Authorisations Committed to providing a clear, open and transparent authorisation process whilst ensuring rigorous assessment of the applicable regulatory standards.

The Authorisations Process

The MFSA is the competent authority in Malta responsible for granting authorisation to persons seeking to carry out financial services activities. Authorisation is an important part of the overall supervisory framework.

The authorisation process of entities seeking to enter the financial services industry is a key function of the Malta Financial Services Authority in its gatekeeper role. The objective of the assessment of an application for authorisation is to ensure that criteria detailed under the respective financial services legislation are satisfied at authorisation stage and continue to be fulfilled on an ongoing basis.

Who Needs an Authorisation?

The Authorisation Unit is responsible for the processing of applications, changes in control and appointment of approved persons, requests for changes in documentation, waiver/exemption applications as well as passporting notifications under the relevant EU/EEA Directives.

Find out more

Understanding Our Authorisation Process

The applicant is invited to submit an application pack which should contain the complete set of required documents in accordance with the authorisation applied for.

OUR Authorisations PROCESSAuthorisations Service CharterRule 4 of the MFSA Act

The Personal    Questionnaire

Prior regulatory approval is required before a person takes up a position which can influence the direction of an Entity, or occupies certain positions of trust. Approval is subject to a due diligence process by the MFSA to ensure that the Applicant meets the ‘fit and proper’ or suitability criteria and has the necessary qualities to perform the responsibilities required in his/her position.

Find out more

The Corporate Questionnaire

The Corporate Questionnaire shall be duly filled in by Qualifying Shareholders or Other Controllers (‘Qualifying Holder’) which have legal personality and are being proposed as an Involvement with an Applicant or Authorised Person.

AX01 - CORPORATE QUESTIONNAIREAX18 - Trusts and Fiduciaries Additional Questionnaire

The MFSA’s Authorisations Catalogue

The MFSA is committed to providing a clear, open and transparent authorisation process while ensuring a rigorous assessment of the applicable regulatory standards.

The requested documentation is listed in the applicable application form for the specific category of licence or recognition in the Authorisations Catalogue below.

Banking

Investment Services

Capital Markets

Insurance, Pensions and Intermediaries

Financial Institutions

Crypto-Assets

Banking

Credit Institutions

Credit institutions are entities licensed to operate under the Banking Act (Cap. 371 of the Laws of Malta). According to the Banking Act, a credit institution can undertake a number of activities which are specified in the Schedule to the same Act.

The business of banking is the taking of deposits of money from the public from retail customers for the purpose of employing, lending or investing such money.

Investment Services

Investment Firms

Investment firm is defined as any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.

These Investment Firms are licensed to operate under the Investment Services Act (Cap. 370 of the Laws of Malta).

Application

Revised Applications in accordance with the New Authorisation Process (upload via LH Portal)

MiCA Notification Form

Passporting

Schedule D – Provision of Cross-Border Services under Freedom to Provide Services

Schedule E – Provision of Cross-Border via the Establishment of a Branch

Capital Markets

Trading Venues

Regulated markets are multilateral systems operated and / or managed by a market operator, which bring together or facilitate the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and, or systems, and which is authorised and functions regularly and in accordance with Title III of MiFID.

Regulated Markets are regulated in terms of the Financial Markets Act (Cap. 345 of the Laws of Malta).

Insurance, Pensions and Intermediaries

(Re) Insurance Undertakings

This section applies to legal persons seeking to establish an Insurance Undertakings, a Reinsurance Undertaking or a Captives in terms of the Insurance Business Act (Cap. 403 of the Laws of Malta) (“IBA”) and pursuant to Article 7 of the IBA to carry on direct or reinsurance general business and, or long term business.

Financial Institutions

Financial Institutions

Financial Institutions are entities licensed to operate under the Financial Institutions Act (Cap. 376 of the Laws of Malta) and means a person who regularly and habitually undertakes the carrying out of the activity listed in the First Schedule thereof.

Financial Institutions fall within two broad categories:
i) Financial Institutions undertaking other activities such as lending, financial leasing, the provision of guarantees and commitments, foreign exchange services and money brokering;

ii) Institutions undertaking payment services and/or the issuance of electronic money (more commonly known as ‘payment institutions’ or ‘electronic money institutions’, respectively).

Crypto-Assets

Crypto-Assets Whitepaper

Persons wishing to seek admission to trading of a crypto-asset other than an asset-referenced token or e-money token in terms of Article 4 or 5 of the Markets in Crypto-Assets Regulation shall be required to submit the below Other Crypto-Asset Whitepaper Form and supporting documentation via the LH Portal.

Persons seeking to notify a whitepaper relating to the issuance of electronic money tokens (EMTs) in terms of Article 51(11) of the MiCA Regulation shall submit their whitepaper, along with the EMT Whitepaper Form, to aubankingfis@mfsa.mt. EMT whitepapers may only be notified by persons duly authorised in terms of the Financial Institutions Act.

Whitepapers relating to the issuance of asset-referenced tokens (ARTs) shall be submitted as part of the authorisation process applicable to issuers of ARTs.

For more information on the framework please visit... Crypto-Assets