The Malta Financial Services Authority has issued a Circular on the “Publication of the MFSA’s Authorisation Charter, Processes and Application Forms”.
Building on its ongoing efforts to enhance its supervisory and regulatory approach, the Malta Financial Services Authority (MFSA) has initiated a re-evaluation and, where necessary a re-engineering, of the Supervisory Cycle and its underlying processes. This aims to ensure longer-term efficiencies and effectiveness, as well as consistency across all sectors, where this is necessary. As part of its implementation plan, the MFSA started addressing the first step in the Supervisory Cycle - the Authorisation Process. This includes any process relating to: [i] new authorisations; and [ii] changes to existing authorisations.
In this respect, the MFSA is hereby launching [i] the MFSA’s Authorisation Process - Service Charter, which is underpinned by the implementation of a revised authorisation process; [ii] Rule 4 under the MFSA Act (Chapter 330 of the Laws of Malta); [iii] a new dedicated authorisations webpage; and [iv] revised Application Forms and supporting documentation required throughout the entire Authorisation process.
The improved process will:
- Facilitate the Authorisation Process by providing guidance to applicants and setting out the Authority’s expectations in terms of regulatory standards.
- Enhance transparency and effectiveness throughout the process.
- Streamline communication with all stakeholders.