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MFSA Dear CEO Letter on Digital Operational Resilience: 2024 Supervisory Observations

The Malta Financial Services Authority (MFSA), through its Supervisory ICT Risk and Cybersecurity (SIRC) function, has published its 2024 general observations following a comprehensive programme of supervisory engagements with licence holders. The report reflects both outcomes-based and non-outcomes-based supervisory approaches, highlighting progress in digital operational resilience while underlining areas for improvement across the financial services sector.

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What Does DAC 8 Mean for CASPs?

The Directive on Administrative Cooperation (DAC) establishes an EU-wide system for automatic exchange of tax information, aiming to boost transparency, prevent tax evasion and avoidance, and promote fair taxation across Member States. Since its initial adoption, the directive has been amended multiple times, each time expanding the scope of information shared.

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Navigating EMIR 3: What Does it Mean for Market Participants

The financial regulatory landscape in the European Union is undergoing significant changes with the introduction of EMIR 3, which took effect on 24 December 2024. Designed to enhance the EU’s financial infrastructure, EMIR 3 and the changes set out therein, aim to improve market stability, reduce dependence on non-EU clearinghouses, and streamline the process for derivatives clearing.

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Key Insights on the MFSA’s Circular to the Industry on the Authorisation Process for MiCA Applicants

The Malta Financial Services Authority (“MFSA”) has issued an important circular to provide extensive guidance on the licensing and authorisation process for crypto-asset service providers (“CASPs”) under Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and the Markets in Crypto-Assets Act, 2024 (“MiCA Act”) along with the additional legal notices which were published.

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