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.
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.
ECB Economic Bulletin
March 2022
The European Central Bank (ECB) published its Economic Bulletin 2022. The report provides an overview of recent economic, financial and monetary developments, with a special focus on (i) external environment, (ii) financial developments, (iii) economic activity, (iv) prices and costs, (v) money and credit, and (vi) fiscal developments. The Bulletin includes a first assessment of the implications of the war in Ukraine as GDP growth has been revised downwards for the near term owing to the conflict.
Economic Adjustment in the Euro Area and the US During COVID 19 Crisis
March 2022
The research paper by the Directorate General for Economic and Financial Affairs (DG ECFIN), European Commission, finds that the Covid-19 crisis caused a major economic shock in both cases. However, while the US experience a larger impact on human health, it suffered a smaller economic contraction. Unlike the US labour market, the labour market in the euro area, despite a larger decline in GDP, remained resilient thanks to job retention schemes and employees protection measures. Moreover, the paper presents some lessons learned from the pandemic for the euro area.
Economic Adjustment in the Euro Area and the US During COVID 19 Crisis
International Organisations
- International Monetary Fund
- World Bank
- BIS (BASEL Committee)
- International Association of Insurance Supervisors (IAIS)
- IOSCO
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
- Introduction
- 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
Multilateral MoUs and Protocols
Agreements by means of Letters with Foreign Regulators
