Aggregated News From Investment Management Regulators

Regulatory action against Mr Karl Schranz – MFSA

Report/Flag

Please complete the required fields.



On 8 May 2020, the Malta Financial Services Authority (“Authority”) issued a number of directives to Mr Karl Schranz after being found to have acted in breach of/not satisfying the following:

  • Article 5(1)(c)(iii) of the Company Service Providers Act, Rule 5.0 of the Rules for Company Service Providers and Paragraph 4 of the Code of Conduct for Trustees;
  • Rule 15.06 of the Rules for Company Service Providers; and
  • Breach of Rule 6 of the CSP Rules.

In light of the above, in particular the lack of honesty and integrity displayed by Mr Schranz as a result of his behaviour and business relations the Authority has decided, in terms of article 48(2)(a) of the Trusts and Trustees Act, article 11 of the Company Service Providers Act, and article 16(2)(b) of the Malta Financial Services Authority Act, to direct Mr Schranz to:

(i) resign from all positions previously approved by the Authority which he currently holds in RES Malta Ltd and SOLV International Ltd;

(ii) divest himself, at the earliest possible, of all the qualifying shareholdings which he holds, whether directly or indirectly, in RES Malta Ltd and SOLV International Ltd; and

(iii) refrain from accepting any new appointments and acquiring any shareholdings which require the Authority’s approval in entities licensed or otherwise authorised or supervised by the MFSA for a period of 5 years from the date of this decision notice.

Provided that, insofar as the directives set out in points (i) and (ii) above relate to Mr Schranz’s approved positions and qualifying shareholding in SOLV International Ltd., their coming into effect is subject to such conditions as imposed by the Authority in its decision of the 8 May 2020.

This decision may be appealed before the Financial Services Tribunal in accordance with applicable law.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

Recent Articles

SEC Announces Departure of Investor Advocate Rick A. Fleming

The Securities and Exchange Commission today announced that Investor Advocate Rick A. Fleming will depart the agency after more than eight years of service. Mr.

Jury discharged in insider dealing trial without a verdict

Having been unable to reach a verdict in a trial at Southwark Crown Court brought by the Financial Conduct Authority (FCA), the jury was...

CRYPTOMININGSTREAM

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

CRYPTO PRIME

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

FCIM / FIRSTCRYPTOINFINITEMINER.ONLINE

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Get the latest from Regulatory.News in your inbox!

×