Aggregated News From Investment Management Regulators

Dennis Muscat – MFSA

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The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one hundred and fifty thousand euros (€150,000) and directed Dennis Muscat to cease the activity of introducing investment services clients to locally licensed investment firms for a period of ten (10) years.

Business Activity: Unlicensed Investment Services

BREACHES

The MFSA determined that Dennis Muscat has acted in breach of Article 3 of the Investment Services Act (”ISA”) by providing investment services without a licence on a regular and habitual basis.

REGULATORY ACTION

On 3 June 2020, the MFSA had directed Dennis Muscat with immediate effect in terms of Article 15 of the ISA and Article 16 of the MFSA Act to:

  1. Cease the provision of any financial services which requires prior authorisation from the MFSA, including the provision of investment services as defined under the applicable law; and
  2. Refrain from destroying, altering or amending in any way documentation, whether electronical or physical held by yourself or any service provider related to the introductory services, as well as any other financial services, including investment services of any type, which you may have provided to third parties.

On 18 September 2020, the MFSA decided to impose an administrative penalty of one hundred and fifty thousand euros (€150,000) on Dennis Muscat. The Authority has decided to direct Dennis Muscat in terms of Article 15 of the ISA and Article 16 of the MFSA Act to cease the activity of introducing investment services clients to locally licensed investment firms for a period of ten (10) years.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 25(1) of the ISA,  Article 16(8) and 16(7) of the Malta Financial Services Authority Act.

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Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

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