The Malta Financial Services Authority (“the Authority”) decided to issue a number of Directives to MPM Capital Investments Limited (“MPM”), a Company holding a Category 2 investment services licence.

Address:

76,
Valley Road,
Birkirkara
Malta

Business Activity: Investment Services

REGULATORY ACTION

On 9 April 2020, the Authority has issued a number of Directives to MPM Capital Investments Limited, a Company holding a Category 2 investment services licence, whereby it was directed amongst others, with immediate effect, to:

[i] Cease with immediate effect the process of closing down client accounts, unless specific instructions in writing are made at the initiative of the clients. Such written instructions should be adequately recorded and made available to the Authority upon request;

[ii] Submit a complete list of MPM’s clients as at 31 January 2020;

[iii] Notify all of MPM’s clients who were on the Company’s clients list as at 31 January 2020, of these MFSA Directives by means of a formal letter within 2 working days, a copy of which should be addressed to the Enforcement Directorate of the MFSA; and

[iv] Ensure that the Company and its directors maintain proper safeguard of all records relating to MPM’s operations, including its investment services activities. The Company should therefore not destroy, conceal or alter such records in any way which would prejudice the Authority’s functions at law.

PUBLICATION

These Directives are issued in terms of Article 15 of the Investment Services Act and Article 16 of the Malta Financial Services Authority Act.

UPDATE ON 11 MAY 2020

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.