Malta:
MFSA Publishes Guidelines On The ‘Fit And Proper' Assessment
15 July 2019
DF Advocates
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The Malta Financial Services Authority (MFSA) has issued
guidelines as to the method of assessment of 'fit and
proper' persons. The purpose is to evaluate applicants, both
present and incoming, of their eligibility to operate in the
financial services sector. The document highlights the four main
conditions, there being: competence, reputation,
conflicts of interest and independence of
mind and time commitment, that need to be satisfied in order
to give the necessary comfort to the MFSA that the obligations and
duties of applicants can be fulfilled on an on-going basis.
The publication of such guidelines on the 2nd July
2019 follows last week's announcement on the establishment of a
new Financial Crime Compliance team for the purpose of further
strengthening supervision.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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