Sensus Capital Markets Ltd is in the process of having its licence cancelled by the Malta Financial Services Authority after it attempted to conceal information and mislead the authority while undertaking activities that went beyond its licence.

The MFSA's decision to cancel the company's licence will not be operative, however, until the expiration of the appeal period, and if an appeal was lodged, the decision would become operative if and when the tribunal dismissed the appeal or on the date it was abandoned.

The MFSA said the company did not appear to have acted in good faith and had not shown any degree of openness or co-operation.

“There are circumstances suggesting that Sensus consciously concealed information and/or attempted to mislead the MFSA.

“The seriousness of the company’s infringements may have potentially caused losses to its clients as well as impacting its financial soundness.” This was because it failed to obtain the required licence.

Sensus was found in breach of a number of requirements intended to protect investors and ensure the company’s financial soundness, the MFSA said.