The Malta Financial Services Authority, inspired by Regulation
(EU) No 575/2013 ("the CRR") and Directive 2013/36/EU
("the CRD") has just introduced the regulatory framework
for 'CRR Local Firms' within the Maltese MiFID Investment
Firms.
A 'Local Firm' is defined under Article 4(1)(4) of CRR
as:
"a firm dealing for its own account on markets in financial
futures or options or other derivatives and on cash markets for the
sole purpose of hedging positions on derivatives markets, or
dealing for the accounts of other members of those markets and
being guaranteed by clearing members of the same markets, where
responsibility for ensuring the performance of contracts entered
into by such a firm is assumed by clearing members of the same
markets."
