The Malta Financial Services Authority recently published its annual report and financial statements for the year 2019. Among the highlights of the Authority’s performance in that year, the Report mentions the launch of the MFSA’s Vision 2021, its FinTech Strategy, as well as the development and publication of the MFSA’s three-year strategic plan for 2019 – 2021.
From an organisational perspective, the Report highlights the restructuring of the MFSA’s organisational and operating model “to strengthen the MFSA’s ability to address current and future challenges”. A new fee policy framework developed during the year should see the Authority becoming self-funded by 2024-2025.
Meanwhile, 2019 saw the development of a new risk management function and risk framework, “paving the way for a risk-based approach in its supervisory programme”, together with the setting up of a new Financial Crime Compliance Team (FCC), with the help of international experts.
As regards the MFSA’s operations, the Report refers to the Authority’s “relentless focus on consumer awareness, educational campaigns and retail investor protection through increased onsite inspections and enforcement of new rules.” The Authority’s resources were also dedicated to the local implementation of the International Monetary Fund (IMF) and MONEYVAL reform programmes.
Commenting on the MFSA’s performance, Professor John Mamo, Chairman of the MFSA, said that “The Authority has made great strides forward in 2019, particularly in the development of its vision and strategic framework for 2019-2021, but also in the areas of risk management and the alignment of cross-sectoral priorities into the Authority’s supervisory objectives.” Joseph Cuschieri, CEO of the MFSA, emphasised the progress registered on “strengthening our organisational capacity and building solid foundations for the Authority to become a stronger, technology and data-driven regulator.” Amongst future priorities, he mentioned the need to “make sure that the most vulnerable are protected from the financial repercussions of COVID-19, and to ensure that markets keep working well and mitigate any impacts on financial stability.”
To download the MFSA 2019 Annual Report, visit: https://www.mfsa.mt