The IFRD Package came into force on the 26th June 2021 and
introduced a number of significant changes to the prudential that
governs MiFID Investment Firms. The new prudential
regime applies to all MiFID II firms and therefore captures all investment firms that carry out activities
which include; transmission of orders in relation to financial
instruments, execution of client orders, dealing on own account,
portfolio management, providing investment advice, underwriting
financial instruments, and operating trading facilities.
As part of its ongoing work to transpose the IFRD Package, the
MFSA has recently issued the revised Investment Services
Rules for Investment Services Providers. Part A: The Application
Process (the "Rulebook"). In light of the
aforementioned, on the 8th October 2021, the MFSA issued a circular
aimed at providing a high-level explanation of the amendments to
the Rulebook.
