Regulatory & Compliance · Malta

Malta EU Regulatory Passporting

A Malta MFSA authorisation provides EU passporting rights under MiFID II, AIFMD, PSD2, EMI, and MiCA — enabling regulated financial services across all 27 EU member states from a single Malta regulatory licence.

MaltaEU PassportMiFID IIAIFMDPSD2MiCAEU Market Access
Overview

The EU Passport — What It Means in Practice

An EU regulatory passport allows a financial services firm authorised in one EU member state to provide services across all 27 EU member states — either on a cross-border basis (freedom to provide services) or through the establishment of a branch. The passport is recognised under MiFID II (investment services), AIFMD (fund management), PSD2 (payment services), EMI Directive (e-money), and MiCA (crypto-asset services).

Marensa Advisory advises non-EU financial groups on EU market entry strategy via Malta — designing the Malta regulatory structure, EU passport notification process, and ongoing compliance for all EU passport jurisdictions.

Design Your EU Passporting Strategy
What We Cover
  • Malta MFSA licence selection for target EU services
  • EU passport notification filing with MFSA
  • Cross-border vs branch establishment analysis per target EU state
  • Local registration requirements per target EU member state
  • MiFID II or PSD2 passport notification procedures
  • AIFMD marketing passport notification per AIF and target state
  • MiCA CASP EU passport notification
  • Ongoing passport compliance: local regulatory reporting where required
Key Considerations

EU Passport — Directive-by-Directive

The EU passport applies differently under each EU directive — notification procedures and host state requirements vary.

MiFID II Investment Services Passport
A Malta MiFID II investment firm can passport across the EU — notifying MFSA of target member states, after which MFSA notifies each host state's regulator. The firm can begin providing services in each host state following the notification period (typically 2 months for establishment, immediate for cross-border services).
AIFMD Marketing Passport
A Malta AIFM can use the AIFMD marketing passport to market EU AIFs to professional investors across all 27 member states. Each AIF/target state combination requires a separate MFSA notification — with a 20-business-day review period before marketing can commence.
PSD2 Payment Services Passport
A Malta PSD2-licensed payment institution can passport payment services across the EU — either cross-border or through branch establishment. Host state notification is filed by MFSA following the payment institution's passport request.
MiCA CASP Passport
A Malta-registered CASP can passport crypto-asset services across all 27 EU member states under MiCA — with notification to MFSA of the target member states. The EU MiCA passport is the key commercial driver for establishing EU CASP registration in Malta.
Host State Requirements
While the EU passport removes the need for full re-authorisation in each member state, some host states impose local registration, local representation, or local reporting requirements. These must be assessed and managed for each target market.
Reverse Solicitation
AIFMD and MiFID II provide narrow "reverse solicitation" exceptions for non-EU firms responding to EU investor-initiated contact — without requiring EU authorisation. These exceptions are narrowly interpreted and should not be relied upon as a distribution strategy.
Our Process

How We Work

01
EU Market Mapping
We map the target EU markets against the applicable passport regime — identifying notification requirements and any host state-specific obligations.
02
MFSA Licence
We obtain the relevant MFSA licence as the foundation for the EU passport (see mfsa-licence.html, malta-vfa.html).
03
Passport Notifications
We prepare and file MFSA passport notifications for all target EU member states.
04
Host State Compliance
We assess and manage any local registration, representation, or reporting requirements in target host states.
05
Ongoing Maintenance
We manage annual passport renewals, changes of service scope, and host state regulatory engagement.
Why Marensa

One Licence. Twenty-Seven Markets.

The EU passport's commercial value — access to 27 markets from a single regulatory authorisation — is only realised if the underlying licence is correctly structured and the passport notifications are properly managed.

Marensa Advisory manages Malta-based EU passporting as a complete service — from MFSA licence through pan-EU notification and ongoing host state compliance.

Start the Conversation
27
EU Member States
Malta MFSA
Home Regulator
MiFID II/AIFMD
Key Passports
1 Licence
All Markets
FAQ

Common Questions

Can a Malta entity passport investment services to the UK after Brexit? +

No. The UK is no longer in the EU — the EU passport does not apply to UK-based clients or activities. Separate FCA authorisation or reliance on applicable UK exemptions is required to serve UK clients.

Does an EU passport cover retail or professional investors only? +

It depends on the directive. The AIFMD passport covers marketing to professional investors only. MiFID II and PSD2 passports cover both retail and professional clients (subject to the licence scope). UCITS passports cover retail clients.

How long do EU passport notifications take? +

Cross-border service notifications are typically acknowledged within 1 month. Branch establishment notifications take up to 2 months. AIFMD marketing passport notifications take 20 business days per AIF/member state combination.

Does Malta's small size affect passport credibility? +

No. The EU passport is a legal right — host state regulators cannot refuse access to a firm that holds a valid MFSA licence and has correctly notified its passport. Malta MFSA is an EBA and ESMA-member regulator, subject to the same European supervisory standards as larger member states.

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