EU and International Affairs 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. FIND OUT MORE

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].

European Affairs

International Affairs

Memoranda of Understanding

European Affairs

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.

 

For more information see:

 EBA Website

 EIOPA Website

 ESMA Website

International Affairs

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 Organisations

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.

 

 International Monetary Fund

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.

 

 World Bank

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.

 

 BIS (BASEL Committee)

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.

 

 International Association of Insurance Supervisors (IAIS)

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.

 

 IOSCO

Memoranda of Understanding

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

CountryEntityEntity's ResponsibilitiesDate of SignatureDateOrderScope of AgreementDocument
United KingdomFinancial Conduct AuthorityBanking, Insurance, Investment Services01/02/201920190201Securities
Vatican CityFinancial Information Authority 09/05/201720170509
United Arab EmiratesAbu Dhabi Global Market Financials Services Regulatory AuthorityBanking, Securities and Insurance02/02/201720170202Banking, Securities and InsuranceMedia Statement
VietnamNational Financial Supervisory Commission of VietnamBanking, Securities and Insurance 05/11/201420141105Banking, Securities and Insurance Media Statement
UkraineNational Securities and Stock Market Commission Securities and Markets04/06/201420140604Securities and Markets
QatarQatar Financial Centre Regulatory AuthorityBanking, Financial and Insurance-related business13/03/201220120313Banking, Financial and Insurance-related businessMedia Statement
SlovakiaNational Bank of SlovakiaBanking, Insurance and Securities01/12/201120111201Banking, Insurance and SecuritiesMedia Statement
United StatesNebraska Department of InsuranceInsurance23/11/201120111123Insurance
AustraliaAustralian Prudential Regulation AuthorityBanking, Insurance, Pensions14/06/201020100614Banking and InsuranceMedia Statement
ChinaChina Banking Regulatory CommissionCentral Bank02/02/201020100202BankingMedia Statement
ChinaChina Securities Regulatory CommissionSecurities26/01/201020100126SecuritiesMedia Statement
South AfricaFinancial Services BoardSecurities, Insurance and Pension Funds26/11/200920091126Securities, Insurance and Pension FundsMedia Statement
PortugalBanco de PortugalCredit Institutions30/10/200920091030Credit institutionsMedia Statement
Cayman IslandsCayman Islands Monetary AuthorityCredit Institutions, Insurance, Securities and Trusts18/02/200920090218Credit Institutions, Insurance, Securities and TrustsMedia Statement
United Arab EmiratesDubai Financial Services AuthoritySecurities, Credit Institutions, Insurance and Trusts07/07/200820080707Securities, Credit Institutions, Insurance and TrustsMedia Statement
BermudaBermuda Monetary AuthorityCredit Institutions, Insurance, Securities and Trusts03/06/200820080603Insurance, Credit Institutions and TrustsMedia Statement
CyprusCentral Bank of CyprusCredit Institutions29/05/200820080529Credit institutionsMedia Statement
AustriaFinancial Market AuthorityBanking, Insurance, Pension Funds and Securities02/04/200720070402Credit institutionsMedia Statement
NetherlandsDe Nederlandsche Bank N.V. (DNB)Banking, Insurance, Pension Funds and Securities23/10/200620061023BankingMedia Statement
BelgiumBanking, Finance and Insurance CommissionBanking, Securities and Insurance23/10/200620061023BankBanking, Securities and Insurance (Primarily Banking)ing Media Statement
JerseyJersey Financial Services CommissionBanking, Securities and Insurance21/11/200520051121Mutual assistance and exchange of informationMedia Statement
Isle of ManInsurance and Pensions AuthorityInsurance and Pensions27/06/200520050627Mutual assistance and exchange of informationMedia Statement
Isle of ManFinancial Services CommissionBanking, Investment Services and Corporate Services Providers16/11/200420041116Securities and BankingMedia Statement
GermanyBundesanstalt für Finanzdienstleistungsaufsicht (BaFin)Banking, Securities and Insurance12/09/200420040912Banking, Securities and Insurance (Primarily Banking)Media Statement
GibraltarFinancial Services CommissionBanking, Securities and Insurance30/06/200420040630Banking, Securities and Insurance.Media Statement
United KingdomFinancial Conduct AuthorityBanking, Insurance, Investment Services23/04/200420040423Banking, Insurance, Investment ServicesMedia Statement
PortugalCommissão de Mercado de Valores MobiliáriosSecurities23/03/200420040323SecuritiesMedia Statement
MauritiusFinancial Services CommissionSecurities, Insurance and Pensions21/01/200420040121Securities, Insurance and PensionsMedia Statement
GuernseyGuernsey Financial Services CommissionBanking, Investment Services, Insurance and Fiduciary Services17/01/200420040117Banking, Investment Services, Insurance and Fiduciary ServicesMedia Statement
SlovakiaNational Bank of SlovakiaBanking12/02/200420040212BankingMedia Statement
TurkeyBanking Regulation and Supervision AgencyBanking10/12/200420041210BankingMedia Statement
TurkeyCapital Markets Board of Turkey (Semaye Piyasasi Kurulu)Securities04/04/200220020404SecuritiesMedia Statement

Bilateral MoUs with Local Authorities

CountryEntityEntity's ResponsibilitiesDate of SignatureDateOrderScope of AgreementDocumentWebsite
MaltaMalta Police ForceThe Malta Police Force are responsible to preserve public order and peace, to prevent and to detect and investigate offences, to collect evidence and to bring the offenders, whether principals or accomplices, before the judicial authorities03/05/202120210503The purpose of this MOU is to provide a framework for the Parties to cooperate and communicate constructively for the purpose of assisting each other in the discharge of their own respective functionsMedia Statement
MaltaCommissioner for Voluntary OrganisationsThe Commissioner for Voluntary Organisations is tasked, inter alia, with monitoring the activities of voluntary organisations in order to ensure observance of the provisions of the Voluntary Organisations Act30/09/202020200930To establish a framework for co-operation, mutual assistance and exchange of information between the two entities, for the purpose of assisting each other in the discharge of their own respective functions
MaltaAccountancy BoardThe Accountancy Board is established under the Accountancy Profession Act and regulates the accountancy profession in Malta27/04/202020200427To establish a framework for co-operation, mutual assistance and exchange of information between the two entitiesMedia Statement
MaltaCentral Bank of MaltaCountry Central Bank24/04/202020200424Financial Market Infrastructures
MaltaMBRTo safeguard against the use of commercial partnerships, trusts and financial services entities for criminal and illegal purposes06/04/202020200406To establish a framework for co-operation, mutual assistance and exchange of information between the two entitiesMedia Statement
MaltaFinancial Intelligence Analysis Unit (FIAU)Preventing, detecting and combating money laundering and funding of terrorism20/08/201820180820Cooperation in the field of Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT)
MaltaFinancial Intelligence Analysis Unit (FIAU) Combating money laundering and the financing of terrorism 18/03/2014 20140318Cooperation, rendering of mutual assistance and exchange of information in the field of AML/CFT compliance supervision Media Statement
MaltaCentral Bank of Malta Country Central Bank 25/01/2013 20130125Joint Financial Stability Board MoUWebsite
MaltaCentral Bank of Malta Country Central Bank 25/01/2013


(Amended on 16/02/2021)
20130125Exchange of Information in the fields of financial services MoU


MoU
Website
MaltaOffice For Fair Competition Competition 02/06/2008 20080602Mutual assistance and exchange of information Media Statement

Multilateral MoUs and Protocols

CountryEntityEntity's ResponsibilitiesDate of SignatureDateOrderScope of AgreementDocumentWebsite
International and MaltaThe 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.
16/05/201920190516For the setting up of a joint initiative between IoD Malta and the MFSA for the scope of improving Board education and standardsN/AN/A
InternationalIOSCO Multilateral MoU 01/11/201920191101Administrative arrangement for the transfer of personal data with non-EEA AuthoritiesMMoUN/A
MaltaMGA, Sanctions Monitoring Board, FIAU, MFSASafeguarding 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 destruction31/05/201820180531Formulise 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 NIAMoU
InternationalCESR (replaced by ESMA) Multilateral MoU signed 01/05/2004 20040501Securities MoUWebsite
InternationalCEIOPS (replaced by EIOPA) Protocol in force 01/05/2004 20040501InsuranceProtocolN/A
CEIOPS (replaced by EIOPA) Protocol in force 28/04/2006 20060428InsuranceProtocolN/A
CEIOPS (replaced by EIOPA) Multilateral MoU signed11/04/2006 20060411Insurance and occupational pensions MoUN/A
CEIOPS (replaced by EIOPA) Protocol in force 02/03/2006 20060302Occupational pensions ProtocolN/A
International IOSCO Multilateral MoU signed 28/02/2006 20060228Securities MoUWebsite
International Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU Multilateral MoU signed 01/06/2008 20080601Cross-Border financial stability Media StatementN.A
International CEIOPS (replaced by EIOPA) Protocol in force 31/03/2008 20080331InsuranceProtocolN/A
MaltaMinistry of Finance, the Economy and Investment and Central Bank of Malta Ministry responsible for Finance and Country Central Bank 03/11/2009 20091103Co-operation in the management of financial crisis situations N/AN/A
International International Association of Insurance Supervisors (IAIS) Multilateral MoU signed 26/10/2010 20101026Exchange of information in insurance regulatory and supervisory matters Media StatementN/A

Agreements by means of Letters with Foreign Regulators

CountryEntityEntity's ResponsibilitiesDate of SignatureDateOrderScope of AgreementDocumentWebsite
SwitzerlandSwiss Financial Market Supervisory Authority (FINMA) [previously the Swiss Federal Banking Commission (SFBC)]Banking, Securities and Insurance19/10/2004 20041019Banking and Securities Media StatementWebsite
ItalyCommissione Nazionale per le Societa’ e la Borsa (CONSOB)Securities25/01/2013 20130125SecuritiesMedia StatementWebsite