EU and International Affairs
The EU & International Affairs function provides advice to Government on the formulation of financial services policy, mainly relating to upcoming legislative and non-legislative proposals issued by the European Commission. The function is also actively engaged in policy dialogue, negotiations and follow up of EU institutional affairs and dossiers. The function also works in close collaboration with other foreign regulators (bilaterally and multilaterally) and international organisations, ensuring that the MFSA is positioned at international fora.
What we do
The EU and International Affairs Function is responsible for the coordination of relations with international organizations and memoranda of understanding with other foreign regulators, as well as the exchange of information requests resulting thereto.
The Function provides advice to Government on the formulation of financial services policy, mainly relating to upcoming legislative and non-legislative proposals issued by the European Commission. The Function is also actively engaged in policy dialogue, negotiations and follow up of EU institutional affairs and dossiers, so as to provide constructive feedback in the attainment of national positions in the area of Financial Services.
The Function’s objectives will be twofold. First, on a European level it continues to put all of its efforts into managing and enhance the internal coordination in an efficient and timely manner in providing MFSA position respecting deadlines. This will notably be done by continuing our efforts to monitor the upcoming EU initiatives in order to get ahead of the curve, be proactive and paving the way forward.
The Function continues to strongly encourage MFSA participation in EU Commission consultations. This will be an opportunity for the Authority to be able to prepare itself in the formulation of MFSA positions on the various financial services related files. In parallel, the Function continues to represent the MFSA in various fora, such as at the Ministry of Finance and Employment, at EU level (Commission or Council WP), and international fora as required.
Secondly, from an international perspective, the Function continues to elevate and position the MFSA further at the international level. This is notable done by continuing to establish closer partnerships with other foreign regulators and international institutions. The Function has been stepping up its bilateral relations, such as with EU Commission, EP representatives, Embassies, international institutions and keeping the Permanent Representation of Malta to the EU in Brussels (PREU) fully abreast. It is vital that the Authority is able to reach out to the EU institutions to be able to discuss dossiers that are vital to the Authority. Such meetings will be key in influencing EU policy and ensuring MFSA’s interests are being safeguarded.
For further enquiries please contact the EU and International Affairs function on [email protected].
Memoranda of Understanding
The Function continues to actively engage in policy dialogue, negotiations and follow up of EU institutional affairs and dossiers. We will closely follow the upcoming European Commission legislative dossiers and remains committed to contribute on the subjects in the relevant working groups at EU level.
As part of the Function’s responsibility, it will continue monitoring the transpositions of EU legislative dossiers and ensure that they are being handled within the stipulated timeframes.
Moreover, the three existing committees of supervisory authorities (CEBS, CEIOPS and CESR) were replaced by the European Supervisory Authorities (EBA, EIOPA und ESMA) from 1 January 2011, with the new authorities having additional competences conferred upon them in addition to continuing to conduct the activities conducted by their predecessors.
Proposal for a Regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and Amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010
Proposal for a Directive of the European Parliament and of the Council on the Mechanisms to be Put in Place by the Member States for the Prevention of the Use of the Financial System for the Purposes of Money Laundering or Terrorist Financing and Repealing Directive (EU) 2015/849
Proposal for a Regulation of the European Parliament and of the Council on Digital Operational Resilience for the Financial Sector and Amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014 and (EU) No 909/2014
Proposal for a Directive of the European Parliament and of the Council Establishing a Framework for the Recovery and Resolution of Insurance and Reinsurance Undertakings and Amending Directives 2002/47/EC, 2004/25/EC, 2009/138/EC, (EU) 2017/1132 and Regulations (EU) No 1094/2010 and (EU) No 648/2012
Proposal for a Directive of the European Parliament and of the Council amending Directive 2009/138/EC as regards Proportionality, Quality of Supervision, Reporting, Long-Term Guarantee Measures, Macro-Prudential Tools, Sustainability Risks, Group and Cross-Border Supervision
Recognising the significant value added of international cooperation, the Function continues its efforts to work in collaboration with other international organizations and establish closer partnerships with other foreign regulators.
The Function’s presence and participation at international meetings is key to elevate the Authority’s relevance in the international fora. EU and International Affairs Function will continue to participate and voice its position on the international front. The required feedback in formulating MFSA positions will be taking into account.
In this regard, the Function will continue to actively participate in the Coordination Network on Sustainability (CNS) within ESMA, the sustainable finance project group (SUFI PG) within EIOPA, the Network for Greening the Financial System (NGFS), the International Relations Network (IRN) within ESMA, and the Global Digital Finance (GDF) Forum.
In parallel, the Function has stepped up its efforts in being more visible on IOSCO committees. MFSA’s CEO, with this Function’s assistance, has been participating in the European Regional Committee (ERC). This Function has played a key role in his preparation for the ERC meetings. As from 2021, the MFSA intends to become members of the Investment Management Committee, within IOSCO. The MFSA awaits IOSCO’s input in this regard.
Moreover, in relation to post Brexit ties, the Function will continue to follow the developments at EU level and the steps undertaken by the ESAs, in particular the equivalence regime. In parallel, the Function will monitor the strategic direction and Government policy on the relations being planned out with the UK going forward in order to ensure a level of alignment in the decision making with respect to cross border financial activities in the UK market.
- International Monetary Fund
- World Bank
- BIS (BASEL Committee)
- International Association of Insurance Supervisors (IAIS)
The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The World Bank is a vital source of financial and technical assistance to developing countries around the world. The World Bank is not a bank in the ordinary sense but a unique partnership to reduce poverty and support development. The World Bank Group comprises five institutions managed by their member countries.
The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters. Its 45 members comprise central banks and bank supervisors from 28 jurisdictions.
The mission of the IAIS is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.
The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.
Memoranda of Understanding
- Bilateral MoUs with Foreign Regulators
- Bilateral MoUs with Local Authorities
- Multilateral MoUs and Protocols
- Agreements by means of Letters with Foreign Regulators
The MFSA has signed a number of bilateral Memoranda of Understanding (MOU) with international regulators of financial services and is also a signatory to specialised multilateral MoUs through organisations such as the International Organization of Securities Commissions (‘IOSCO’) and the European Securities and Markets Authority (‘ESMA’).
The aim of concluding these bilateral and multilateral Memoranda of Understanding is to facilitate the exchange of information and to create a formal framework for regulatory collaboration and co-operation between various regulatory authorities. The Memoranda of Understanding provide for clearer channels for co-operation including increased mutual co-operation, the exchange of regulatory and technical information as well as investigative assistance between the signatory financial services regulators.
As well as concluding Memoranda of Understanding with foreign regulators the MFSA has also concluded agreements with a number of domestic regulators with whom the MFSA cooperates in order to achieve its public policy goals.
Bilateral MoUs with Foreign Regulators
|Country||Entity||Entity's Responsibilities||Date of Signature||DateOrder||Scope of Agreement||Document|
|United Kingdom||Financial Conduct Authority||Banking, Insurance, Investment Services||01/02/2019||20190201||Securities|
|Vatican City||Financial Information Authority||09/05/2017||20170509|
|United Arab Emirates||Abu Dhabi Global Market Financials Services Regulatory Authority||Banking, Securities and Insurance||02/02/2017||20170202||Banking, Securities and Insurance||Media Statement|
|Vietnam||National Financial Supervisory Commission of Vietnam||Banking, Securities and Insurance||05/11/2014||20141105||Banking, Securities and Insurance||Media Statement|
|Ukraine||National Securities and Stock Market Commission||Securities and Markets||04/06/2014||20140604||Securities and Markets|
|Qatar||Qatar Financial Centre Regulatory Authority||Banking, Financial and Insurance-related business||13/03/2012||20120313||Banking, Financial and Insurance-related business||Media Statement|
|Slovakia||National Bank of Slovakia||Banking, Insurance and Securities||01/12/2011||20111201||Banking, Insurance and Securities||Media Statement|
|United States||Nebraska Department of Insurance||Insurance||23/11/2011||20111123||Insurance|
|Australia||Australian Prudential Regulation Authority||Banking, Insurance, Pensions||14/06/2010||20100614||Banking and Insurance||Media Statement|
|China||China Banking Regulatory Commission||Central Bank||02/02/2010||20100202||Banking||Media Statement|
|China||China Securities Regulatory Commission||Securities||26/01/2010||20100126||Securities||Media Statement|
|South Africa||Financial Services Board||Securities, Insurance and Pension Funds||26/11/2009||20091126||Securities, Insurance and Pension Funds||Media Statement|
|Portugal||Banco de Portugal||Credit Institutions||30/10/2009||20091030||Credit institutions||Media Statement|
|Cayman Islands||Cayman Islands Monetary Authority||Credit Institutions, Insurance, Securities and Trusts||18/02/2009||20090218||Credit Institutions, Insurance, Securities and Trusts||Media Statement|
|United Arab Emirates||Dubai Financial Services Authority||Securities, Credit Institutions, Insurance and Trusts||07/07/2008||20080707||Securities, Credit Institutions, Insurance and Trusts||Media Statement|
|Bermuda||Bermuda Monetary Authority||Credit Institutions, Insurance, Securities and Trusts||03/06/2008||20080603||Insurance, Credit Institutions and Trusts||Media Statement|
|Cyprus||Central Bank of Cyprus||Credit Institutions||29/05/2008||20080529||Credit institutions||Media Statement|
|Austria||Financial Market Authority||Banking, Insurance, Pension Funds and Securities||02/04/2007||20070402||Credit institutions||Media Statement|
|Netherlands||De Nederlandsche Bank N.V. (DNB)||Banking, Insurance, Pension Funds and Securities||23/10/2006||20061023||Banking||Media Statement|
|Belgium||Banking, Finance and Insurance Commission||Banking, Securities and Insurance||23/10/2006||20061023||BankBanking, Securities and Insurance (Primarily Banking)ing||Media Statement|
|Jersey||Jersey Financial Services Commission||Banking, Securities and Insurance||21/11/2005||20051121||Mutual assistance and exchange of information||Media Statement|
|Isle of Man||Insurance and Pensions Authority||Insurance and Pensions||27/06/2005||20050627||Mutual assistance and exchange of information||Media Statement|
|Isle of Man||Financial Services Commission||Banking, Investment Services and Corporate Services Providers||16/11/2004||20041116||Securities and Banking||Media Statement|
|Germany||Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)||Banking, Securities and Insurance||12/09/2004||20040912||Banking, Securities and Insurance (Primarily Banking)||Media Statement|
|Gibraltar||Financial Services Commission||Banking, Securities and Insurance||30/06/2004||20040630||Banking, Securities and Insurance.||Media Statement|
|United Kingdom||Financial Conduct Authority||Banking, Insurance, Investment Services||23/04/2004||20040423||Banking, Insurance, Investment Services||Media Statement|
|Portugal||Commissão de Mercado de Valores Mobiliários||Securities||23/03/2004||20040323||Securities||Media Statement|
|Mauritius||Financial Services Commission||Securities, Insurance and Pensions||21/01/2004||20040121||Securities, Insurance and Pensions||Media Statement|
|Guernsey||Guernsey Financial Services Commission||Banking, Investment Services, Insurance and Fiduciary Services||17/01/2004||20040117||Banking, Investment Services, Insurance and Fiduciary Services||Media Statement|
|Slovakia||National Bank of Slovakia||Banking||12/02/2004||20040212||Banking||Media Statement|
|Turkey||Banking Regulation and Supervision Agency||Banking||10/12/2004||20041210||Banking||Media Statement|
|Turkey||Capital Markets Board of Turkey (Semaye Piyasasi Kurulu)||Securities||04/04/2002||20020404||Securities||Media Statement|
Multilateral MoUs and Protocols
|Country||Entity||Entity's Responsibilities||Date of Signature||DateOrder||Scope of Agreement||Document||Website|
|Malta||Malta Business Registry, Malta Police Force, Office of the Commissioner for Revenue, Malta Financial Services Authority, Office of the Attorney General||Multilateral MoU||01/09/2021||20210901||Co-operation for the exchange and sharing of information on beneficial ownership of legal entities||N/A||N/A|
|International and Malta||The Institute of Directors (IoD UK) and the Institute of Directors Malta Branch (IoD Malta)||A business organisation for company directors, senior business leaders and entrepreneurs (IoD Malta).|
The IoD (UK) is a community of UK business leaders whose membership allows them professional training opportunities and access to business information designed to help and strengthen the members’ success.
|16/05/2019||20190516||For the setting up of a joint initiative between IoD Malta and the MFSA for the scope of improving Board education and standards||N/A||N/A|
|International||IOSCO||Multilateral MoU||01/11/2019||20191101||Administrative arrangement for the transfer of personal data with non-EEA Authorities||MMoU||N/A|
|Malta||MGA, Sanctions Monitoring Board, FIAU, MFSA||Safeguarding the Maltese financial, gaming and other sectors from being misused for criminal purposes, including terrorism, funding of terrorism, and the financing of proliferation of weapons of mass destruction||31/05/2018||20180531||Formulise their cooperation and exchange of information, and the allocation of responsibilities in ensuring compliance by subject persons with their relevant obligations under the PMLA and NIA||MoU||N/A|
|International||CESR (replaced by ESMA)||Multilateral MoU signed||01/05/2004||20040501||Securities||MoU||Website|
|International||CEIOPS (replaced by EIOPA)||Protocol in force||01/05/2004||20040501||Insurance||Protocol||N/A|
|CEIOPS (replaced by EIOPA)||Protocol in force||28/04/2006||20060428||Insurance||Protocol||N/A|
|CEIOPS (replaced by EIOPA)||Multilateral MoU signed||11/04/2006||20060411||Insurance and occupational pensions||MoU||N/A|
|CEIOPS (replaced by EIOPA)||Protocol in force||02/03/2006||20060302||Occupational pensions||Protocol||N/A|
|International||IOSCO||Multilateral MoU signed||28/02/2006||20060228||Securities||MoU||Website|
|International||Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU||Multilateral MoU signed||01/06/2008||20080601||Cross-Border financial stability||Media Statement||N.A|
|International||CEIOPS (replaced by EIOPA)||Protocol in force||31/03/2008||20080331||Insurance||Protocol||N/A|
|Malta||Ministry of Finance, the Economy and Investment and Central Bank of Malta||Ministry responsible for Finance and Country Central Bank||03/11/2009||20091103||Co-operation in the management of financial crisis situations||N/A||N/A|
|International||International Association of Insurance Supervisors (IAIS)||Multilateral MoU signed||26/10/2010||20101026||Exchange of information in insurance regulatory and supervisory matters||Media Statement||N/A|
Agreements by means of Letters with Foreign Regulators
|Country||Entity||Entity's Responsibilities||Date of Signature||DateOrder||Scope of Agreement||Document||Website|
|Switzerland||Swiss Financial Market Supervisory Authority (FINMA) [previously the Swiss Federal Banking Commission (SFBC)]||Banking, Securities and Insurance||19/10/2004||20041019||Banking and Securities||Media Statement||Website|
|Italy||Commissione Nazionale per le Societa’ e la Borsa (CONSOB)||Securities||25/01/2013||20130125||Securities||Media Statement||Website|