After an in-depth analysis of the Maltese market environment and the European Union’s strategic priorities, the Malta Financial Services Authority (MFSA) has released this year’s supervision priorities. The ongoing priorities considered crucial for MFSA’s day-to-day proceedings include:
Governance, Risk, and Compliance (GRC) – addressed through the corporate Governance Code setting up principles and legal framework across multiple sectors.
Financial Crime Compliance (FCC) – maintain and improve co-operation with Financial Intelligence Analysis Unit and Sanctions Monitoring Board to ensure effective anti-money laundering.
Consumer Protection and Education (CPE) –follow up on supervisory inspections undertaken last year on licensed entities to ensure all MiFID II requires are satisfied.
This year’s high-level supervisory themes are:
Resilience of Supervised Entities
The themes shall apply to the following sectors:
Insurance and pensions
Supervisory ICT Risk and Cybersecurity
Separately, the MFSA intends to focus on in depth reviews on (1) passporting notification process across different supervisory functions and (2) follow‑up of post-licensing conditions by different supervisory functions.
This article is not intended to impart legal advice and readers are asked to seek verification of statements made before acting on them.