The MFSA has announced the launch of a new initiative to foster a more open, transparent, and collaborative approach with the stakeholders of the financial services industry - the 'MFSA Stakeholders Panel'. This is a forum that brings together various local industry experts and representatives from different sectors and associations to provide input and feedback to the Authority on its direction, strategy, and regulatory developments - a move marks a pivotal moment in the regulatory landscape and the overall development of Malta's financial services jurisdiction.
The first session of the panel discussed the state of play of European and international regulatory developments, the implementation of the Digital Operations Resilience Act (DORA), and the proposed EU Anti-Money Laundering Regulation (AMLR) and Authority (AMLA).
NewsHub spoke to some of some participants of the panel, who expressed their views and appreciation for the initiative.
Karol Gabarretta, Secretary General of the Malta Bankers’ Association, said that the implementation of the MFSA Stakeholders Panel was a commendable and long-needed move, especially in light of the complex and increasingly onerous regulatory and supervisory landscape and the challenging economic conditions.
“The opportunity for associations to interact with their peers and sound out their views with competent authorities at this forum - particularly at the early stages of transposition of EU legislative initiatives - should provide valuable feedback to policymakers and serve to sensitise the latter to material issues and concerns faced by the represented sectors.”
Wayne Pisani, Vice President of the Institute of Financial Services Practitioners, expressed appreciation for the successful launch of the MFSA Stakeholders Panel and looks forward to the positive impact of this collaborative effort.
“The chairman and presenters provided valuable insights, setting the stage for a much-needed initiative. Kudos to the MFSA team for their hard work - it is genuinely appreciated.“
Maria Cauchi Delia, Chief Executive Officer of the Malta Institute of Accountants, also commended the MFSA for its forward-looking approach and proactive stance towards fostering collaboration with the stakeholders within the sector.
“This initiative aids in consolidating opinions, addressing concerns, and ensuring timely actions towards better jurisdictional practices. While acknowledging its evident merits, going forward, thorough planning will be imperative to achieve maximum efficacy. It is also fundamental to include the right specialists to harness diverse expertise and contributions for optimal outcomes.”
The MFSA Stakeholders Panel is part of the Authority's three-year strategy and will cover various topics and issues relevant to the financial services industry.
