The MFSA issued a Circular highlighting the importance for regulated entities to conduct an appropriate assessment in all instances prior to proposing the appointment of individuals to be involved in or to hold key functions in a regulated structure, also when these are already known to the MFSA.
The areas identified in the Circular relate to sufficient time commitment to perform the functions of their office or role, the commitment to remain compliant with the provisions contained particularly in both the Civil Code (Chapter 16 of the Laws of Malta) and the Trusts and Trustees Act (Chapter 331 of the Laws of Malta) with respect to the avoidance of any conflicts of interest, and transparency in fully disclosing all relevant details with respect to pending investigations and litigation.
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.
