On the 22 July 2019, the MFSA issued a Consultation Document on the provision of Independent Compliance Audits, which seeks to strengthen the MFSA’s supervisory engagement, maintaining Malta’s reputation as a jurisdiction of choice when it comes to the financial services sector, whilst also safeguarding consumer interests.

This Consultation Document proposes how MFSA intends to introduce a new supervisory tool, which will allow the Authority to appoint, or to require licensees or other persons to appoint, qualified persons to undertake independent compliance audits in relation to the firm’s activities.

The Consultation Document can be accessed here.