Enlisting the help of a professional consultancy firm will help you to speed up the process of acquiring a Malta forex license. Whether you are a business or individual, obtaining a forex license is not a straightforward procedure and therefore it is advisable to seek the advice and guidance of an expert consultancy company. This will enable you to better understand the licensing procedure and ensure that your license is acquired in a quick and efficient manner.
Malta is a relatively new jurisdiction in terms of issuing licenses to forex brokers. As part of the EU, it is very advantageous to hold a license in Malta. Applying for a license is conducted through the MFSA (Malta Financial Service Authority), which is regulated by European forex licensing laws. Malta’s Financial Service Authority must comply with EU directives and European standards when issuing FX licenses.
As the main financial regulatory body of Malta, the MFSA is responsible for the issuing of all financial licenses, including banking licenses and FX licenses. Because of the European standards that the Malta Financial Service Authority adheres to, when applying for a forex license there, you are applying for a recognized and well regulated license.
In July 2002 the Malta Financial Services Authority (MFSA) was established as a legal entity. Prior to this, three bodies were responsible for issuing financial licenses in Malta: the Central Bank of Malta, the Malta Stock Exchange and the Malta Financial Services Center. The MFSA is now the only regulator for all financial activity in Malta. It is also fully responsible for the Registrar of Companies, along with taking full responsibility for the Malta Listing Authority. In addition, Malta is actively involved with the Organisation for Economic Co-operation and Development (OECD), the EU and the Commonwealth in modeling global regulatory policy.
To get a Malta forex license you will need to have a company in Malta that is specifically formed for the purpose of providing FX trading activities, with special Memorandum and Articles of Association. You will also need a full pack of documents which will include your company manuals for internal and external procedures, a full document that includes your compliance procedures, your fit and proper test details and your company business plan.
The procedure for applying for and obtaining a MFSA Malta forex license is a long and complicated procedure and using a professional consultancy firm to guide you through the entire application procedure can ensure that you follow all the correct procedures and supply the correct documents to the MFSA.