On the 17th of November, the Malta Financial Services Authority issued a circular for applicants seeking registration as Agents under the VFA Act. The circular states that individuals proposed as Designated Persons, and at least one of the Administrators of the VFA Agent should none of the Designated Persons be appointed as Administrator within the structure of the VFA Agent (‘Proposed Persons’), shall be required to complete a course approved by the MFSA prior to registration. The Authority shall also schedule a mandatory interview with the Proposed Persons, and, should it be deemed necessary, conduct further assessment.

The MFSA clarifies that no registration will be granted to prospective applicants before the minimum number of persons specified in the Rules have satisfied all the competence requirements.

Click here to read the circular.