The objective of the webinar is to provide Management Companies with a clear understanding of ESMA’s 2026 Common Supervisory Action (CSA) on the Risk Management Function and to outline the MFSA’s approach to the implementation of the exercise as set out in the MFSA Circular issued on 22 July 2026 concerning ESMA’s Common Supervisory Action on the Risk Management Function.
The webinar will provide an overview of the objectives, scope and key areas of focus of the CSA, as well as the MFSA’s supervisory approach, including the sampling methodology adopted to identify the Management Companies falling within the scope of the exercise. It will also provide practical guidance on the Self-Assessment Questionnaire, including its structure, the expectations regarding the responses and supporting documentation to be submitted by the selected Management Companies, as well as the procedures and requirements for its completion and submission.
The webinar will further outline the key timelines and subsequent steps applicable to the selected Management Companies, including the relevant submission deadlines and any follow-up supervisory engagements that may be undertaken as part of the exercise. Participants will also have the opportunity to raise questions and seek clarification on the CSA, its implementation and the related supervisory expectations.
Who Should Attend
- Compliance Officers
- Risk Managers
- Fund Administrators
- Custodians
- Auditors
- Legal Advisors
Agenda
| 11:00H | Welcome and Opening Remarks
Introduction and objectives of the webinar |
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| 11:05H | Overview of ESMA's Common Supervisory Action
What is an ESMA CSA and why are such exercises conducted? |
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| 11:15H | MFSA's Approach to the CSA and Lessons Learnt from Common Findings in Previous CSA's
CSA Methodology and Sample Process |
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| 11:35H | Self-Assessment Questionnaire
Structure and Content of the Questionnaire |
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| 12:05H | Questions and Answers | |
| 12:20H | Closing Remarks
Proposed Timelines and Next Steps |
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Registrations
The Authority encourages interested participants to register by not later than Tuesday 8 September 2026.
Registration is on a first come, first served basis.
Speakers
Head, Investment Services Supervision, MFSA
Ian Meli
Ian Meli was appointed Head of Investment Services Supervision in January 2025. Ian joined the Securities and Markets Supervision Function of the MFSA in 2011, after a short stint with a local fund administration company, and progressed through various roles within the function, eventually being promoted to Deputy Head in 2019. He worked on various policy initiatives and conducted several high-profile investigations in the area of asset management and investment firms. He represented the MFSA in a number of fora and working groups within the European Securities and Markets Authority in the field to asset management. Ian has also been a member of the management committee of the Depositor Compensation Scheme and Investor Compensation Scheme since 2022. Ian holds a Bachelor of Commerce (Hons) in Banking and Finance and a Master of Arts in Financial Services, from the University of Malta. He further specialised in financial services by completing an Advanced Diploma in Fund Administration from the University of Manchester.
Senior Manager, Investment Services Supervision, MFSA
Christopher Falzon
Christopher Falzon is a Senior Manager within the Investment Services Supervision function of the MFSA, where he is responsible for supervising investment services licence holders within the asset management sector. Prior to joining the MFSA, Christopher gained valuable experience within the financial services industry, having worked with a local custodian and subsequently with an international bank in Malta. Throughout his career at the MFSA, Christopher has worked on supervisory matters concerning investment services, engaging with industry stakeholders and contributing to the effective implementation of regulatory requirements. He has also represented the MFSA in relevant national and European fora, supporting discussions on regulatory developments and supervisory practices. Christopher holds a Bachelor of Commerce (Hons) in Banking and Finance from the University of Malta and is an ACCA-qualified accountant.
Assistant Technical Expert, Investment Supervision, MFSA
Aaron Vella
Aaron Vella is an Assistant Technical Expert within the Investment Services Supervision function of the MFSA, and forms part of the investment funds supervision team. He holds a Bachelor of Science (Honours) in Financial Services Management. Before joining the MFSA in 2022, Aaron gained experience across the pensions, banking and investment sectors. He is currently contributing to the co-ordination of this year’s ESMA Common Supervisory Action on the risk management function of UCITS management companies and AIFMs.
