Financial Institutions Act Chap 376

The Financial Institutions Act (Chapter 376 of the Laws of Malta) is the key legislative instrument which regulates financial institutions in Malta. The act embraces the provisions of the EU Payment Services Directive (2007/64/EC) and Electronic Money Directive (Directive 2009/110/EC). The act provides that any person who regularly or habitually provides and executes payment services in relation to banknotes, coins, scriptural money and electronic money qualifies as a payment institution. Payment Service Providers (PSPs) and Electronic Money Institutions (EMIs) are two such financial institutions which also fall under the broad Fintech sector.