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ARTICLE · 20 OCTOBER 2020

MFSA Launches Consultation Document On Systems Audit And Live Replication Requirements For VFA Service Providers

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The Malta Financial Services Authority (‘MFSA'), following consultation with the Malta Digital Innovation Authority (‘MDIA')...

MaltaAccounting and Audit
Terence Cassar
Terence Cassar

The Malta Financial Services Authority ('MFSA'), following consultation with the Malta Digital Innovation Authority ('MDIA'), has issued a consultation document setting out proposed amendments to the Systems Audit and live replication server requirements provided for in the Virtual Financial Asset Act Chapter 3 Rulebook ('Rulebook').

The proposed changes, applicable to Virtual Financial Asset ('VFA') Licence Applicants ('Applicants'), are to come into effect on the 1st of February 2020 ('the Effective Date').

Systems Audit

It is being proposed that as from the Effective Date, all Applicants having in place an innovative technology arrangement ('ITA') must engage an MDIA registered Systems Auditor in terms of article 9 of the Innovative Technology Arrangements and Services Act (Chapter 592 of the Laws of Malta) ('ITAS Act').

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