On 9 April 2020, the Malta Financial Services Authority (“MFSA” or “the Authority”) has issued a number of Directives to MPM Capital Investments Limited (“MPM”), 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.

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

These Directives may be appealed before the Financial Services Tribunal within thirty (30) days from the date of notification of the Directives.

The Authority has decided in terms of the powers granted to it under Article 15(4) of the Investment Services Act to make public the contents of these Directives.