The MFSA has just issued guidance applicable to VFA Service
Providers benefitting from the transitory provisions in Article 62
of the VFA Act.
VFA Service Providers – Licence Application Process
VFA Service Providers will need to take certain steps by 31
October 2019 if they would like to continue providing VFA services
and commence the licensing process with the MFSA.
The MFSA will require a Letter of Intent including:
- a detailed description of the
structure of the VFA Service Provider;
- the VFA service(s) for which
licensing is being sought identifying key persons within the
structure; and
- a legal opinion that the services
fall outside the traditional financial services framework.
