act and Article 16(8) of the Malta Financial Services Authority Act.

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.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

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