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Consultation on the Proposed Settlement Procedure under the Malta Financial Services Authority Act (Chapter 330 of the Laws of Malta)


From: Ministry for Finance and Employment
(Malta Financial Services Authority)
​Published on: 21 February 2022
Running till: ​14 March 2022
​Last Updated: ​12 April 2022
Consultation Outcome: Final Report

Original Consultation

1.        Background

The Malta Financial Services Authority (the “MFSA” or the “Authority”), by virtue of the powers conferred to it under the Malta Financial Services Authority Act (Chapter 330 of the Laws of Malta), inter alia carries out investigations of alleged breaches of financial services laws, regulations and MFSA Rules on licence holders and on persons authorised by it or falling under its regulatory or supervisory functions. The Authority aims at resolving investigations in the shortest time possible to ensure efficiency and productivity. One method of achieving the foregoing is by entering into a settlement with investigated persons or entities.

The MFSA is seeking to add a new legislative provision in the Malta Financial Services Authority Act, as set out in this consultation document, to enter into settlement discussions and agreements with persons under investigation.

2.        Documents
Please be informed that submissions will be published on the webpage of this consultation at the end of the scoping phase. The lead Ministry has sole discretion upon the publication of comments.
Received contributions, together with the identity of the contributor, will be published on the Internet, unless the contributor objects to the publication of his/her personal data on the grounds that such publication would harm his/her legitimate interests. In this case the contribution may be published in anonymous form. Otherwise the contribution will not be published nor will, in principle, its content be taken into account.  Any objections concerning the publication of personal data should be sent to the service responsible for the consultation on the following email address:
Data Protection Statement the General Data Protection Regulation and the Data Protection Act (Chapter 586)

The General Data Protection Regulation and the Data Protection Act Chapter 586 regulate the processing of personal data whether held electronically or in manual form. The Ministry for European Affairs and Equality collects only information which is necessary for it to perform its intended functions and is set to fully comply with the Data Protection Principles as set out in the Data Protection Legislation.  Verification of the ID number provided will take place as deemed necessary. All personal data provided will be processed according to the General Data Protection Regulation and the Data Protection Act (Cap 586).
In addition, please be aware of:
·         Disclosure under the Freedom of Information Act (Chapter 496)
As we are a public authority all documents we hold, including documents related to this public consultation process, may be released following a request to us under the Freedom of Information Act (Chap. 496), unless such request may be subject of an exemption arising from the same Act.


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