- Malta Financial Services Authority Licenses the First Electronic Money Institution in Malta
- November 16, 2011 | Author: Richard Bernard
- Law Firm: CSB Advocates (formerly known as Zammit & Associates - Advocates) - Swatar Office
On the 24th October 2011, Syspay Ltd, under the assistance and guidance of Zammit & Associates- Advocates and CSB Group, became the first Electronic Money Institution to be licensed by the Malta Financial Services Authority (MFSA).
The issue of the first Maltese EMI licence comes just a few months following the transposition of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of EMIs (known as the EMI Directive) through the implementation of various amendments to the Financial Institutions Act (Chapter 376 of the Laws of Malta) which effectively brought the regulation of EMIs in Malta, previously regulated under the Banking Act (Chapter 371 of the Laws of Malta), within the remit of the same Financial Institutions Act. This change has led to greater legislative uniformity, consolidating a range of activities carried out by financial institutions under the same modern and coherent legal framework and creating a much more attractive regime for operators looking to set up an EMI in Malta.