The Malta Financial Services Authority (the "MFSA") recently published Chapter 3 of the Financial Institutions Rulebook ("FIR/03"), marking a key step in strengthening the regulatory framework for payment institutions and e-money institutions. The revised FIR/03 outlines comprehensive rules aimed at ensuring these institutions comply with both prudential and operational standards.
Here is a quick overview of the key updates
The revised rulebook will roll out in two
stages:
- Stage 1 (15 October 2024) covers general requirements except governance and safeguarding obligations.
- Stage 2 (15 December 2024) introduces new governance and safeguarding measures, giving institutions time to adapt.
Replacement of Old Rules
Upon full implementation, the new FIR/03 will replace previous
versions (FIR/02 and FIR/03) for the covered institutions
(financial institutions licensed in terms of the Financial
Institutions Act and authorised to provide payment services and/or
issue electronic money). However, FIR/02 will still apply to all
financial institutions for now.
FI Return
The revised FIR/03 was published along with: (i) the FI Return and Guidance Notes, and (ii) a Feedback Statement setting out the main points
of feedback from the consultation on the FIR/03 and subsequent
changes made.
Workshop
The MFSA is offering further support through a workshop on 30 October 2024 at The Phoenicia Malta, Floriana, where the updates to the Rulebook will be discussed in detail.
Members of our FinTech team, Gaby Zammit and Galyna Podoprikhina, will be attending the workshop and would be happy to catch up with you to address any questions. Feel free to reach out to us here to schedule a meeting or for further information.
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.
