The Cyprus Securities and Exchange Commission (“CySEC”) has notified the Malta Financial Services Authority that, with effect from 15 October 2021, it has wholly suspended the authorisation of Maxigrid Ltd (“the Company”) pursuant to section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (“DI87-05”), as there are suspicions of alleged violations of:

1. Section 5(5) of the Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’) as the Company appears to conduct business and/or to be engaged in conducting business and/or to facilitate the conducting of business not stated in its authorisation; and
2. Article 22(1) of the Law as the Company does not appear to comply at all times with the authorisation conditions in sections 9(2) – suitability of members of the management body, 11(1)(b) – suitability of shareholder, of the Law.

For as long as the suspension of the authorisation is in force, and as provided for in section 9 of DI87-05, the Company is not permitted to:

• provide/carry out investment services/activities;
• enter into any business transaction with any person and accept any new client; and
• advertise itself as a provider of investment services.

The Company, provided this is consistent with the wishes of its existing clients, may proceed with the below actions, without such actions being considered as breach of section 7(a) of DI87-05:

• complete all its own transactions and those of its clients which are before it, in accordance with client instructions; and
• return all funds and financial instruments which are attributable to its clients.

Further detail in relation to the above can be obtained from the decision taken by CySEC dated 15 October 2021 which has been published on CySEC’s website.