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ONGOING REQUIREMENTS

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The ongoing requirements to which recognized and licensed persons are subject are laid down in the Act and subsidiary legislation and in the MFSA’s Investment Services Rules for Investment Services Providers and for Recognised Persons.

In respect of licence holders authorised to carry out MiFID investment services, these Rules and subsidiary legislation naturally reflect and transpose the MIFID conduct of business rules and other requirements under the MiFID regime. These licence holders may passport their services throughout the EU, through the establishment of a branch or through cross-border provision of services, by following the required notification procedure in terms of MiFID.

The above does not apply to fund management activities and to custody services, which are not covered by MiFID.

European investment firms that use their passport to provide services in Malta without having a local place of business need to appoint a fiscal representative.