Malta Compliance Officers: Background
Compliance Officers must be appointed by the Licence Holder in order to be responsible for the compliance function and act as contact point between the Licence holder and the Malta Financial Services Authority [‘MFSA’] as regards matters of compliance. The Compliance officer is to have the necessary authority, resources, expertise and access to all relevant information of the Licence Holder in order to perform its functions.
On obtainment of the Investment Services Licence, Licence Holders are bound to adhere to all the requirements and conditions laid down in the Investment Services Act, the Regulations issued thereunder and the applicable Standard Licence Conditions.
The Licence Holder is required to establish and maintain a permanent and effective compliance function which is to operate independently from the other activities of the Licence Holder. The underlying rationale of the compliance function is to detect any risk of failure on the part of the Licence Holder of not complying with one’s legal obligations.
The appointment of an individual as a Compliance Officer is subject to the MFSA’s prior approval and the Compliance Officer may also act as the Licence Holder’s Money Laundering Reporting Officer.
Responsibilities of Malta Compliance Officers
The Compliance Officer’s main responsibilities are defined as follows:
- to monitor and to assess on a regular basis the adequacy and effectiveness of the measures and procedures put in place by the Licence Holder to comply with its obligations in accordance with the requirements of the Standard Licence Conditions and the actions taken to address any deficiencies;
- to advise and assist the relevant persons responsible for carrying out Investment Services and activities to comply with the Licence Holder’s legal and regulatory obligations.
Our services as Compliance Officers
The provision of our Compliance Officers services initiates even before the company is granted the Investment Services Licence. At licensing stage, we can inter alia assist clients in drafting the required policies and procedures which need to be submitted at such stage as well as provide advisory services in relation to any queries raised by the Authority in its review process.
Our post-licensing compliance service gives our clients access to a team of experienced lawyers and accountants and other qualified individuals who have experience in compliance. Our compliance services team will ensure that the Company is operating in a compliant manner and all compliance matters are duly attended to. We have broad industry expertise having assisted businesses focusing on various financial industry sectors. We can assist in the preparation of all regulatory returns, the drafting of policies and procedures, submission of compliance reports to the Board of Directors, advise in relation to investor protection issues, handle statutory notification requirements and assist businesses in their relations with their regulator.
