Following a thematic review of marketing communications, late last week, the Malta Financial Services Authority (MFSA) has published its 2025 Dear CEO Letter to investment firms as part of its Outcomes-Based Supervision framework.
The letter serves as an important reminder of the Authority’s expectations regarding the governance, oversight and monitoring of marketing communications.
Key areas of focus include:
📋 Policies & Procedures – Firms should ensure that marketing policies and procedures remain comprehensive, up to date, and aligned with current regulatory requirements and business practices.
🔍 Effective Compliance Monitoring – Ongoing monitoring and documented reviews of marketing communications should form part of firms’ Compliance Monitoring Programmes to help ensure continued compliance.
🎯 Target Market Considerations – Marketing communications should be designed and distributed with the intended target audience clearly in mind.
🤝 Oversight of Third-Party Providers – Where third parties are involved in the distribution of marketing materials, firms remain responsible for ensuring that appropriate guidance, training and oversight are in place.
📁 Record-Keeping & Documentation – Maintaining complete and accurate records of marketing communications remains a key regulatory expectation.
The Dear CEO Letter also highlights the MFSA’s three-year supervisory approach:
- Year 1 – Thematic Review
- Year 2 – Gap Analysis & Remediation
- Year 3 – Re-assessment
Investment firms may wish to use this opportunity to review their existing frameworks and assess whether they continue to meet regulatory expectations.
The full Dear CEO Letter provides useful guidance for firms seeking to strengthen their governance and compliance arrangements in this area.
Dear-CEO-Letter-Investment-Firms-Outcomes-Based-Supervision-2025.pdf
How can we help?
💼 Fexserv provides compliance services to investment firms, and we can assist with gap analysis reviews to ensure your firm is fully aligned with the MFSA’s expectations ahead of the next supervisory cycle.
Get in touch on queries@fexservfunds.com, anabel@fexservfunds.com, naomi@fexservfunds.com for any assistance you might require.
