Regulatory Alerts2021-02-23
Added · Updated
Amendments on the Right to Appeal Process
Act No. LXII of 2020 amended Article 21 of the Malta Financial Services Authority Act to extend the Financial Services Tribunal's jurisdiction to determine appeals against decisions of the Resolution Committee. The Financial Services Tribunal is now empowered to annul Resolution Committee decisions that wrongly apply the MFSA Act, constitute an abuse of discretion, or are manifestly unfair. Additionally, appeals against Resolution Committee crisis management measures no longer automatically suspend execution; suspension is granted only if the aggrieved person proves it is in the public interest.
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