Response to consultation on Guidelines on internal governance (revised)

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Question 1: Are the guidelines regarding the subject matter, scope, definitions and implementation appropriate and sufficiently clear?

Not all the sections are deemed to be clear by the MFSA. Please refer to our comments.

Question 2: Are there any conflicts between the responsibilities assigned by national company law to a specific function of the management body and the responsibilities assigned by the Guidelines, in particular within paragraph 23, to either the management or supervisory function?

No

Question 3: Are the guidelines in Title I regarding the role of the management body appropriate and sufficiently clear?

No. Please refer to the attached

Question 4: Are the guidelines in Title II regarding the internal governance policy, risk culture and business conduct appropriate and sufficiently clear?

Yes

Question 5: Are the guidelines in Title III regarding the principle of proportionality appropriate and sufficiently clear?

Yes

Question 6: Are the guidelines in Title IV regarding the internal control framework appropriate and sufficiently clear?

Yes

Question 7: Are the guidelines in Title V regarding transparency of the organization of the institution appropriate and sufficiently clear?

Yes

Question 8: Are the findings and conclusions of the impact assessments appropriate; please provide to the extent possible an estimate of the cost to implement the Guidelines differentiating of one-off and ongoing costs?

Yes

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MFSA comments.pdf (370.57 KB)

Name of organisation

Malta Financial Services Authority