An independent assessment of the MFSA's regulatory structures recognizes the progress achieved by the Maltese financial services sector over the last decade.
An independent assessment of the MFSA's regulatory structures has recognized the progress achieved by the Maltese financial services sector over the last decade. According to the assessment, Malta has developed 'a comprehensive and integrated legal framework for financial services' and has adopted policies which 'give due importance to the processes of financial innovation and improvements in the organisation of the financial services sector'.
The report also states that the MFSA has managed to 'stay ahead of the market in the development of the regulatory infrastructure, while enabling the market to develop new products and opportunities'. The report also addresses the recent changes in the MFSA's internal regulatory structure and notes that 'this is expected to lead to a high level of consistency in functions such as licensing and risk-based supervision and improve co-operation and information-sharing across the authority'.
The independent assessment has been carried out by the following independent assessors:
Piero Ugolini (former Assistant Director – IMF and mission Chief of the IMF/World Bank
team that conducted the 2002/3 FSAP exercise)
Richard Nun (former Deputy Director – Texas Banking/Finance Commission, Austin-Texas;
and currently peripatetic expert in banking Supervision – IMF and Centennial Group –
Washington D.C., USA
Michael Kehr, Senior Advisor International Policy/Affairs, BaFin, Bundesanstalt fur
Finanzdienstleistungsaufsicht, Federal Financial Supervisory Authority, Germany.
