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
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.
Licence Holders are required to provide us with their assessment by completing the Involvement Suitability Assessment Form which once completed, is to be sent to the proposed applicant to attach it with the PQ before this is submitted. Further details are included in the Guidelines to the Personal Questionnaire.
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 on [email protected].
For SI banks, queries can be forwarded to [email protected].