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MFSA

Title [Capitalize the first letter of all words in the title - except short ones like ‘a’, ‘of’ etc.] [Please keep News Update Titles as short as possible} MFSA publishes Consultation Document on Proposed Amendments to the Insurance Business Act and Insurance Distribution Act
Insurance & ReinsuranceLegal Update

Proposed Amendments to the IBA and IDA set out by MFSA in Consultation Document

The MFSA published a Consultation Document on proposed amendments to the Insurance Business Act (hereinafter referred to as the “IBA”) and the Insurance Distribution Act (hereinafter referred to as the “IDA”) on the 22nd of February. The MFSA also made available the draft legislation, as well as a podcast laying down the proposed amendments. The amendments which have been put forward are geared towards allowing insurance undertakings authorised under the IBA, enrolled persons and companies under the IDA forming part of a group of companies, as well as Maltese branches or subsidiaries of multinational groups, to share confidential client information…
Mamo TCV Advocates
24th February 2023
MFSA Issues Circular on Proposed Changes to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations
Insurance & ReinsuranceLegal Update

The MFSA has proposed amendments to the Insurance Distribution Rules

The MFSA commenced a consultation process on its proposed amendments to the Insurance Distribution Rules (hereinafter referred to as the “IDR”). The consultation process began on the 26th of January 2023 and closes on the 8th of March 2023. The following amendments are being proposed: Chapter 1 in relation to Professional Indemnity requirements; Chapter 2, together with a proposed new draft Annex to Chapter 2 and draft Schedules 4 – 8 of Chapter 2 in relation to: (i) the pre-requisite qualifications when submitting an application for registration of individuals in the Agents Register, Managers Register or Brokers Register, (ii) the…
Mamo TCV Advocates
8th February 2023
MFSA issues a Consultation Document on the Proposed Notified PIF Framework
Investment Services & Funds

MFSA issues a Consultation Document on the Proposed Notified PIF Framework

On 22 December 2022, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) issued a stakeholder consultation on the proposed establishment of a new framework for Notified Professional Investor Funds (‘NPIFs’). The NPIF framework proposal seeks to introduce a new fund structure, complementing the existing fund frameworks in Malta. The framework will bring about lower barriers to entry for professional investor funds through a risk-based and proportionate approach. On 28 October 2021, the MFSA issued a Discussion Paper on its Asset Management Strategy. The introduction of a NPIF regime was one of the proposals set out in Pillar III –…
Martha Chetcuti
20th January 2023
Documents still need to be submitted to the MFSA, but digital signatures can replace wet-ink signatures.
Investment Services & FundsLegal Update

MFSA Issues Circular on Qualified Electronic Signatures

In a circular dated the 15th of November 2022, the Malta Financial Services Authority (“MFSA”) confirmed that electronic signatures which are done with a ‘qualified electronic signature’ shall be accepted by the MFSA. The MFSA made reference to Article 25(2) of Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23rd July 2014 on electronic identification and trust services for electronic transactions in the internal market (“eIDAS”)  which stipulates that digital signatures are only valid in the European Union if they are done with a provider which has been recognised by at least one EU Member…
Mamo TCV Advocates
30th November 2022
The MFSA issued a Circular to inform licence holders of the minor amendment made to the Annual Fund Return.
Investment Services & Funds

Amendment to the Annual Fund Return

On the 12th of April 2021, the Malta Financial Services Authority (‘MFSA’) introduced the requirement for all collective investment schemes that are locally licensed or notified to submit a novel return, being the Annual Fund Return. Various amendments to the Annual Fund Return have been made as can be seen in the Circular issued by the MFSA on the 21st of December 2021, along with the updated Guidelines. On the 18th of November 2022, the MFSA issued a Circular to inform licence holders of another minor amendment made to the Annul Fund Return. The MFSA informed the public that the…
Anthea Sammut​
25th November 2022
The Introduction of an Updated Process for the Reporting of Major ICT-Related Incidents
Investment Services & Funds

The Introduction of an Updated Process for the Reporting of Major ICT-Related Incidents

On the 12th of July 2022, the Malta Financial Services Authority (the “MFSA”) issued a Consultation Document on the reporting of major ICT-related incidents with a consultation period expiring on the 5th of August 2022. The MFSA worked on introducing an updated major ICT-related incident reporting process that replaces the previous process that was communicated on the 25th of September 2019 entitled ‘Cybersecurity - Threat Mitigation’. The former process was introduced with the aim of safeguarding national as well as international financial institutions from malicious attack campaigns. The MFSA issued a renovated major ICT-related incident reporting process in line with…
Anthea Sammut​
17th October 2022