MFSA publishes consultation document on the provision of independent compliance audits

The Malta Financial Services Authority has published a Consultation Document on the provision of Independent Compliant Audits, with the aim of strengthening its supervisory engagement, better achieving its statutory objectives, as well as safeguarding the interest of consumers and the reputation of Malta as a jurisdiction of choice for financial services.

The Consultation Document provides details about the MFSA’s intention to introduce a new supervisory tool that is meant to strengthen further its supervisory approach.  This tool will empower the MFSA to appoint, 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, as indicated by the Authority.

With the publication of the Consultation Document on this framework, the MFSA is inviting all stakeholders to comment, make suggestions and submit other contributions to the proposal.

MFSA Chief Executive Officer Joseph Cuschieri, noted that: “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 open to the public until 30 August 2019. Industry participants are invited to send their responses in writing to [email protected] by not later than the said date.