04 Jul 2018
The Legal Notice describes the different classes of licences and divides these into four types of Virtual Financial Assets Act classes (“VFAA”). These are licence holders authorised in:
VFAA Class 1
VFAA Class 2
VFAA Class 3
VFAA Class 4
The consultation document is accompanied by a Legal Notice which provides further information with respect to:
1. Exemptions from licensing and the advertisement requirements under the Virtual Financial Assets Act
The Legal Notice contains an exhaustive list of persons who will not be required to obtain a VFA Services licence. It is being proposed that some exemptions will apply automatically, while others require a notification to or a determination in writing by the MFSA.
2. Fees applicable for licence applications, whitepaper reviews and annual supervision by the MFSA
Fees will vary according to the different classes of licences and the particular VFA Agents to whom these may apply.
3. Control of Assets
It is proposed that VFA Services licence holders, VFA Agents and exempted persons who hold and/or control clients’ funds and/or assets will be made subject to further obligations under the Regulations.
4. Administrative Penalties and Appeals
The Legal Notice proposes granting the MFSA the power to, by written notice and without recourse to a court hearing, impose an administrative penalty or other administrative measure upon subject persons who breach the provisions of the Regulations. The Legal Notice further envisages a right of appeal to the Financial Services Tribunal.
The MFSA is seeking feedback from the financial services industry and other interested stakeholders with regards to the proposed Regulations. WH Partners strongly encourage concerned parties to participate in this consultation by providing their comments and thoughts. Should you require any further information or assistance, please feel free to contact us by writing to email@example.com.
Issued: 4 July 2018
Deadline: 20 July 2018
Link to the full consultation document available here: CONSULTATION WITH THE FINANCIAL SERVICES INDUSTRY WITH REGARDS TO THE VIRTUAL FINANCIAL ASSETS REGULATIONS TO BE ISSUED UNDER THE VIRTUAL FINANCIAL ASSETS ACT