The amendment to the Malta Financial Services Act being debated in parliament will enable the government to go ahead with its plans to appoint a chief executive officer, a position which the current legislation does not envisage.

The Act makes provision for a chairman of the Board of Governors, who is to be appointed by the prime minister, as well as a director general and chief operations officer, who together with the chairman, the Director of the Legal Office and the Registrar of Companies make up the co-ordination committee.

A spokesman for the Parliamentary Secretariat for financial services said that the second and third reading was expected in the coming days. 

"The authority and the Opposition are being kept abreast about all these discussions and the proposed changes," he said.

Sources said that the vacancy can only be advertised once the position has been created. The Bill specifies that the CEO would be chosen by the board of governors.

The MFSA reform will coincide with a change in leadership, with Joe Bannister having said he will quit the regulator at the end of March following a 20-year period at its helm.

Read: Bannister to step down as MFSA head, John Mamo to take over as non-executive chairman

John Mamo, a founding partner of Mamo TCV Advocates, will take over as non-executive chairman, while current Malta Gaming Authority chairman Joe Cuschieri has been touted as the frontrunner for the CEO position.