The Malta Financial Services Authority (“MFSA” or “the Authority”) decided that Mr Melvyn Mangion can no longer be deemed as being fit and proper and to hold any approved positions.
On 28 August 2020, the MFSA has decided that Mr Melvyn Mangion can no longer be deemed as being fit and proper and in terms of Article 15(2) of the Investment Services Act and Article 16(2)(b) of the Malta Financial Services Authority Act, is prohibiting him to act, in any capacity, as an approved person with any entity licensed or otherwise authorised by the Authority, or to be personally licensed, authorised, enrolled, registered or otherwise approved by the Authority for a period of ten (10) years from the date of this decision.
This regulatory action is being published in terms of the powers vested in the Authority under Article 16(8) of the Malta Financial Services Authority Act and as part of the Authority’s standard enforcement policy, any administrative sanction, of whatever type.
UPDATE ON 28 SEPTEMBER 2020
The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.