LSC News

MP Investment Bank obligated to eliminate the infringements

The LSC initiated the investigation upon a receipt of complaints from the clients of MP Investment Bank (hereinafter - – the Bank) and the MP Investment Bank Baltic Branch (hereinafter – the Branch) on the investment services provided to them. In the course of the investigation it was established that the data storage system operated by the Bank and the Branch did not meet the requirements of the relevant legal acts since the Bank and the Branch had failed to immediately submit to the Securities Commission the documents on transactions concluded for the account of the clients as required by the Law on Markets in Financial Instruments of the Republic of Lithuania (hereinafter – the Law). The investigation also concluded that one of the items of the General Terms of Contracts of MP Investment Bank for the Business Transacted through MP Investment Bank Baltic Branch contradicts the mandatory provision of the Law.

The Securities Commission decided to inform the Financial Supervisory Authority of Iceland of the alleged infringements of the Law on Markets in Financial Instruments committed by MP Investment Bank in relation to the provision of investment services by the Bank in the Republic of Lithuania without establishing the branch.