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.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.