Obtaining a regulatory license from MFSA: a pragmatic approach

FinanceMalta

July 10, 2020

Obtaining a regulatory license from MFSA: a pragmatic approach

BACKGROUND INFORMATION

The session will focus on the licensing process prospective licensees are required to undertake with MFSA in order to start a licensable activity within the financial services industry. Whilst certain specific legal regimes governing the licensing of banks, financial institutions and investment firms will be identified, the pragmatic matters which are typically encountered during any such licence process will be identified and discussed.

OBJECTIVES

The main objective of the session will be to identify the legal framework underpinning the different licensing regimes that fall within MFSA’s remit. A detailed discussion, from a practitioner’s perspective, on the procedure to be followed with MFSA will ensue.

Overview

Legal Framework

Banks
Financial Institutions (FIs; PIs and PSPs; EMIs)
Investment Firms
Insurance Undertakings and Insurance Intermediaries

The Licensing Process

Pre-application
Application
Pre-commencement of business
Documents Required for a full submission
MFSA’s role as a Supervisory Authority

Why Attend?

Agenda Highlights:

09:00 - 12:30 - Session including a 15-minute break

Confirmed Speakers

Dr Jessica Borg - Jessica pursued her studies at the University of Malta first obtaining a Bachelor of Laws with Italian, followed by a Diploma of Notary Public and subsequently, graduating as a Doctor of Laws submitting a thesis in the field of contract law. Jessica then read for her Master of Arts in Financial Services degree at the University of Malta submitting a dissertation entitled ‘The Use of Distributed Ledger Technology and Smart Contracts in the Financial Services Industry: Legal Implications and Possible Applications’. She has completed study units relating to securities regulation including funds, securities markets, the regulation of banking, EU financial services law, advanced company law matters, and the local legal framework of financial services, among others. She has also successfully obtained a Foundation Certificate in Trusts Law and Management.Jessica has delivered training on various topics including capital markets, corporate governance, prevention of market abuse, blockchain and the virtual financial assets framework which regulates the issuance of cryptoassets in or from Malta. She is also currently reading a Master of Science in Blockchain and Distributed Ledger Technologies (Law and Regulation).After a two year experience practicing with a local law firm specialising in the civil, commercial and private law service lines, Jessica joined Grant Thornton in 2015 focusing predominantly on the capital markets, fintech, digital assets, blockchain, innovation, financial services, corporate, trusts, compliance, capital markets, regulatory and licensing fields. She was responsible for the drafting of various contracts relating to the same areas, providing legal support for the set-up of various investment services vehicles, assisting with the drafting of public offering documentation, advising on corporate restructuring and regulatory compliance, drafting of license applications in the financial services sector, providing support of a legal and regulatory nature to licensed companies, carrying out legal and regulatory due diligence on regulated entities, and works alongside the tax and advisory teams providing legal input for projects and business plans.Jessica is a designated person in terms of the Virtual Financial Assets Act. Jessica is also a member of the Malta Chamber of Advocates.