Regulatory Alerts2019-03-22
Added · Updated
Publication of a new Credit Intermediaries’ Rule
The MFSA publishes a new Credit Intermediaries’ Rule to implement regulations 6 and 18(A) of the Credit Agreements for Consumers relating to Residential Immovable Property Regulations. The Rule establishes admission procedures for credit intermediaries and defines knowledge and competence requirements for staff of creditors and credit intermediaries under Part II. These qualification requirements became effective on 21st March 2019. Staff lacking the required qualifications but possessing relevant experience may act under supervision while obtaining the necessary qualification, whereas those lacking requisite knowledge and experience must act as new entrants under supervision.