The Malta Financial Services Authority (MFSA) has issued the new Financial Institutions Rule in relation to the Guidelines on the Security of Internet Payments published by the European Banking Authority (EBA) in December 2014. The new rule was set in order to be in line with the provisions of the EBA Guidelines and to establish a set of minimum requirements in the security of internet payments sector.
The Rule is applicable for the following institutions:
- Credit Institutions licensed in terms of the Banking Act,
- Payment Institutions licensed in terms of the Financial Institutions Act in order to undertake Activity 4 in the first Schedule to the said Act,
- Electronic Money Institutions licensed in terms of the Financial Institutions Act in order to undertake Activity 10 in the first Schedule to the said Act.
The Financial Institutions Rule, entering into force on the 7th August 2015, is to be read alongside the EBA Guidelines.
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.