Compliance Audits consultation launched by MFSA

MFSA

Malta’s Financial Services Authority is looking for opinions on how it can obligate companies to carry out independent compliance audits.

In their latest consultation document on the process of Independent Compliant Audits, MFSA is looking at ways to expand its supervisory role, ‘or require licence holders or any other person, to appoint a qualified person to undertake independent compliance audits, in relation to one or more areas of focus of a firm’s activities.’

The regulator says that the process supports its aims to meet statutory objectives, ‘as well as safeguarding the interest of consumers and the reputation of Malta as a jurisdiction of choice for financial services.’

This consultation follows two previous documents aimed at a variety of improvements to MFSA’s operations and the financial industry. These have included updating the Capital Markets Strategy, its FinTech Strategy and a Regulatory Framework for companies to test out financial products.

Read more:

MFSA launches new consultation on updating Capital Markets Strategy

MFSA launches consultation on FinTech Strategy; Regulatory Sandbox

According to MFSA’s Chief Executive Officer Joseph Cuschieri, ‘The MFSA is well aware of the need that the financial services industry is safeguarded against any potential threats that could affect the stability and safety of this dynamic sector. For this purpose, and as part of its commitment in ensuring more effective supervision, the MFSA intends to implement a framework to strengthen further its supervisory approach by introducing a regime focused on the appointment of qualified persons.’

The consultation is understood to be open until August 30th 2019.

Those within the industry with feedback, are also invited to contact the consultation through the following email: complianceaudits@mfsa.com.mt