The Malta Financial Services Authority ("MFSA") has issued a notice to bring to the attention of all authorised firms, recognised and licensed persons that as part of its contingency plan in relation to COVID-19, the procedures for the conduct of on-site inspections will be aligned with current international recommendations and good practices. These procedures have immediately come into force and scheduled inspections will not be postponed unless required.
In this regard, during this period, the following procedures will be undertaken:
Increase in the use of remote data gathering;
Widening the scope of pre-visit documentation requests;
Issuing questionnaires; and
Conducting interviews to the board of directors and officers via teleconfercening or video link.
The afore-mentioned procedures will continue to remain in force until further communications are issued by the MFSA and all authorised entities, recognised and licensed persons are required to cooperate fully with these procedures.
Feel free to contact us if you require any further information in relation to on-site inspections conducted by the MFSA.