Personal Questionnaire


Introduction

 

The take up of positions which can influence the direction of an Entity or occupy certain positions of trust, is subject to prior regulatory approval. 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 that will allow the individual to perform his/her responsibilities required in his/her position.

The suitability assessment is based on the following criteria:

  • Competence (based on the qualification and experience of the Applicant)
  • Reputation (based on the integrity and financial soundness)
  • Conflicts of Interest and independence of mind
  • Time Commitment

For Significant Institutions (SI), the Personal Questionnaire of members of the board of directors and key function holders shall be submitted simultaneously through the MFSA’s LH Portal as well as through a dedicated IMAS Portal of the ECB which can be accessed here.

The MFSA only approves proposed Applicants when it is satisfied that they are suitable to hold the proposed role(s).

Completing a Personal Questionnaire

 

In order to conduct its suitability assessment, the MFSA requires Applicants (including SIs as explained above) to complete the online Personal Questionnaire by logging into LH Portal. Please keep the login details in a secure place as they may be needed for future use.

Before completing a Personal Questionnaire, Applicants are expected to read the Guidelines to the Personal Questionnaire and the Glossary. You can also refer to this PQ template for assistance.

Authorised persons and entities seeking authorisation are required to provide the Authority with their assessment by completing the Involvement Suitability Assessment Form which once completed, is to be sent to the respective supervisory function’s email address. Further details are included in the Authorisation Process Service Charter, the Guidance on the submission of involvement Suitability Assessment and the Guidelines to the Personal Questionnaire.

Circulars & Guidelines

 

01.11.2018 – Circular to Licence Holders and Applicants who are being proposed to hold a position which requires the MFSA’s prior approval

11.12.2018 – Circular relating to the submission of online Personal Questionnaires

13.02.2019 – Circular to Applicants who are required to complete a Personal Questionnaire

06.06.2020 – Circular to Licence Holders on MFSA’s Licence Holder Portal Corporate Profile

05.10.2020 – Circular to Investment Services Licence Holders and Collective Investment Schemes on MFSA’s Licence Holder Portal

03.02.2021 – Circular to Significant Credit Institutions on Developments in relation to the ECB IMAS Portal

30.06.2021 – Authorisation Process Service Charter

22.04.2022 – Guidance on the Submission of Involvement Suitability Assessment

12.08.2022 – Guidelines to the Submission of the Statement of Source of Wealth and Source of Funds

12.08.2022 – MFSA Guidance Note on the Submission of the Source of Wealth and Source of Funds

12.08.2022 – AX26 – Source of Wealth and Source of Funds Self-Declaration Form

Video

 

Contact Details

 

It is suggested that, if after going through the Guidelines to the Personal Questionnaire or the above video, the Applicants remain uncertain about any aspect, they are to contact the MFSA through the respective supervisory function’s email address.

For SI banks, queries can be forwarded to [email protected].