MFSA outlines five strategic pillars for 2023-2025

The Malta Financial Services Authority (MFSA) has published a strategic statement outlining the objectives which will guide its mission towards securing Malta’s future as a resilient and efficient financial services jurisdiction. It recognised the importance of continued investment in the MFSA’s expertise and digitalisation of internal processes.

The document sets out 27 strategic priorities grouped under five pillars which the MFSA will focus on between 2023 and 2025:

• Delivering agile and proactive regulation;
• Sustaining a resilient, internationally networked financial sector;
• Promoting good governance and compliance;
• Embracing innovation;
• Engagement with the public.

Outgoing chairperson Prof. John Mamo said that this document outlines the institution’s direction within the changing financial landscape, adding, “Malta’s size and agility as a jurisdiction should enable it to adapt to this changing scenario and ensure that all stakeholders can rely on and contribute towards its flexibility, resilience and soundness as a jurisdiction.”

Some highlights from MFSA’s strategic priorities are the objective to slash bureaucracy, improve transparency and develop a high level of crisis preparedness within its internal structures, while seeking to improve the crisis management framework at the national level.

The MFSA also intends to implement both a national and EU AML/CFT strategy within the finance sector.

Sustainable finance is also mentioned, to ensure the MFSA has the expertise and capabilities to integrate environmental, social, and governance (ESG) market monitoring and risk assessment as the EU’s sustainable finance strategy is implemented.

MFSA’s acting CEO and chief officer of enforcement, Dr Michelle Mizzi Buontempo, added, “The MFSA has a strong and renewed commitment towards increasing efficiency, effectiveness, and versatility, both as an organisation and in its interaction with its wider stakeholder base. This strategy is a result of contributions from the MFSA staff as well as our consultations with industry and consumer associations and other regulatory bodies.”

“We will continue to cultivate a healthy and open dialogue with our peers, market operators, consumers and the general public to keep our focus relevant, timely, and trained on achieving the outcomes that fulfil our statutory mandate.”