MFSA publishes its Annual Report for 2020
In its latest annual report, the MFSA focuses on the attainment of three key objectives, namely:
- Creating a sound level of stability for the long-term benefit of the financial services industry;
- Enhancing continuity, particularly with the implementation of its Strategic Plan 2019-2021; and
- Bolstering growth by prioritising initiatives for the financial sector’s sustainable development.
The report emphasises the requirement for an ongoing forward-looking approach, strengthening the MFSA’s organisational capacity, governance, institutional architecture and supervisory process. It is clear that the MFSA continues to prioritise its obligation to ensure that the highest standards of governance, risk management, culture and conduct are maintained throughout the financial services industry. This would ensure that greater accountability, market trust and transparency is exercised within Malta’s financial services sector. The report also highlights specific sectors (such as banking, insurance and pensions, securities and markets, trustees, CSPs and VFAs) that require increased focus on a range of regulatory matters including prudential supervision, conduct supervision and AML/CFT, as well as an impact assessment of COVID-19 on these sectors.