In a Public Statement issued last Friday, the Board of Governors of the Malta Financial Services Authority (MFSA) had given notice of its intention to initiate an assessment of the facts reported in the local media to safeguard the interests of the Authority.

In this regard, the Board of Governors is giving notice that a panel made up of independent third parties has been set up to carry out necessary verifications with regard to a breach of ethics. The panel is being made up of Former Chief Justice Joe Azzopardi and independent lawyer Dr Mark Simiana. The panel have been instructed by the Board of Governors to carry out the assessment process in an expeditious manner. Once the necessary assessments are concluded by the panel, recommendations will be presented to the Board of Governors for a final decision to be taken on both cases.

The Board of Governors of the MFSA is responsible for establishing the policies and risk parameters to be pursued by the Authority. The Board is bound by confidentiality and, in this regard, every single member of the Board categorically refutes that he or she gave any comments to the media. Information is issued only collectively as a Board.

The Board of Governors affirms its commitment that the MFSA’s management and staff remain totally focused on the implementation of the Authority’s vision and strategy to ensure proper consumer protection and a safer and sounder financial system.