The Malta Financial Services Authority (MFSA) welcomes the IMF’s recommendations, including those made on the Authority’s proposed new organisational structure. As a result, a dedicated Enforcement Decisions Committee and a Regulatory Committee, both of which will be composed of independent experts in the respective fields, have been included in the revised operating model. Furthermore, the MFSA’s new organisational structure will also include the establishment of a risk committee and a financial crime compliance (AML) committee with the objective of strengthening the areas of risk management and AML supervision. The implementation of the MFSA’s organisational restructuring is work in progress and is currently undergoing the required legislative and parliamentary process. Full details of the new MFSA organisational model will be published once the latter process is completed.
The MFSA has for the past year been undergoing an organisational restructuring programme in order to bring it in line with international standards, whilst aiming to strengthen and streamline the supervisory and operating model. To this effect the MFSA conducted a broad consultation exercise with local and international stakeholders and other experts to ensure that the new MFSA organisational design addresses current and future challenges, bringing it in line with those of its peers. As part of this restructuring exercise, a new Executive Committee will be established taking on the responsibilities of the present Co-Ordination Committee, Supervisory Council and Board of Management and Resources. The Executive Committee shall be responsible for all the corporate, operational and supervisory functions of the Authority.
The proposed organisational structure is a single component forming part of a broader transformation programme (as part of the MFSA’s Vision 2021) focusing primarily on clearer organisational objectives, enhanced corporate governance structures, capacity building, knowledge management and technological innovation amongst other key strategic initiatives.
