Capital Markets Forum 2026: Navigating the Path to Listing

Chairman, MFSA

Jesmond Gatt

Jesmond Gatt was appointed Chairman of the Board of Governors of the Malta Financial Services Authority (MFSA) in 2023. Mr Gatt joined the Central Bank of Malta in 1984 and graduated in Mathematics and Computing from the University of Malta in 1995. During his career at the Bank, spanning over 37 years, he worked on all major IT projects and held the position of Chief Officer with responsibility for retail banking services, currency management, and the regulation of payment systems and infrastructures. He formed part of the core financial sector team that oversaw Malta’s changeover to the euro in 2008. Following Malta’s accession to the European Union, Mr Gatt served as a member of various Eurosystem and European Commission committees focusing on payment systems and the management of euro banknotes and coins. He also participated in several European Commission initiatives contributing to the development of payment systems regulations. Between 2016 and 2023, Mr Gatt served on the Board of the Financial Intelligence Analysis Unit (FIAU), acting as Chairman of the Board from 2020. Mr Gatt was appointed Chairman of the Board of Governors of the Malta Financial Services Authority in 2023. In 2025, he also assumed the chairmanship of the Management Committee of the Depositors Compensation Scheme and the Investment Compensation Scheme. Between 2022 and 2024, Mr Gatt served as Chief Executive Officer of Malta Government Investments (MGI) and Malta Investment Management Company Limited (MIMCOL). In 2023, he was also involved in the establishment of Malta Government Venture Capital, where he has since served as Chairman of the Board. Mr Gatt brings extensive experience in financial services, regulatory matters, governance, payments, technology, and investment management to his role as Chairman of the MFSA Board of Governors.

Chief Executive Officer, MFSA

Kenneth Farrugia

Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector. Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees. For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations. Mr Farrugia is currently also the Chairman of the FIAU.

Chief Officer Supervision, MFSA

Christopher P. Buttigieg

Prof. Buttigieg has more than twenty five years of professional experience in financial regulation and supervision. He is the Chief Officer – Supervision, responsible for the Supervision Directorate, the Chair of the MFSA’s Regulatory Committee and the AMLCFT Committee and a member of the Authority’s Executive Committee.  He is responsible for the co-ordination and implementation of the supervisory and regulatory strategy across all the sectors under the MFSA’s remit. Between October 2020 and September 2021, Prof Buttigieg fulfilled the role of Interim Chief Executive Officer of the Malta Financial Services Authority. Throughout his career at the MFSA, Prof Buttigieg was responsible for managing various functions and teams. He was also responsible for the implementation of several European Directives and Regulations and the development of new regulatory frameworks at national level. Prof Buttigieg is a member of the Board of Supervisors of the European Securities and Markets Authority and European Banking Authority.  He was the Chair of the ESMA Data Standing Committee (until December 2022) and a member of the EBA Task force on proportionality (2025). He is currently the Chair of the ESMA Proportionality and Coordination Committee and a member of the ESMA Management Board. Prof Buttigieg has a commerce degree (B.Com 1998), an accountancy degree (B.Accty. Hons. 2000) and a financial services law degree (M.A. Fin. Ser. 2003) from the University of Malta, as well as a European Union Law degree (M.A. EU Law and Soc 2005) and a doctoral degree in law (PhD 2014) from the University of Sussex (UK). His Doctoral thesis deals with the governance of EU securities regulation and supervision. Prof Buttigieg is an Associate Professor in the Banking, Finance and Investments Department of the University of Malta. He is also a member of the Board of Trustees of the Academy of European Law (ERA) in Trier, Germany, and a visiting lecturer at the same institution. He is an active researcher and has published various papers in reputable journals, including the Columbia Journal of European Law, the European Company and Financial Law Review, the ERA Forum, the Journal of Financial Regulation and Compliance, the Journal of Business Law and the Law and Financial Markets Review. His latest publications deals with centralisation of supervision of CASPs under the EU Markets in Crypto Assets Regulation. He is also the Editor in Chief of the Journal of the Financial Supervisors Academy, which seeks to bridge academia with financial supervision.

Governor, MFSA

Stephanie Vella

Governor, MFSA

Carl Brincat

Head, Capital Markets Supervision, MFSA

Lorraine Vella

Lorraine Vella was appointed Head of the newly established Capital Markets Supervision function on 1 May 2022. Lorraine, a certified public accountant, joined the MFSA in 2000 and has worked in a number of areas within the organisation, gaining extensive knowledge in regulation, supervision and enforcement in the financial markets sphere. Having more than 15 years of experience in capital markets, throughout her career she was also directly involved in the transposition and implementation of various EU legislation, including the Prospectus Directive, Transparency Directive, Shareholders Rights Directive and Takeover Bids Directive. Lorraine has represented the MFSA within various Committees of the European Supervisory Authorities and is currently actively involved in European Network Groups related to supervision in financial services. She is also an alternate member on the Board of Supervisors of the European Securities and Markets Authority.

Deputy Head, Capital Markets Supervision, MFSA

Francesca Grech Busuttil

Francesca Grech Busuttil joined the MFSA’s Securities and Markets Supervision Function as an Analyst in 2018 and is currently a Deputy Head within the Authority’s Capital Markets Supervision Function. Her main area of specialisation is capital markets, particularly the prevention and detection of market abuse, securitisation and the supervision of entities falling within scope of the Benchmarks Regulation, Short Selling and MiFIR. In fact, in 2021 she was entrusted with leading the sub-team responsible for the prevention and detection financial market abuse and entities falling within scope of the Benchmarks Regulation, Short Selling and later also Securitisation and MiFIR. At the beginning of 2024, Francesca was then entrusted with leading the listed entities team which is responsible for the processing of applications for admissibility to listing. She has also represented the MFSA at various European Fora on financial regulation and supervision. She is a former member of ESMA’s Market Integrity Standing Committee (later the Market Integrity Working Group), the Reporting Working Group, the Network on Benchmarks and the Prospectus Working Group. Francesca is currently one of the national lead experts on ESMA’s Issuers Standing Committee and the Senior Supervisors Forum. Francesca successfully completed her Bachelor of Commerce (Hons) degree in Economics from the University of Malta in 2018. Having developed a keen interest in financial services regulation, in 2021, Francesca furthered her studies by reading for a Master’s degree in financial services.

Assistant Manager, Capital Markets Supervision, MFSA

Amaria Cutajar

Amaria Cutajar joined the Malta Financial Services Authority (MFSA) in 2023, following seven years of experience in the private sector. She currently serves as an Assistant Manager within the Capital Markets Supervision Function and holds a Bachelor of Commerce (Honours) in Banking and Finance from the University of Malta. Amaria specialises in the supervision of capital markets transactions and the admissibility to listing process. She is the MFSA's lead representative on ESMA's Prospectus Working Group, contributing to discussions and developments relating to prospectus regulation and supervisory practices. In addition, she is also one of the MFSA’s expert representatives on ESMA's Issuers Standing Committee, where she contributes to policy and supervisory initiatives concerning issuers and capital markets regulation.

Assistant Technical Expert, Capital Markets Supervision, MFSA

Taha Etiar

Taha Etiar joined the MFSA in 2019 and currently serves as an Assistant Technical Expert in the Capital Markets Supervision Function. He is a CFA Level III candidate and holds a Bachelor of Commerce (Honours) in Banking and Finance from the University of Malta. Through his work at the MFSA, Taha has developed strong expertise in corporate finance, financial securities, and financial statements’ analysis, mostly gained through hands-on involvement in the processing of multiple admissibility to listing applications of equities and bonds instruments.

Senior Analyst, Capital Markets Supervision, MFSA

Bonifac Dobos Falzon

Bonifac Dobos Falzon is a Senior Analyst within the Capital Markets Supervision Function at the Malta Financial Services Authority (MFSA). In his current role, he is primarily involved in the review of applications for admissibility to listing and serves as the lead expert responsible for processing applications for the registration of sponsors under Malta's newly introduced sponsors' regime. Prior to joining the Capital Markets Supervision Function, Bonifac formed part of the Investment Services Supervision Function, where he developed significant expertise in the assessment of applications relating to collective investment schemes. Before joining the MFSA, he also gained valuable industry experience while working with a Malta-based fund manager. Bonifac holds a Master's degree in Finance and Investment Management from the University of Liverpool and a Bachelor of Arts in Business Enterprise from the Malta College of Arts, Science and Technology (MCAST).

Analyst, Capital Markets Supervision, MFSA

Ryan Falzon

Ryan Falzon joined the MFSA in 2023 and is currently an Analyst within the Capital Markets Supervision Function. His primary responsibilities include overseeing the continuing obligations of listed entities and assessing compliance with applicable financial reporting, sustainability and Capital Markets requirements. In addition to his supervisory responsibilities, Ryan represents the MFSA on various European committees and working groups, including as a member of ESMA’s Financial Reporting Working Group and Sustainability Reporting Working Group. Ryan holds a Master’s degree in accountancy from the University of Malta and is a member of the Malta Institute of Accountants.

Junior Analyst, Capital Markets Supervision, MFSA

Adam Mifsud

Adam Mifsud joined the MFSA in 2025 as a Junior Analyst in the Capital Markets Supervision Function. As a recent graduate, he is building expertise in the ambit of capital markets through active involvement in a range of analytical and regulatory tasks relating to admissibility to listing. He holds a Master of Arts in Banking, Investments and Finance, and a Bachelor of Commerce in Accounting and Banking and Finance, both attained from the University of Malta.

Junior Analyst, Capital Markets Supervision, MFSA

Ryan Abela

Ryan Abela joined the MFSA in 2024 as a Junior Analyst within the Capital Markets Supervision Function. He holds a Master’s of Science in Insurance and Risk Management and a Bachelor of Commerce in Accountancy and Business and Enterprise Management, both attained from the University of Malta. In his role, Ryan supports the supervision of capital markets activities and contributes to the review of admissibility to listing applications. He works closely with senior colleagues in assessing regulatory requirements and monitoring compliance within the capital markets sector. Committed to further developing his expertise in financial reporting, accounting, and financial regulation, Ryan is currently pursuing the ACCA qualification.