CAS Compliance Advisory Services

Operators in financal services are faced with tough regulatory duties which are found in various financial services laws. The competent authority in financial services, the Malta Financial Services Authority (MFSA) has significantly strengthened its compliance monitoring over the past few years. This has led to an increase in MFSA compliance visits to financial services firms and in some case to fines being imposed by the MFSA for non-compliance. Non-compliance may also lead to criminal liability in certain cases.

CDF Advocates has extensive experience in advising on financial services compliance and has set up CAS Compliance Advisory Services in order to provide its clients with full support to achieve their compliance obligations and protect them against possible fines and criminal liability.

Under the Investment Services Act (ISA) a contravention of licence conditions entitles the MFSA to extra-judicially impose an administrative penalty of up to 40,000 Maltese Liri. Furthermore the criminal penalty for contravening practically any provision of the ISA or the regulations, licence conditions or directives issued thereunder is a fine not exceeding 200,000 Maltese Liri or imprisonment not exceeding four years, or both.

The Compliance Advisory Services include::

1. To advise the licence holder on its obligations under its investment services licence;
   
2. To periodically provide training to the licence holder's officers and employees on their obligations under the licence;
   
3. To conduct on-site visits at the licence holder with a view of establishing whether the licence holder is conducting its business in accordance with the licence;
   
4. To prepare and keep updated the necessary customer agreements;
   
5. To prepare and keep updated the procedures and compliance manual;
   
6. To prepare the necessary documents, notifications or requests for authorisationfor the licence holder's signature and submission to the MFSA;
   
7. To review investment advertisements prior to publication.
   

You can review a sample contract for the provision of Compliance Advisory Services, which we will be pleased to discuss with you in further detail.

Please contact us to discuss how you can benefit from the CAS.