The Malta Financial Services Authority (MFSA) has launched a public consultation on proposed rules for aircraft financial leasing companies and related due diligence service providers.
The proposed Rules complement the Financial Institutions Act (Notified Aircraft Financial Leasing Companies) Regulations, which were issued for consultation last January, by establishing the requirements for companies seeking admission to the MFSA's list of aircraft financial leasing companies, together with the obligations that will apply, the MFSA said.
“They also introduce a framework governing the appointment and responsibilities of related due diligence service providers.”
The proposed rules aim to provide regulatory clarity for Malta's aircraft financial leasing sector and ensure that appropriate standards of governance, transparency and risk management are maintained.
Among the proposed measures are eligibility requirements for admission to the list, including minimum asset thresholds, governance and substance requirements, restrictions on permitted activities, and the appointment of an approved due diligence service provider.
“In particular, boards of directors would be responsible for ensuring ongoing compliance with the applicable legal and regulatory requirements, while related due diligence service providers would undertake fit and proper assessments of qualifying shareholders, beneficial owners, directors, senior management and other relevant persons both at onboarding and on an ongoing basis,” the MFSA said.
Companies admitted to the list would also be required to implement appropriate anti-money laundering and countering the financing of terrorism systems and controls, appoint a money laundering reporting officer and meet ongoing regulatory reporting obligations.
The MFSA invites aircraft lessors, aviation finance professionals, legal practitioners, corporate service providers, auditors and other interested stakeholders to review the proposed Rules and submit their feedback during the consultation period.
The feedback received will assist the Authority in finalising the regulatory framework.
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