Pre-licensed Maltese investment firms do change hands, though rarely on a public listing. MFSA’s qualifying-holdings approval makes the acquisition a regulated transaction, not a marketplace trade. Most acquirers route through a mandated broker because the diligence load on regulatory standing, banking continuity, MAR-control adequacy and director-replacement obligations is heavier than an ad-hoc seller introduction can handle. Pre-licensed entities openly advertised “for sale” are typically the ones that struggle to clear the diligence Cadena runs.

A share-purchase agreement plus an MFSA change-of-control notification under the qualifying-holdings procedure. The acquirer files a fit-and-proper pack covering directors, qualifying holders, source of funds and post-acquisition business plan. MFSA examines it in parallel with the SPA, and closing happens after non-objection. The acquirer typically replaces at least one executive director on closing, and MFSA reviews the new board composition before approval lands.

Initial capital follows the IFR/IFD floor by category. EUR 75,000 for Category 1 (advisory and RTO without client funds), EUR 150,000 for Category 2 (STP brokers that hold client funds — the standard retail FX/CFD tier), and EUR 750,000 for Category 3 (dealer-on-own-account and market-makers). Capital must be paid up in cash at a Maltese credit institution and ring-fenced. Ongoing own-funds requirements track the IFR/IFD prudential framework on top of the initial-capital floor.

MFSA’s published fee schedule (revised for 2025) sets both an application fee at authorisation and an annual supervisory fee scaled to the firm’s risk and size. We do not publish fee specifics because they depend on category, business model and any concurrent passporting; the figure that actually moves the deal economics is the target’s purchase price plus the regulatory-capital top-up the acquirer brings, not the MFSA fee line. We scope that on a mandated basis.

Yes. MFSA assesses the acquirer on fit-and-proper grounds, source of funds and the post-acquisition business plan, not nationality. Non-EU buyers do need to satisfy MFSA that the ultimate beneficial ownership chain is transparent and that consolidated supervision over the group will be effective. The MFSA–Seychelles MoU signed in April 2025 is one signal of how seriously the Authority is treating cross-border information flow on CFD groups.

The qualifying-holdings procedure has a statutory ceiling but its real duration depends on how complete the fit-and-proper submission is on day one. Where the SPA is conditional on non-objection and the acquirer’s pack is filed in parallel with the SPA rather than after signing, the change of control is rarely the binding constraint on closing. Operating-bank acceptance and the MAR-controls review are usually the items that move the closing date.