MFSA Strategic Statement – February 2023

In February 2023, the MFSA published its Strategic Statement for 2023 to 2025. This brief article will set out the backdrop to the Strategic Statement and the MFSA’s strategic pillars.

 

Context to the MFSA’s Strategic Statement

Over the past three years the global financial services sector had to steer through material challenges and high levels of uncertainty primarily owing to the pandemic. The qualities of adaptability and resilience were factors that helped Malta’s financial services to navigate through this tumultuous period. Despite these positive factors, the MFSA recognises that the road ahead remains unclear owing to current geo-political events and economic challenges. This requires Malta to enhance its financial stability and resilience while continuing to address continuing challenges. Moreover, while sustainable and digital finance are creating new opportunities they also add an extra layer of regulation and supervision which further adds to the depth and weight of regulation and supervision following the financial crises of 2009. It is in this political, economic and regulatory context that the MFSA published its Strategic Statement.

 

Strategic Pillars

The MFSA’s corporate strategy identified five pillars (or high-level areas) which it will focus on to achieve its statutory objectives in accordance with its mission[1] and vision.[2] These five strategic pillars are:

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

These five strategic pillars (or strategic objectives) are complemented and supplemented by:

  • two corporate objectives and three corporate priorities; and
  • eleven regulatory objectives and twenty-seven strategic priorities.

 

 

[1] The MFSA’s mission is to be an independent, proactive and trustworthy supervisory authority whose purpose is to safeguard the integrity of markets and maintain stability within the financial sector for the benefit and protection of consumers.
[2] The MFSA’s vision is to be a forward-looking financial services regulator, having the respect and trust of the industry and the general public, contributing to towards a strong and dynamic financial services sector.

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