Banking & Finance |  Nov 10, 2011

Malta Financial Services Authority licenses the first Electronic Money Institution in Malta

On the 24th October 2011, Syspay Ltd, under the assistance and guidance of GVZH 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.

Contact us here should you require any legal assistance on obtaining a financial institutions licence.

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Key Contacts

Andrew J Zammit | Managing Partner | GVZH Advocates

Andrew J. Zammit

Luca Vella | GVZH Advocates

Luca Vella

Kurt Hyzler | GVZH Advocates | Malta Law Firm

Kurt Hyzler

Jeanelle Cachia | GVZH Advocates | Malta Law Firm

Jeanelle Cachia

Katia Cachia | GVZH Advocates | Top Tier Law Firm Malta

Katia Cachia

Danica Decesare - GVZH Advocates - Malta Law Firm.jpg

Danica Decesare

Gianluca Vella - GVZH Advocates - Malta Law Firm

Gianluca Falzon

Nicola Fenech Conti - GVZH Advocates - Malta Law Firm

Nicola Fenech Conti

Francesca Anastasi - GVZH Advocates - Malta Law Firm

Francesca Anastasi

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