Building on its ongoing efforts to enhance its supervisory and regulatory approach, the Malta Financial Services Authority has launched its revised Authorisation Lifecycle and new Authorisation Application Forms. This launch is part of the Authority’s re-evaluation and re-engineering of the Supervisory Cycle and its underlying processes aimed to ensure longer-term efficiency and effectiveness, as well as consistency across all sectors within its remit.
In this respect, the MFSA has issued Rule 4 - Authorisations (‘Rule 4’) which identifies the types of Authorisations falling within scope of the revised processes and Application Forms and provides for the applicable regulatory requirements which should be followed throughout the Authorisation Process.
Supplementing Rule 4, the Authority has also issued the Authorisation Process - Service Charter (‘Authorisations Charter’) which provides a clear outline of the MFSA’s authorisation process, communicates to interested parties, Prospective Applicants and Applicants seeking Authorisation what is expected of them, and clearly sets out the MFSA’s time commitment within the authorisation process.
The new Application Forms and respective supporting documents have been harmonised across all sectors in terms of structure and requirements, whilst catering for sector-specific considerations, to ensure consistency in the MFSA’s Authorisation approach. These revised Application Forms, together with the revised authorisation process, should enhance the overall user experience as Applicants are guided throughout the application process and its supporting framework. Moreover, the revised Application Forms include all the elements required for the MFSA to proceed with the authorisation process.
The MFSA has incorporated the submission of these Authorisation Application Forms through the Licence Holder Portal (‘LH Portal’). Prospective Applicants can submit their Authorisation Applications through the LH Portal, which will improve the authorisation process and streamline communication flows between the Applicant and the Authority via the incorporated chat-box.
Further information can be obtained through the new dedicated authorisations webpage which serves as a one-stop digital location for all the information related to Authorisation, including the revised Authorisation Application Forms and supporting documentation required throughout the entire Authorisation process. Guidelines to the Authorisation Forms and FAQs have also been made available online within the same web page, to guide Applicants accordingly throughout the revised Authorisation Lifecycle.