Malta sets out its 2021 supervisory priorities for financial services

The Malta Financial Services Authority (MFSA) has revealed its 2021 supervisory priorities for 2021.

Priorities include corporate governance and culture; financial crime compliance; the impact of COVID-19; ICT risk and cybersecurity; and fintech and innovation.

The MFSA says it will also focus on continuity, the implementation of the three-year strategic plan 2019 to 2021 will continue and the tone set for the next strategic period from 2022 to 2024.

Elsewhere, it will aim to achieve long-term stability for the benefit of the financial services sector and growth.

The sustainable growth of the sector will be prioritised through initiatives such as the capital markets strategy, asset management strategy and fintech strategy.

Commenting on the plan, MFSA chief officer supervision and CEO ad interim, Christopher Buttigieg notes: “Supervision is core to the MFSA’s function as the single regulatory of financial services in Malta.”

In 2020, in line with MONEYVAL recommendations, Buttigieg explains that supervision was strengthened and the MFSA significantly increased the number of onsite inspections conducted.

“It is our vision to establish Malta as the jurisdiction of choice for financial services. Going forward, the authority shall seek to strengthen itself as an institution by focusing on stability, continuity, and growth,” Buttigieg concludes.