Presentation of results of MFSA assessment

Piero Ugolini, former assistant director at the IMF, is to give a public presentation on the results of an independent assessment of the Malta Financial Services Authority today at 9 a.m. at the MFSA premises in Mrieħel.

“Following the 2003 Assessment by the World Bank and the International Monetary Fund of Malta’s financial system, the MFSA continued to subject its regulatory structures to international scrutiny. Internal audits by international experts were carried out in 2005 and 2007, however, because of the 2008 international crisis the board of governors decided to carry out an independent assessment in 2010 and in order to increase transparency the board also decided to make the assessment public,” an MFSA spokesman said.

Consequently, Mr Ugolini, who was also mission chief to Malta for the IMF 2003 assessment, Richard Nunn (Federal Reserve, USA and consultant at the IMF) and Michael Kehr (German Regulatory Authority and a consultant to the IMF), were invited to carry out the independent assessment.