Aggregated News From Investment Management Regulators

Regulatory action against Solv International Ltd. – MFSA

Report/Flag

Please complete the required fields.



On 11 May 2020, the Malta Financial Services Authority (“Authority”) issued a number of directives to Solv International Ltd. as a consequence of the regulatory action taken against Dr. Christian Ellul and Mr. Karl Schranz on the 8 May 2020.  In terms of article 48(2)(a) of the Trusts and Trustees Act and article 16(2)(b) of the Malta Financial Services Authority Act, the Authority has decided that:

1. Until Mr Karl Schranz and Dr Christian Ellul divest themselves of all the qualifying shareholding which they hold, whether directly or indirectly, in SOLV International Ltd and Mr Karl Schranz resigns from all positions in SOLV International Ltd previously approved by the Authority, or unless the Authority allows otherwise, SOLV International Ltd is directed to:

  • Refrain from onboarding new clients; and
  • Refrain from providing existing clients with any new and, or additional services which it is licensed or otherwise authorised to provide other than the services that it is already providing to any such client as at the date of this letter; and

2. Resolve by extraordinary resolution, in terms of article 214(1)(a) of the Companies Act, that SOLV International Ltd be dissolved and consequently wound up by the court where:

  • The number of shareholders of SOLV International Ltd is reduced to one and remains so reduced for more than six months, unless Solv International Ltd is a single member company specified in article 212(3) of the Companies Act; or
  • The number of directors of SOLV International Ltd is reduced to below the minimum prescribed by article 137 of the Companies Act and remains so reduced for more than six months;

Provided that the coming into effect of the above directives is subject to such conditions as imposed by the Authority in its decision of the 11 May 2020.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

Recent Articles

Proposed Rule Change to Amend FINRA Rule 2231 (Customer Account Statements)

Financial Industry Regulatory Authority, Inc.

Revision of Recommendation 25 – White Paper for Public Consultation

The Financial Action Task Force (FATF) is conducting a review of Recommendation 25 (R.25) on the transparency and beneficial ownership (BO) of legal arrangements....

ASIC warns super trustees to be transparent in their underperformance communications to members

ASIC today released the findings from its review of superannuation trustees’ communications with their members following the first annual performance test for MySuper products. The...

EBA replies to European  Commission’s call for advice on the Mortgage Credit Directive review

The European Banking Authority (EBA) published today an Opinion and Report in response to the European Commission’s Call for Advice (CfA) on the review of the Mortgage Credit Directive (MCD) .

Get the latest from Regulatory.News in your inbox!

×