“Ensure high standards of conduct and management in financial services and promote the legitimate expectations of consumers”.
The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta and was established by law on 23 July 2002. It took over supervisory functions previously carried out by the Central Bank of Malta, the Malta Stock Exchange and the Malta Financial Services Centre.
The financial services sector incorporates all financial activity including that of credit institutions, financial and electronic money institutions, securities and investment services companies, regulated markets, insurance companies, pension schemes and trustees. The MFSA is also the Listing Authority for the Financial Markets Act and the Resolution Authority for Directive 2014/59/EU and the Recovery and Resolution Regulations (L.N. 301 of 2015). The MFSA also manages the Registry of Companies.
The MFSA is managed in a way to ensure the regulatory and operational functions of the Authority. The Chairman, sets out policy and general direction and is assisted by the Legal and International Affairs Unit. The Supervisory Council, is exclusively responsible for licencing, supervision and regulation and is composed of the Directors responsible for Authorisation, Banking Supervision, Conduct Supervision, Securities and Markets Supervision, Insurance and Pensions Supervision, and Regulatory Development. Operations Department are responsible for Communications, Human Resource Development, Information Technology and Administration chaired by the Chief Operations Officer. Co-ordination between these three organs is ensured at Co-ordination Committee level. The Board of Governors of the Authority is appointed by the Prime Minister in virtue of article 6 of The Malta Financial Services Authority Act (Cap.330).
MFSA is also responsible for consumer education and consumer protection in the financial services sector.
MFSA is a member of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). The MFSA forms part of the Single Supervisory Mechanism (SSM) within the ECB and participates in the SSM Supervisory Board decision making. The Authority is also a member of the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) and a signatory of the Multilateral Memorandum of Understanding with other members of these Institutions.Malta is a jurisdiction that complies with and helps develop international best practice and is actively involved with the OECD, the EU and the Commonwealth in modelling global regulatory policy.