MFSA update May 2020
The MFSA has published a series of circulars related to the Investment Service Rules, Insurance and Reinsurance Undertakings, and the Implementation of the IORP II Directive.
MFSA on its approach to Risk-Based Supervision
The document also clarifies how safeguards against financial crime risks have been integrated into the process by the Malta Financial Services Authority (MFSA).
In a statement, the MFSA also explains how “the principles of risk management and mitigation are not limited to supervision, but are applied by the Authority in the exercise of its other core functions, such as authorisation, operations, and enforcement.”
According to the MFSA’s Chief Officer for Supervision, Christopher Buttigieg, the Authority’s risk-based approach “enables the MFSA to better allocate its resources, supervisory programmes, and procedures based on the unique risk profile of each firm.”
The Executive Summary to the document, the full text of which can be found here, reiterates the MFSA’s efforts to increase its engagement with the industry and the public. “This document is being published to increase our accountability and transparency, enabling industry and consumers to better understand our supervisory work and priorities”, it explains.
For more information visit the MFSA's website on www.mfsa.com.mt
Publication date: June 2020
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