The Central Bank of the Republic of San Marino (CBSM) is pleased to announce that, on October 3, 2023, it successfully concluded and signed a Memorandum of Understanding (MoU) with the Malta Financial Services Authority (MFSA). The MoU establishes a framework of bilateral cooperation between the two Authorities in the carrying out of their respective functions and duties. It also provides for the exchange of information and mutual assistance in matters related to the supervision and regulation of banking, financial and insurance activities.
The agreement was signed by Mr. Kenneth Farrugia, Chief Executive Officer of the MFSA, and Mr. Andrea Vivoli, Managing Director of the CBSM.
Mr. Farrugia stated that: “This MoU ensures ongoing mutual assistance between the MFSA and the CBSM while providing a formal framework for closer collaboration in efforts to uphold high quality supervisory practice and standards in our respective jurisdictions.”
Mr. Vivoli welcomed the signing of the MOU saying: “We are very pleased to sign this Memorandum of Understanding with the Malta Financial Services Authority. This agreement will contribute to strengthening the effectiveness of supervisory action as well as to consolidating CBSM's international relations".