On 25 November 2020, the Malta Financial Services Authority received the report of the Board of Review, which had been appointed by the Board of Governors on 3 November 2020 to carry out the necessary verifications regarding a possible breach of ethics by Mr Joseph Cuschieri and Dr Edwina Licari. On the same day, the Board of Governors of the Malta Financial Services Authority received Mr Cuschieri’s resignation from his role of Chief Executive Officer.

The Authority has taken note of Mr Cuschieri’s resignation. It has also taken note of the Board of Review's opinion on the cases of both Mr Cuschieri and Dr Licari. The Board of Review's conclusion regarding Mr Cuschieri leads the MFSA Board to ratify his resignation. As regards Dr Licari, the Board of Review's conclusions do not warrant her continued self-suspension. The Board of Governors has decided to present a copy of the Board of Review’s report for information to the Minister of Finance and Employment.

The Board of Governors takes the opportunity to thank Chief Justice Emeritus Joseph Azzopardi and Dr Mark Simiana for their services and for their commitment and determination to conclude the assessment process expeditiously.

The Board wishes to confirm that Dr Christopher Buttigieg will continue to serve as Chief Executive Officer ad interim while the process to recruit a new CEO gets underway.