MFSA to re-issue Investment Services Licence Certificates
Following the recent publication of the new Investment Firms Regulation and Investment Firms Directive (the ‘IFRD Package’), the MFSA shall be re-issuing the Licence Certificates of Maltese licence holders to reflect the licence classification system revised in terms of the IFRD Package. The new licences will be categorised as Class 1, Class 1 minus, Class 2 and Class 3, and will continue to highlight the regulated activities and services, as well as the products and clients in relation to which such activities and services can be provided.
In this regard, MFSA is calling upon all licence holders to submit their original licence certificates together with the prescribed self-assessment form within the following timeframes:
|Category 1||30th June – 13th August 2021|
|Category 2 – excluding fund managers||30th June – 13th August 2021|
|Category 2 – fund managers||23rd August – 30th September 2021|
|Category 3||30th June – 13th August 2021|
|Category 4||23rd August – 30th September 2021|
Licence holders which fall within more than one category are requested to abide by the earliest applicable deadline.
The MFSA shall be reflecting the re-classification of each licence holder onto its Financial Services Register. The MFSA has also informed that revisions to applicable subsidiary legislations and rulebooks shall be made to reflect the above.
The IFRD Package came into force on the 26th June 2021 and replaces the previously applicable prudential framework for investment firms, introducing more proportionate and risk-sensitive laws for such firms. Investment firms are encouraged to undertake an impact assessment to determine any revisions and improvements required to their respective controls and reporting mechanisms in line with the IFRD Package.
Should you require further information or assistance in connection with the above or any matters relating to the IFRD Package, please do not hesitate to contact our financial services team at email@example.com .