On the 1^st November 2018, the MFSA issued a Circular to the financial services industry in connection with the regulatory process corresponding to persons who are being proposed to hold a position within a Licence Holder which requires the MFSA’s prior approval.  

The new digital PQ format replaces the previous manual application and seeks to make the due diligence process more effective and efficient

The said MFSA Circular provides that as from 1st November 2018 the Personal Questionnaire (‘PQ’), being the document forming the basis of the regulatory review/approval process, will be available on-line be in order that this may be completed and submitted directly by the relevant applicant (who assumes full responsibility of the PQ’s contents).

In order to facilitate proper completion of the enhanced PQ, the MFSA has also issued online Guidelines which may be accessed at www.mfsa.com.mt/pq

The new approval process mandates the provision by Licence Holders of a ‘suitability assessment’ when they are proposing a person to hold a regulated position

The new digital PQ format replaces the previous manual application and seeks to make the due diligence process more effective and efficient. To this end, the online PQ now incorporates details previously requested in the ‘Competency Form’ and the ‘ECB Fit and Proper questionnaire’, which were previously required to be completed and submitted as separate forms and which will be phased out going forward.

Significantly, the new approval process mandates the provision by Licence Holders of a ‘suitability assessment’ when they are proposing a person to hold a regulated position. The MFSA as stressed that the processing of the PQ will not start before this assessment is duly prepared and received from the Licence Holder in question.

Paper based submissions will continue to be accepted by the MFSA up to the end of 2018.