The application process may be summarised in three phases namely:
- the Preparatory Stage
- the Pre-Licensing Stage; and
- the Post-Licensing/ Pre-Commencement of Business Stage
Phase One - Preparatory Phase
This phase involves inter alia the promoter meeting with representatives of the MFSA to describe his proposal, the submission by the promoter to the MFSA of a draft application form together with supporting documents, the review by the MFSA of such form and documentation and the MFSA’s decision as to which licence conditions should apply to the promoter.
Phase Two – Pre-Licencing Phase
This phase involves the issuance by the MFSA of its ‘in principle’ approval for the issue by the MFSA of an investment services licence, and the finalisation by the promoter of any outstanding matters, such incorporation of a company, submission of signed copies of the revised application form together with supporting documents in their final format, and any other issues raised during the application process.
Phase Three - Post-Licensing/Pre-Commencement of Business Phase
This phase involves the compliance by the promoter of any post-licensing matters prior to formal commencement of business.
The regulatory process outlined above is typically expeditious. Once we would have all the necessary information and documentation requested by us in order to proceed with the said process, the relevant licence application and other ancillary documentation would be drafted, prepared and compiled (as the case may be) and submitted to the MFSA within two weeks. The MFSA typically provides its ‘in principle’ approval within six to eight weeks from receipt of the above mentioned licence application.