A consultation document for the strengthening of the Malta Financial Services Authority is to be published, Parliamentary Secretary for Financial Services Silvio Schembri said.
Speaking during a visit to the MFSA, Mr Schembri said time was ripe for the authority to step up the game through a pragmatic risk based approach, fostering more efficient processes and a more conducive environment for innovation.
The public consultation, he said, should lead to an authority which was reactive enough to address situations where regulations hindered the development of new products.
A strengthened MFSA should harness the industry in the design of new products while being vigilant to ensure that any new niches did not endanger the long-term stability of the sector and Malta’s reputation.
The consultation document will be available for download from www.opm.gov.mt. Submissions will be received until September 15.