MALTA Law and Practice Contributed by: Ian Gauci and Cherise Abela Grech, GTG Legal
7.3 Regulatory Distinction Between Funds and Dealers There is no information available in this jurisdic - tion. 7.4 Regulation of Programmers and Programming There is no information available in this jurisdic - tion.
regtech provider that triggers regulatory impli - cations and not the specific technologies used. Furthermore, if a regtech provider utilises an ITA as defined by the Innovative Technology Arrangements and Services Act (ITASA), then the regtech provider may submit the ITA for recogni - tion by the MDIA. 9.2 Contractual Terms to Assure Performance and Accuracy Financial entities impose strict performance, accuracy and compliance requirements on tech - nology providers. While regulation dictates the baseline, many terms are shaped by risk man - agement best practices and industry standards to safeguard financial stability and client trust. The specific provisions set out in contractual arrangements are conditioned by the require - ments emanating from MiFID II, the GDPR, MiCA, DORA and the upcoming AI Act, among others. Common inclusions in these contracts include: • audit rights for financial entities to verify com - pliance; • performance and service level agreements (SLAs) with uptime and availability guaran - tees, latency and execution speed commit - ments and remedies for service failures; • indemnity clauses; • cybersecurity obligations; and • business continuity and disaster recovery requirements to ensure resilience.
8. Insurtech 8.1 Underwriting Processes
In Malta, underwriting processes are carried out directly with the insurance company itself or through a broker, a tied insurance intermediary or an insurance agent. Such processes are sub - ject to the relevant Maltese insurance legislation and MFSA rules, in line with EU legislation. 8.2 Treatment of Different Types of Insurance Long-term insurance, such as life insurance, is regulated in a different manner to other insur - ance classes, primarily due to insolvency issues and the higher degree of knowledge required by those engaging in this type of insurance busi - ness. However, there is no distinction between the treatment of the different insurance classes by industry participants. 9. Regtech 9.1 Regulation of Regtech Providers The regulation of regtech providers depends on the nature of their activities. It must be noted that Maltese laws in this respect apply in a tech - nology-neutral manner (bar some exceptions in relation to DLTs). It is therefore the activity of the
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