Featured Product

    MFSA Publishes Strategic Plan for 2019-2021

    September 06, 2019

    MFSA published the strategic plan for 2019–2021, presenting its supervisory and other work priorities for the period. This plan has been developed in the context of the challenges faced by local and international financial markets and the new emerging risks emanating from the drive toward financial innovation and technology. The strategic plan gives due consideration to international regulatory developments and instances of misconduct on both local and global levels, which may have negatively impacted the trust in the financial services market worldwide.

    The strategic plan demonstrates a sound commitment to address the recommendations of IMF, EC, and ESAs. In addition to a number of sector-specific priorities, the strategic plan draws on the main pillars of the strategic framework of MFSA and targets specific cross-sectoral priorities, including the following:

    • Governance, culture and conduct—The strategic plan provides for measures and initiatives that MFSA will undertake to enhance its internal governance, risk management framework, and organizational structure, while providing for measures that are aimed at engaging with supervised firms to promote and ensure effective governance structures and cultures in the financial services market.
    • Financial stability and sustainability—To enhance internal capacity and expertise in monitoring the buildup of potential risks to the financial system, revised governance and organizational structure of MFSA provides for the creation of a Financial Stability function within the newly set-up Strategy, Policy, and Innovation Directorate. The strategic plan aims to enhance the monitoring of threats to financial stability, calibrating macro-prudential toolkit, policy, and analytical tools to enhance the effectiveness of oversight of the financial market. MFSA plans to develop preventive policies designed to mitigate the identified risks and to enhance its work on recovery and resolution. In addition, MFSA is working on enhancing risk models and the development of a network model, mapping out the interconnectedness with the banking and the wider financial sector. MFSA will continue to follow developments at the EU level with respect to sustainable finance, examine the impact of proposed changes to the local financial sector, and consult with all relevant stakeholders before seeking to implement the relevant EU legislation, in line with the requirements of the local market.
    • Technology and innovation—Technology and innovation is a key priority area for MFSA and the strategic plan focuses on providing solutions that nurture technology and innovation while facilitating access to the market. As part of the strategic plan, MFSA strives to ensure that its regulatory and supervisory approach keeps pace with the technological progress. 
    • Cyber-security and resilience—Measures and initiatives are planned to ensure that regulated firms have a cyber-security program in place, which is designed to enhance their resilience to cyber-attacks and mitigate the risks associated with threats such as disruption of service, data breaches, and loss of data.
    • Conduct supervision—As part of the supervisory work, MFSA gathers information on instances of harm or risks of potential harm. MFSA plans to gather this information through multiple sources such as routine supervisory and enforcement activity, thematic reviews, market research, social media listening, and surveys.

     

    Related Links

    Keywords: Europe, Malta, Banking Insurance, Securities, Strategic Plan, Financial Stability, Governance, Recovery and Resolution, Macro-Prudential Policy, Cyber Risk, Fintech, MFSA

    Featured Experts
    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494