On 26th April 2021, the Malta Financial Services Authority
(MFSA) issued a circular titled "Circular for Licence Holders
availing of Freedom of Services" which is aimed at addressing
licensees in possession of a license under AIFMD, MiFID and the UCITS Directive which provide services
outside Malta through the exercise of the freedom of services
rights contained in the aforementioned pieces of EU
legislation.
The MFSA has noted that a number of licensees who have submitted
a notification to it in order to exercise such rights have either
failed to ever commence the provision of services outside of Malta
as noted in the respective notification or have ceased the
provision of services outside of Malta. In this respect, the MFSA
has noted that such licensees are potentially in breach of
provisions contained within the aforementioned pieces of
legislation since, by way of example, a programme of operations
initially submitted with the notification may be outdated since
