National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
MFSA
MaltaMalta Financial Services Authority
Source / Native Reference: 马耳他金融服务局
- Supervisory tier
- Tier-2
- License classes
- 3
- Licensed records
- 16
- Active / regulated
- 15
Statutory Supervisory Mandate & Scope
Australian Securities and Investments Commission (ASIC) (ASIC) is the Tier-1 statutory financial markets and securities supervisory authority in Australia. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Supervises Cyprus Investment Firms (CIFs), Alternative Investment Fund Managers (AIFMs), UCITS Management Companies, Administrative Service Providers, and Crypto-Asset Service Providers (CASPs) under EU directives.
Prudential Tier Assessment
Tier-2EU/EEA MiFID II and MiCA national competent authority supervising the largest concentration of cross-border European retail FX/CFD investment firms (CIFs).
National licensing qualifications & statutory authorisation classes (MFSA)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by MFSA in Malta.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| CIF — Full Scope / Market Maker (IFR €750k) | Cyprus Investment Firm — Dealing on Own Account & Underwriting | Acting as principal / market maker in CFDs, rolling spot FX, transferable securities, and derivatives across the EEA. | EUR €750,000 Permanent Minimum Capital Requirement (PMR) under EU IFR Article 14(1). | Higher of €750k PMR, 25% Fixed Overheads Requirement, or K-Factor Requirement; ESMA/CySEC 30:1 retail leverage limits. |
| CIF — STP / Agency & Portfolio Manager (IFR €150k) | Cyprus Investment Firm — Holding Client Money / Assets (Non-Dealing) | Reception and transmission of orders, execution of orders on behalf of clients (STP), and portfolio management with client asset custody. | EUR €150,000 Permanent Minimum Capital Requirement (PMR). | Quarterly Form 165-01 / 165-02 IFR prudential filings, ICAAP/ICARA review, and annual external client asset audit. |
| CIF — Advisory / Non-Custodial (IFR €75k) | Cyprus Investment Firm — Non-Custodial Order Transmission & Advisory | Investment advice and reception/transmission of orders without permission to hold client money or financial instruments. | EUR €75,000 Permanent Minimum Capital Requirement (PMR). | Simplified SNI prudential regime, MiFID II suitability assessments, and annual CySEC risk-based supervision levy. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under MFSA.
Investor Compensation Fund (ICF) for Clients of CIFs
- Maximum coverage per client
- EUR €20,000 per retail client (or 90% of the cumulative covered claim, whichever is lower)
- Eligible counterparties & scope
- Retail clients of CySEC-authorised CIFs (Professional Clients and Eligible Counterparties under MiFID II Annex II are excluded).
CySEC Directive DI87-01 & Law 87(I)/2017 Section 17(8)-(10)
- Reconciliation & audit cadence
- Daily internal reconciliation of client money trust accounts; strict prohibition on Title Transfer Collateral Arrangements (TTCAs) with retail clients.
- Approved custodian requirements
- Client funds must be held in segregated accounts at EEA central banks or CRD credit institutions; mandatory Negative Balance Protection and 50% margin close-out per account.
EU MiCA Crypto-Asset Service Provider (CASP) Authorisation
- Travel Rule, custody & stablecoin rules
- Full EU Transfer of Funds Regulation (TFR) Travel Rule enforcement and DORA ICT operational resilience standards.
Primary Governing Statutes & Rulebooks
- Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017 — transposing EU MiFID II)
- Prudential Supervision of Investment Firms Law of 2021 (Law 165(I)/2021 — EU IFR/IFD)
- EU Markets in Crypto-Assets Regulation (MiCA — Regulation (EU) 2023/1114)
- CySEC Directive DI87-01 (Safeguarding of Client Assets) & Directive DI87-09 (CFD Product Intervention)
Regulatory Reporting & Audit Obligations
Quarterly IFR Prudential Supervision returns, COREP/FINREP filings, and annual Pillar 3 Risk DisclosuresMiFIR T+1 transaction reporting, EMIR daily derivatives reporting, and RTS 27/28 execution quality disclosuresAnnual AML/CFT Compliance Officer Report and Internal Audit Report submitted directly to the CySEC Board
Cross-Border Equivalence & Passporting
Full EU/EEA MiFID II and MiCA passporting across all 30 EEA jurisdictions via cross-border notification (Art. 34 MiFID II) or tied-agent/branch establishment (Art. 35 MiFID II).
Supervised institutions & MFSA licence records in our database
16 licence records referencing MFSA (15 regulated/registered, 1 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Gate.io(Global network record) | C 89337 | Regulated | GATE TECHNOLOGY LTD | 2018-11-12 | |
| OKX(Global network record) | C95813 | Regulated | OKX EUROPE MARKETS LIMITED | 2020-11-06 | |
| Deriv(Global network record) | C70156 | Regulated | DERIV INVESTMENTS | 2015-05-19 | |
| International(Global network record) | C60473 | Regulated | AKFX Financial Services Ltd | — | |
| Tradeview(Global network record) | C 93990 | Regulated | TRADEVIEW EUROPE LIMITED | 06-01-2020 | |
| Dlocal(Global network record) | C 77538 | Regulated | Dlocal Ltd | 2017-02-24 | |
| XNT LTD(Global network record) | C 52182 | Regulated | XNT LTD. | 2011-04-03 | |
| FXDD(Global network record) | C 48817 | Regulated | TRITON CAPITAL MARKETS LTD | 2010-02-04 | |
| ALB(Global network record) | 79767 | Regulated | ALB LIMITED | 2017-03-30 | |
| ALB(Global network record) | 79767 | Regulated | ALB Limited | 2017-03-30 | |
| Blue Suisse(Global network record) | C 59928 | Regulated | BLUE SUISSE LIMITED | 2013-07-24 | |
| nextmarkets(Global network record) | C 77603 | Regulated | NEXTMARKETS TRADING LTD | 2018-05-07 | |
| NSFX(Global network record) | C 56519 | Regulated | ALCHEMY MARKETS LTD. | 2012-05-31 | |
| Tier1FX(Global network record) | C 18954 | Regulated | HOGG CAPITAL INVESTMENTS LIMITED | 1995-09-26 | |
| TMS(Global network record) | C70460 | Revoked | TMS BROKERS EUROPE LTD | 2016-03-30 | |
| Trive(Global network record) | C 60473 | Regulated | TRIVE FINANCIAL SERVICES MALTA LIMITED | 2013-06-12 |
MFSA (Malta): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under MFSA (Malta)?
MFSA (Malta Financial Services Authority) supervises financial institutions in Malta under Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017 — transposing EU MiFID II) and Prudential Supervision of Investment Firms Law of 2021 (Law 165(I)/2021 — EU IFR/IFD). Key statutory authorisation classes include: CIF — Full Scope / Market Maker (IFR €750k) (Cyprus Investment Firm — Dealing on Own Account & Underwriting — min. capital: EUR €750,000 Permanent Minimum Capital Requirement (PMR) under EU IFR Article 14(1).); CIF — STP / Agency & Portfolio Manager (IFR €150k) (Cyprus Investment Firm — Holding Client Money / Assets (Non-Dealing) — min. capital: EUR €150,000 Permanent Minimum Capital Requirement (PMR).); CIF — Advisory / Non-Custodial (IFR €75k) (Cyprus Investment Firm — Non-Custodial Order Transmission & Advisory — min. capital: EUR €75,000 Permanent Minimum Capital Requirement (PMR).). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does MFSA provide statutory investor compensation and mandatory client asset segregation?
Under MFSA's framework, investor protection is governed by Investor Compensation Fund (ICF) for Clients of CIFs with maximum coverage of EUR €20,000 per retail client (or 90% of the cumulative covered claim, whichever is lower) (Retail clients of CySEC-authorised CIFs (Professional Clients and Eligible Counterparties under MiFID II Annex II are excluded).). For client money and custody assets, supervised firms must comply with CySEC Directive DI87-01 & Law 87(I)/2017 Section 17(8)-(10), performing daily internal reconciliation of client money trust accounts; strict prohibition on title transfer collateral arrangements (ttcas) with retail clients. with client funds must be held in segregated accounts at eea central banks or crd credit institutions; mandatory negative balance protection and 50% margin close-out per account..
How does MFSA regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
MFSA's digital-asset regime is structured around EU MiCA Crypto-Asset Service Provider (CASP) Authorisation (Transitioned from the CySEC National CASP Register to full EU-wide MiCA CASP licensing with EEA passporting.). Custody and AML/CFT compliance obligations require: Full EU Transfer of Funds Regulation (TFR) Travel Rule enforcement and DORA ICT operational resilience standards.
How can I verify an institution's MFSA licence number and check our 16 recorded licence entries?
Our database currently tracks 16 licence records referencing MFSA (15 marked regulated or registered). To verify a counterparty at the primary source, open MFSA's official public register (https://www.mfsa.mt/financial-services-register/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from FinLexicon Wiki relevant to MFSA and Malta.
Statutory Law & Custody Architecture
Statutory Client Asset Segregation & Insolvency Waterfalls: Comparative Legal Architecture of FCA CASS 7, SEC Rule 15c3-3, SIPA, and EU MiFID II Custody Regimes (2026)
A definitive statutory and insolvency-law reference comparing UK FCA CASS 7 statutory trusts, US SEC Rule 15c3-3 customer reserve formulas and SIPA liquidations, EU MiFID II Article 16(8)-(10) title-transfer prohibitions, and Japanese FIEA Article 43-2 trust bank mandates.
Derivatives Margin & Prudential Regulation
ISDA 2026 SIMM Risk Weights, Uncleared Margin Rules (UMR) Thresholds & VM/IM Collateral Eligibility
ISDA Standard Initial Margin Model (SIMM) refers to a parametric, sensitivity-based methodology calibrated across a 10-day margin period of risk (MPOR) at a 99% confidence interval to calculate regulatory initial margin for non-centrally cleared over-the-counter (OTC) derivatives under BCBS-IOSCO Uncleared Margin Rules (UMR).
Prudential Regulation & Capital Standards
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard: Statutory Definition, Regulatory Scope & Compliance Deadlines (-4.8% Cat I/II CET1 Change Benchmark)
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard (BASEL-ERBA-2026) stands at -4.8% (Cat I/II CET1 Change) (Source: Federal Reserve / OCC / FDIC, 2026-10-20), governing exact rule citations, covered entities
Market Microstructure & Derivatives Taxonomy
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard: Balance-Sheet Netting Mechanics & RWA Capital Weight Calculation (-4.8% Cat I/II CET1 Change Benchmark)
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard (BASEL-ERBA-2026) stands at -4.8% (Cat I/II CET1 Change) (Source: Federal Reserve / OCC / FDIC, 2026-10-20), governing multilateral netting compression and T
Statutory licensing classes, base capital rules, and investor protection summaries for MFSA (Malta) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on MFSA’s official public register.