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Network News • 01-02-2024

Establishing and Classifying the Organisation Size

In view of emerging European Union legislation, such as Regulation (EU) 2022/2554 on Digital Operational Resilience for the Financial Sector, the Malta Financial Services Authority (‘MFSA’, ‘the Authority’) will start collecting data in relation to the organisation size classification of applicants and existing Authorised Persons.

As part of the authorisation process, applicants will be required to establish their organization size and submit a self-declaration form – which will be made available in due course – classifying themselves as one of the following, based on their organisation size:

1. Microenterprise;
2. Small Enterprise;
3. Medium-sized Enterprise;
4. Non-SME.

Existing Authorised Persons will be required to classify their organisation size within their Corporate Profile on the License Holder Portal against the submission of a self-declaration form and retain such classification up-to-date. The Authority will be gradually contacting Authorised Persons, sector by sector (where applicable) through a Circular, for the classification process in due course.

In establishing their organisation size, applicants and existing Authorised Persons are to be guided by Commission Recommendation 2003/361/EC of 6 May 2023 and additional material released by the European Commission, namely the User Guide to the SME Definition and the SME Self-Assessment Questionnaire.


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