The Executive Committee is the main organ of the Authority, being responsible for the implementation of the strategy and policies of the MFSA. Approvals related to regulation as well as those required for the issuing of licences and other authorisations also fall under the responsibility of this Committee. It is also entrusted with the monitoring and supervision of persons and other entities licenced or authorised by the Authority in the financial services sector, as well as the enforcement of the regulatory framework in this same sector. The Executive Committee is also responsible for the overall performance of the Authority including its financial affairs, human resources and ancillary services, as well as the general coordination and management of the Authority’s administrative and operational affairs.
In terms of article 9(2) of the MFSA Act, “The Executive Committee may from time to time delegate in writing its functions and powers, on such matters and subject to such conditions and modalities as may be specified in the delegation, subject to the terms and duration as determined by the Executive Committee, to the Chief Executive Officer or one or more of the members of the Executive Committee, any one or more of the sub-committees established by the Executive Committee or a function or unit of the Authority, as may be specified. Any decisions so made shall be approved by the Board of Governors and subsequently made public on the website of the Authority.”
The Delegation of Authorisation Framework can be accessed here.