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ARTICLE · 28 MAY 2024

EMIs & PSPs: MFSA's Regulatory Renewal

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The Malta Financial Services Authority (the "MFSA") has launched a Consultation Document on Chapter 3 of the Financial Institutions Rulebook ("FIR/03") previously known...

MaltaFinance and Banking
Joseph F. Borg
Joseph F. Borg
Gaby Zammit
Gaby Zammit
Galyna Podoprikhina
Galyna Podoprikhina
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The Malta Financial Services Authority (the "MFSA") has launched a Consultation Document on Chapter 3 of the Financial Institutions Rulebook ("FIR/03") previously known as Financial Institutions Rule 3. This update, aligned with the Electronic Money Directive and Payment Services Directive, aims to fortify the regulatory framework for payment institutions and electronic money issuers.

Key Highlights of FIR/03

The new FIR/03 introduces comprehensive rules, including:

  • Notification and Approval Requirements: Streamlined processes for gaining prior approval from the Authority.
  • Passporting: Simplified procedures for cross-border operations within the EU.
  • Appointment of Agents and Distributors: Clear guidelines for the appointment and oversight of agents and distributors.

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