Virtual Financial Assets for VFA Agents Programme - Intake 3

Date: 11, 15, 18, 22 February and 1st March 2019

Venue: ITS Luqa



Event Programme

Monday 11th February 2019

Dr. Max Ganado

The DLT Legislation Framework

  • Some big strategic and philosophical issues around blockchain
  • History of the process towards DLT legislation in Malta
  • The underlying strategy towards the legislation
  • The laws which were drafted and underlying strategic approach
  • Introduction to MDIA, ITAS and VFA with some introductory focus on the Financial Instrument test and the VFA Agent

The future ideas on legislation


Friday 15th February 2019

Mr. Silvan Mifsud

The Financial Instruments Tests & MFID 2

  • Understanding the definitions outlined in the VFA Act
  • Understanding the thought flow of the Financial Instrument test
  • Practical examples of filling the Financial Instrument Test excel sheet to determine nature of DLT asset, using actual white papers
  • Overview of MiFiD 2 covering concepts of Client Classification under MiFiD 2; Suitability and Appropriateness
  • Meaning of Best Execution: Concepts of Market Maker & Systematic Internaliser; Client Communications & Reporting


Monday 18th February 2019

Dr. Christos Efthymiopoulos

The Virtual Financial Assets Act

  • Classification of DLT assets and regulated services and activities
  • Virtual Financial Assets Regulations – overview
  • Virtual Financial Assets Rulebook – with a focus on VFA Agents and their obligations vis-a-vis Issuers and VFA Service Providers
  • Mini-workshop – Attendees to be divided in groups addressing a case study
  • Q & A Session

Friday 22nd February 2019

Dr. Diane Bugeja

Antimoney Laundering for VFA Agents

  • General CDD requirements, including risk assessment
  • Ongoing monitoring Record-keeping
  • Reporting
  • Draft FIAU VFA sector-specific IPs
  • Any AML-related obligations that arise out of the MFSA Rulebook for VFA Agents


Monday 25th February 2019

Mr. Stephen McCarthy | Dr. Cherise Abela Grech | Dr. Terrence Cassar

The MDIA Act and ITAS

  • MDIA role, functions, guiding principles and interface with MFSA Requirements to act as functionary
  • Role of functionaries
  • Basic concepts including smart contracts, keys, cryptography, DAOs, open source, tech neutrality, hot vs cold wallets, forking, consensus mechanisms, wet vs dry code
  • Definitions at law including ITA and ITSP
  • Certification process including requirements and auditing In or from Malta definition

Friday 1st March 2019

Revision Lecture.
Lecturer To Be Announced: 16:00 
– 18:00 Lecturer To Be Announced: 18:00 – 19:30


N.B. Examination Date, Time & Venue to be Announced at a Later Stage Exam of 100 MCQs

  • This examination paper consists of 100 multiple choice questions each with one mark.

  • Each CORRECT answer will be awarded ONE mark.

  • No marks will be awarded to INCORRECT answers or not attempted / unanswered questions.


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