Parliament okays new MFSA structure

Maltese Parliament approved of a new organisational structure for the Malta Financial Services Authority (MFSA) with hopes to bring enhanced supervisory efficacy and effectiveness to the operations of the financial watchdog, according to a press statement issued by the MFSA.

The new legislative amendments approved by the members of parliament aim to strengthen the authority’s governance status. They also aspire to support the watchdog’s focus on financial crime compliance, higher supervisory standards, risk alignment, and innovation. The recent changes also aim to increase efficiency by streamlining decision-making processes of leadership framework that intends to clarify responsibilities and accountability.

The restructuring the MFSA has started is in line with its Vision 2021 launched end-January. Vision 2021 comprises of the authority’s missions and strategic vision for the upcoming three years. The framework aims to strengthen the authority’s global market position by developing a forward-looking, proactive and trustworthy supervisory authority with one clear purpose: safeguarding the integrity of markets and maintaining stability within the financial sector.

“The MFSA’s Vision 2021 is the start of a transformative journey supported by an ambitious change programme focused on innovation, investment in fintech [financial technology] and regtech [management of regulatory processes within the financial industry], modernisation of supervision, and technological development,” said Joseph Cuschieri, CEO of MFSA, when announcing the vision. “Our reform agenda includes an overhaul in our organisational and governance structures to enable the authority to meet its future challenges more effectively,” he added.