The MFSA (the "Authority") has issued a guidance document on the fitness and properness assessment which is currently applied by the Authority. This document outlines the high-level principles that must be adhered to in order to safeguard and ensure the integrity of the financial services sector.
In assessing the fitness and properness of individuals proposed for, or holding, approved positions, the Authority assesses the following four criteria:
iii. Conflicts of Interest and Independence of Mind; and
iv. Time Commitment.
It is important to note that this assessment is an on-going requirement and thus, even when individuals are approved, they will still be subject to on going supervision by the Authority.