Last Updated on Thursday, 2 February, 2023 at 10:28 am by Andre Camilleri
The Malta Financial Services Authority (MFSA) has published a strategic statement, outlining the objectives that will guide its mission and contribute towards securing Malta’s future as a resilient and efficient financial services jurisdiction.
This statement sets out the Authority’s long-term objectives and more immediate strategic priorities in the context of the current economic environment. It takes into account the unprecedented challenges and uncertain global outlook impacting the financial sector and points out the opportunities that can be leveraged by resilient, effectively regulated jurisdictions.
The document also sets out 27 strategic priorities that the Authority will focus on over the next three years in line with this direction. These are grouped under five pillars: Delivering agile and proactive regulation; Sustaining a resilient, internationally networked financial sector; Promoting good governance and compliance; Embracing innovation; and Engagement with the public. The strategic statement also recognises the importance of continued investment in the Authority’s people and in the digitalisation of internal processes.
“The MFSA Strategic Statement sets out a clear direction for the Authority as we navigate the continuously changing landscape in the financial services industry,” said outgoing Chairman Prof. John Mamo.” Malta’s size and agility as a jurisdiction should enable it to adapt to this changing scenario and ensure that all stakeholders can rely on and contribute towards its flexibility, resilience and soundness as a jurisdiction.”
MFSA’s Acting CEO and Chief Officer Enforcement Dr Michelle Mizzi Buontempo added that “The Authority has a strong and renewed commitment towards increasing efficiency, effectiveness and versatility, both as an organisation and in its interaction with its wider stakeholder base. This strategy is a result of contributions from the MFSA staff as well as our consultations with industry and consumer associations and other regulatory bodies. We will continue to cultivate a healthy and open dialogue with our peers, market operators, consumers and the general public to keep our focus relevant, timely, and trained on achieving the outcomes that fulfill our statutory mandate.”