The proposed rules should not contain too many surprises for established and complaint service providers, and well established providers are not expected to experience major difficulties in complying. While the rules do introduce introduce an additional layer of documentation and reporting which will be novel to service providers, this is counterbalanced by the benefit resulting from the introduction of a level playing field in the sector.
The application process is premised on common regulatory procedures centered around fitness and properness, capital adequacy and proper documentation. Our financial services regulatory team has handled various such processes in the context of other regulated areas (such as investment services, funds and financial institutions) and is currently advising a number of CSPs with respect to their prospective applications.
We are also currently preparing a detailed brief providing a summary and analysis of the Act and the rules, which we will be uploading shortly on ccmalta.com
Dr Charles Cassar
Chetcuti Cauchi Advocates
Malta Financial Services Lawyer
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