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In terms of Article 13(2) of the Financial Institutions Act (Chapter 376 of the Laws of Malta) (the Act), the Authority may issue, amend or revoke any Financial Institutions Rules as may be required to carry into effect any of the provisions of the Act and regulations and, or Rules issued thereunder. Pursuant to this power of the Authority, the Financial Institutions Rules (FIRs) FIR/01, FIR/02 and FIR/03 have been amended in order to transpose locally, part of the requirements emanating from the EU Payment Services Directive 2015/2366 (PSDII).
The FIRs have been aligned to the Act, which in August 2019 was amended to transpose PSDII, as required. FIR/01 on Application Procedures and Requirements for Authorisation under the Financial Institutions Act 1994, lays down what is required by the Authority when processing applications and takes into consideration the introduction of payment initiation services and account information services. In this respect, new annexes to this Rule, Annex I, II and III, have been introduced to make clear to applicants what information is required when applying for authorisation for payment institutions, account information services and electronic money institutions, respectively. Furthermore, Annex IV, has been introduced and lays down the criteria on how to stipulate the minimum monetary amount of the Professional Indemnity Insurance or other comparable guarantee. FIR/01 is accompanied by two new application forms, namely Form 1A and Form 1B, which replace Form 1.
FIR/02 and FIR/03 have also been slightly amended to reflect amendments made to the Financial Institutions Act following the transposition of the PSDII.