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The new FIR/03 is being issued in terms of Article 13 of the Financial Institutions Act. Once finalised, the revised FIR/03 aims to establish a robust regulatory framework for financial institutions, including payment services and electronic money institutions.
The FIR/03 rulebook contains a detailed set of regulations covering various aspects, including notification requirements, prior approval from the MFSA, passporting, appointment of agents and distributors, sound and prudent management, outsourcing, safeguarding, prudential requirements, and record-keeping and reporting obligations. Notably, the FIR/03 also introduces a "Financial Institutions Return," which license holders will need to submit quarterly.
License Holders and stakeholders are invited to provide feedback further to the amended FIR/03 by June 17, 2024. Following the conclusion of the consultation process, a proposed 3-month transition period is aimed to assist institutions in adhering to the updated regulations.
The MFSA is also planning to revise other existing Financial Institutions Rules throughout 2024, including FIR/01, FIR/02, and FIR/04. License Holders and stakeholders are invited to provide feedback on the new FIR/03 by June 17, 2024 on the MFSA's Consultation Document.
Grant Thornton stands ready to support financial institutions, where our experienced team can provide tailored guidance on such implementation strategies. If you're an entity affected by these regulatory changes, reach out to us for expert assistance.
