Issue link: https://maltatoday.uberflip.com/i/1514782
maltatoday | SUNDAY • 21 JANUARY 2024 11 LAW CLASSIFIEDS THE Financial Services Tribu- nal was asked to decide on two grounds of appeal and not just one. This was held in Corpo- rate & Commercial FX Servic- es Ltd vs the Malta Financial Services Authority on 10 Janu- ary 2024. The Court of Appeal presided over by Mr Justice Lawrence Mintoff delivered this judgment. The Appellant company, Corporate & Commercial FX Services Ltd, appealed from a decision delivered by the Fi- nancial Services Tribunal of 8 February 2023. The Company had appealed from a decision taken by the Malta Financial Services Authority in June 2020 to cancel its licence. The MFSA had sent a letter to Corporate & Commercial FX Services Ltd (CCFX) informing the com- pany that the licence is being withdrawn and asked the com- pany to return the funds to its clients. The Financial Services Tri- bunal had decided the appeal from the MFSA. In its decision, the Tribunal pointed out that CCFX had written to the MF- SA that it was voluntarily with- drawing its licence. The bone of contention was that the MF- SA did not need to cancel its licence, once it was withdrawn. MFSA argued that a licenced entity cannot simply with- drawn its licence in terms of the Financial Institutions Act. This all started when the MF- SA had sent a "minded letter" to CCFX in April 2020 pointing out certain concerns it had on its governance and structure, its financial statement and stat- utory returns and its responsi- bility of officers. Following this letter CCFX informed MFSA that in terms of Article 6(1)(a) of Financial Institutions Act it was withdrawing the licence. However, MFSA stuck to its guns and withdrew the licence irrespective of CCFX's volun- tary withdrawal. The Tribunal in its decision held that a licensed entity may withdraw its licence voluntar- ily, however, MFSA may also suspend, cancel or limit the licence. Therefore, an entity cannot withdraw the licence unilaterally. The law dictates that once an entity is licensed, it must work within a regula- tory framework and must also conclude its licence according determined norms. A licensed entity cannot just leave unilat- erally as it wishes and should not take place following an enforcement procedure. This principle was outlined in a judgment Allinvest Company Limited et vs A et decided by the First Hall of the Civil Court on 30 March 2017. The Tribunal further ruled that the MFSA had a right to continue to regulate CCFX ir- respective of the fact that it wanted to surrender its licence. It then turned down the appeal. CCFX appealed on the ground that the Tribunal did not de- cide on the merits of the case. The Court of Appeal first dealt with whether this point was a point of law as required in Article 21(14) of the Malta Financial Services Act, since only points of law are allowed to be grounds of appeal. The Court held that the Tri- bunal did not limit itself on Ar- ticle 6(1)(a) of the Financial In- stitutions Act and decided that the licence was withdrawn in terms of paragraphs (d) and (i). The Tribunal held that MFSA could have proceeded with on paragraph (a), but held that the licence was to be withdrawn anyway. The Court analysed the ap- peal application to the Tribu- nal and found that Tribunal de- cided only on the third ground of appeal and did not decide on the first two grounds of appeal. Therefore, the Court of Appeal asked the Tribunal to decide on the first two grounds of appeal. Tribunal must decide on all grounds of appeal CLASSIFIEDS INFO @MEDIATODAY.COM.MT LAW REPORT MALCOLM MIFSUD Mifsud & Mifsud Advocates HOLIDAY ACCOMMODATION MARSALFORN, Gozo - holiday apart- ments for short or long lets with mag- nificent sea-views. Call 21556021, 27556021, 79426883 PROPERTY TO LET XLENDI - catering premises in prime site to let. Can be used for other com- mercial purposes. Phone 79493021, 79426883, 77481592 or 77484029 SITUATIONS VACANT MAINTENANCE WORKER - Mahi Trading Ltd. is looking for a FULL TIME Maintenance Worker. Kindly send your CV's to vacancy@mahitrad- ing.eu SECURIT Y GUARDS & CUSTOMER CARE - Kingdom Security Malta Ltd requires Security Guards & Cus-tomer Care officers. Applicants should be customer care orientated, smart and flexible for shift work. Kindly call on 21413777. SIGNAL 8 - Signal 8 Security Malta Ltd. requires filling the following positions as Customer Care Clerks, Security Guards, security for places of entertainment and cleaners. Applicants should be cus-tomer care orientated, smart and flexible for shift work. Email your CV to: hr@signal8securitymalta. com.mt