Thursday, 12th March 2020



The Malta Financial Services Authority (MFSA) is pleased to invite you to the conference on Non-Bank Financial Intermediation (NBFI) being hosted by the MFSA’s Financial Supervisors Academy (FSA) on Thursday, March 12, 2020.

This conference will bring together representatives from EU institutions, Central Banks, supervisory and regulatory authorities with the aim of discussing the developments in NBFI monitoring, as well as the challenges ahead. Over the last years, NBFI has had a positive impact on the economic landscape by supporting credit provision, market liquidity and market efficiency. However, such benefits are accompanied by bank-like risks which could lead to systemic risk. Thus, policy makers and regulators are required to closely monitor the developments in the NBFI perimeter, a highly challenging task due to the fast-evolving financial environment.

Several distinguished speakers will be participating in this one-day event, including supervisors, Central Bankers and academics. Among them, we look forward to  welcoming Mr Francesco Mazzaferro, Head of the European Systemic Risk Board (ESRB) Secretariat, who will provide an overview of the work undertaken by the ESRB in this area. We are also pleased to advise that Ms Olga Petrenko, Head of Market Data Policy at European Securities and Markets Authority (ESMA) will provide information on the EU-wide data sources which can contribute significantly to the NBFI analysis.

This event will be the first of a series of conferences and training sessions hosted by the MFSA’s FSA, which will be officially launched on the previous day. The FSA aims at ensuring continuous learning and facilitating debate on supervisory matters and mechanisms, with a view to strengthening knowledge on financial supervision and techniques.

We encourage you to submit your registration by filling in the below form not later than Saturday, February 29, 2020.

Who Should Attend

This conference welcomes delegates from all National Supervisory and Regulatory Authorities, European Supervisory Authorities, financial stability and research departments of Central Banks, EU Officials  and Academics.


Chief Executive Officer, Malta Financial Services Authority

Joseph Cuschieri

A Certified Public Accountant by profession and a fellow member of the Malta Institute of Accountants, Joesph is specialised in management accounting, corporate finance, economic regulation and business management. He also holds a Masters Degree in Business Administration from Henley Management College, UK and an Advanced Diploma in Management Accounting from the Chartered Institute of Management Accountants (CIMA), UK. Throughout his professional career, he held various roles amongst which, COO at the Malta Communications Authority, CCO at Vodafone Malta, senior consultant with EY and Chairman and CEO at the Malta Gaming Authority. Joseph is also a member of the Blockchain task force where he was involved in the development of a new regulatory framework for virtual currencies and distributed ledger technology.

Head of ESRB Secretariat, European Systemic Risk Board

Francesco Mazzaferro

Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. Prior to that, he was the Project Manager of the ESRB Preparatory Secretariat, which started work in March 2010. He began his career in financial research in the Research Department of the Istituto Bancario San Paolo di Torino (today part of Intesa Sanpaolo) in Turin, Italy, in 1987. He joined the European Commission in Brussels, Belgium, in 1992, starting his international career in the Directorate General for Economic and Financial Affairs, where his work focused on the European Currency Unit and preparations for the introduction of the single currency.

Chief Officer Strategy, Policy and Innovation, Malta Financial Services Authority

Dr Christopher P. Buttigieg

Dr Christopher P. Buttigieg is the Chief Officer Strategy, Policy and Innovation at the MFSA. Prior to this appointment, he was the Head of Securities and Markets supervision, responsible for work in the field of policy, regulation and supervision of securities, markets and FinTech.

Head People and Culture, Malta Financial Services Authority

Calvin Cassar

Calvin Cassar joined the Malta Financial Services Authority in June 2017 and was appointed as Head, People & Culture in May 2019. In his role he is responsible for matters relating to people within the Authority and specifically in driving activities relating to recruitment, retention, and remuneration & reward. Throughout his career he has held leadership roles in human resources in companies across different industries, including the automotive and financial services. He has been involved in HR transformation and capability building exercises, change management programmes, industrial relations and advisory work. He holds an M.Sc. in Occupational Psychology from the University of Leicester, and a Bachelor in Psychology from the University of Malta. Mr Cassar is involved in the delivery of training in relation to leadership, management and human resources within different institutions, and has published content in management publications and books for children.

Head of Market Data Policy, ESMA

Olga Petrenko

Olga Petrenko is the Senior officer in the Market Data Policy Team within the Markets Department at the European Securities and Markets Authority (ESMA). She is involved in ESMA’s work on defining reporting requirements that stem from European regulatory regimes, including EMIR, MiFID II/MiFIR, MAR and SFTR. Her current tasks focus, among others, on ESMA implementing measures on trades, transactions, order book, instrument reference data and securities financing transactions reporting. Ms. Petrenko joined CESR (predecessor of ESMA) in March 2009 from the Lithuanian Securities Commission where she held the position of the Head of the Market Monitoring Division.

Managing Director Securities Supervision, Austrian Financial Market Authority

Birgit Puck

Director of the Department of Economic Research and Statistics, CNMV

Eudald Canadell

Eudald Canadell is Director of Research and Statistics at the CNMV (Comisión Nacional del Mercado de Valores), the Spanish financial markets regulatory and supervisory agency, where he manages a team responsible for economic analysis of the financial markets and products in Spain, financial stability monitoring and development of macroprudential tools, analysis of effects of different regulatory measures as well as regular follow up of the main economic and financial indicators related to the CNMV mandate. He is also responsible for the elaboration and publication of the public reports of the CNMV, including Annual Report, Quarterly reports, Financial Stability notes, NBFI monitor, and Financial Stress indicator, and for direction and coordination of the works related to the CNMV participation in the different working groups and committees of the ESRB, FSB, as well as those in ESMA and IOSCO related to financial stability and macroprudential policy, as well as coordination of the work of the CNMV related to IMF reviews.

Head of Financial Risks Monitoring Section, Financial Stability Department, Bank of Greece

Konstantinos Kanellopoulos

Konstantinos Kanellopoulos has been the Head of the Financial Risks Monitoring Section of the Financial Stability Department at the Bank of Greece since July 2014, with the responsibility of monitoring and assessing developments in the financial system and its associated systemic risks, as well as conducting analysis on the domestic financial markets. He has been a member of the ESRB Expert Group on Non-Bank Financial Intermediation (formerly known as Shadow Banking Expert Group) since May 2016. Konstantinos joined the Bank of Greece in August 2000, staring his career as a Bank Examiner with the production of supervisory reports, the provision of answers to questionnaires from foreign supervisory authorities and international organizations and the assessment of project plans for granting of a license to new banks.

Associate Lecturer in Banking and Financial Law, Queen Mary University of London

Marco Bodellini

Dr Marco Bodellini is an Associate Lecturer in Banking and Financial Law at Queen Mary University of London (QMUL) – Centre for Commercial Law Studies (CCLS), where he teaches in the areas of Investment Banking Law, Securities Regulation and Banking Regulation. He is also an Adjunct Professor in Commercial and International Law at University of Bologna and a Lecturer at University of Warwick where he teaches International Corporate Governance and Financial Regulation.

Chief Executive Officer, Investment Company Institute

Paul Schott Stevens

Paul Schott Stevens has served as president and CEO of the Investment Company Institute since June 2004. Stevens has steered ICI during some of the most challenging years in its history, through the financial crisis and beyond. He has led ICI’s efforts on a series of crucial issues—money market fund reform, passage and implementation of the Dodd-Frank Act, and critically important fiscal and tax issues. In 2011, he directed the launch of ICI Global to respond to the globalization of fund investing and regulation, and has consistently championed the role of investment funds and defined contribution plans in providing for retirement internationally. Stevens served as general counsel of ICI from 1993 to 1997. He also practiced law in Washington for many years, most recently as a partner in the financial services group of Dechert LLP. In addition, Stevens served in senior government positions at the White House and Defense Department, including as special assistant for national security affairs to President Ronald Reagan and as chief of staff of the National Security Council. Upon leaving government service, he was awarded the Defense Department’s Medal for Distinguished Public Service, its highest civilian decoration. Over his career, Stevens has been involved with a wide range of professional, cultural, community, and church activities. He and his wife, Joyce, live in Alexandria, VA, and have four sons.

SciencesPo Paris and University of Evry

Giuseppe Loiacono

Giuseppe Loiacono is an Economist at the Single Resolution Board (EU Institution based in Bruxelles) and Adjunct Professor at SciencesPo Paris University and University of Evry, both in France. He has gathered experiences across different European institutions and central banks and conducted research on a large variety of topics. In particular, his areas of expertise relate to banks' resolution, financial markets infrastructures, shadow banking, and broader financial stability. Giuseppe has previously worked for the European Central Bank and the Central Bank of Malta. Giuseppe holds a M.Sc. in Corporate Finance and Accounting, and a Ph.D. in Banking and Finance.

Analyst, MFSA

Mariana Gkoutse

Mariana Gkoutse has been working as a Research Economist with the Financial Stability function of Malta Financial Services Authority since 2018. Her research work is primarily dedicated to stress testing, as well as other topics related to financial stability analysis. Over the past year, Mariana has been leading the Authority’s ongoing work related to non-bank financial intermediation. Prior to joining the Authority, Mariana gained relevant experience working as an Economics officer at the Financial Stability Department of the Central Bank of Malta. Mariana has been developing her expertise through continuous collaboration with both the local and international institutions such as the IMF and ECB. She completed her Masters in Economics at the Tilburg University, specialising in Resources, Development and Growth.  She also holds a Bachelor’s degree in International and European Economic Studies from the Athens University of Economics and Business.

Analyst, Malta Financial Services Authority

Theresa Fenech

Theresa Fenech has been working as a Research Economist with the Financial Stability Function of the Malta Financial Services Authority since 2017, dedicating her time to a variety of research projects. Her main research interests include the empirical network analysis and the non-bank financial intermediation. During her time at the MFSA, she has undertaken a number of analytical projects in collaboration with international institutions such as the IMF, the ESRB and the ECB. Theresa is also a visiting lecturer at the University of Malta. Apart from being a Bachelor of Commerce graduate, she completed an honours degree in Economics and holds a Master’s degree in Economics from the University of Nottingham, specializing in Financial Economics.

Chief Officer of Financial Stability, Central Bank of Malta

Alan Cassar

Mr Cassar holds the post of Chief Officer within the Financial Stability & Statistics Division of the Central Bank of Malta. He is responsible for the Bank’s Financial Stability and Macro-prudential policy, including amongst others risk surveillance, stress testing, policy setting and crisis management.  He is also responsible for the statistical collection and dissemination, as well as the maintenance and enhancements to the Bank’s statistical platform - INFOSTAT. Mr Cassar chairs the Financial Stability Forum, which serves as a channel for dialogue between the Central Bank and the Maltese banks.  He also sits on a number of internal and domestic committees, such as the Bank’s Financial Stability Committee, the Risk Committee, the Statistics Committee and the Domestic Standing Committee.  Mr Cassar is also Secretary to the Joint Financial Stability Board, which is a statutory body entrusted to coordinated macro-prudential and financial stability policy at a national level.  Apart from his participation in the aforementioned local structures, Mr. Cassar is also a member of the ECB’s Financial Stability Committee, as well as the ESRB’s Advisory Technical Committee.

Director of Financial Stability, Central Bank of Ireland

Vasileios Madouros

Vasileios Madouros was appointed Director of Financial Stability in January 2019.  He is responsible for the Central Bank’s work to monitor threats to financial stability and provide advice on the use of macro-prudential tools, or other policy interventions, to mitigate those risks.  Vasileios is also responsible for enhancing the Central Bank’s financial crisis preparedness and management capabilities as well as preparing for, and managing, the orderly resolution of relevant financial institutions.  Vasileios is a member of the Plenary Board of the Single Resolution Board.  Prior to joining the Central Bank, Vasileios spent most of his career at the Bank of England.  His work at the Bank of England spanned a range of areas related to financial stability, covering macro-prudential policy development, stress testing, international finance, prudential policy and macro-financial risk assessment.

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