The recent public release of documents commonly referred to as the “Epstein Files” has reignited global debate around accountability, transparency, and the long-term consequences of governance failures within the financial sector. While the fo
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In Malta’s dynamic corporate environment, companies often begin with an ambitious vision and a group of individuals ready to contribute skills, capital, and expertise. Yet even the strongest business relationships can be tested by the pressures
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In the first part of this series, we explored the legal ramifications of European Union (“EU”) sanctions, focusing on the Criminalisation Directive, Malta’s role in transportation, and the importance of reporting obligations. In this second
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The European Union (“EU”) has been a long-standing global leader in promoting peace, security and human rights. One of its most powerful tools to achieve these goals is through sanctions. These measures include but are not restricted to assets
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On the 11th March 2022, the Malta Financial Services Authority (“MFSA”) issued two separate circulars informing authorised Company Service Providers (“CSPs”) and Trustees and other fiduciaries about the Annual Compliance Return (“ACR”)
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The Company Service Providers Act, Cap 529 of the Laws of Malta, as revised by Act L of 2020, extends the requirement of authorisation to persons that had previously been exempted from authorisation and supervision from the Malta Financial Service
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In 2020, as part of its oversight and prudential supervision, the Securities and Markets Supervision function within Malta Financial Services Authority (the “MFSA”) carried out several onsite visits to the offices of companies involved in inve
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As part of its monitoring role, the Compliance Function should carry out frequent onsite visits at the offices of the regulated entity the compliance of which is under its responsibility. For the purpose of these compliance visits and their freque
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When outsourcing one or more compliance tasks, the regulated entities remain responsible for the proper performance of all the outsourced functions and are expected to ensure that all requirements applicable to the Compliance Function continue to
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Subject to certain limitations and requirements, including the existence of objective reasons, where applicable, the regulated entities are allowed to outsource the carrying out of compliance tasks to third parties. It is practice that in order to
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Most of the applicable laws and regulations require the regulated entities to ensure that the Compliance Function performs its tasks and responsibilities on a permanent basis. These entities are expected to have a Compliance Function in office at
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The purpose of the Compliance Policy is to set out high level principles, and to outline the policies, measures, and controls that the regulated entity has in place in order to ensure that the decisions and actions are in compliance with the rules
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Independence is one of the fundamental principles of compliance and any regulated entity shall strive to establish and implement measures and controls in order to ensure that the duties performed, and the decisions taken, by the Compliance Functio
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We touched upon the obligation of the Compliance Function to conduct a risk assessment in our write up concerning the Compliance Monitoring Program, highlighting that such program should be grounded on the assessment of the relevant major risk fac
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The ultimate purpose of the monitoring and reporting obligations allocated to the Compliance Function is to ensure that the compliance risks inherent in the investment activities and services undertaken by the regulated entity are duly mitigated a
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Along with its monitoring and reporting obligations, the Compliance Function should fulfil its advisory responsibilities by assisting and guiding the relevant persons responsible for carrying out investment services and activities within the regul
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As part of its responsibility to ensure that the Company complies with its obligations under MiFID II, the senior management must ensure that the compliance function fulfils the requirements set out in Article 22 of the MiFID Delegated Regulation.
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The scope of the Compliance Monitoring Program is to analyse and suggest methods which will be applied throughout the compliance year in order to ensure the compliance of the company with legislation, rules and regulations applicable to entities l
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Introduction Numerous laws, regulations, rules and guidelines applicable to regulated business activities, including investment firms, financial institutions, collective investment schemes, trustees, CSPs or VFA service providers, emphasise the im
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The MFSA has today issued a circular addressed to Company Service Providers regarding the duty of Company Service Providers to submit to the Authority a Certificate of Compliance. Such certificate shall cover one calendar year (from the 1st Januar
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