Strategic Plan 2019 - 2021 issued by MFSA

The future generation of financial services

Chetcuti Cauchi | Published on 09 Sep 2019

MFSA issues Strategic Plan 2019 2021 img

The Malta Financial Services Authority (MFSA) published its Strategic Plan for 2019 -2021.  The plan, which describes the objectives and the processes taken to achieve such objectives, takes into consideration the recent developments within the financial sector brought about by current technological advancements.   

According to Mr Joseph Cuschieri, Chief Executive Officer of the MFSA, the plan works towards building a stable and efficient environment for the benefit of regulated firms and consumers. Mr Cuschieri also held that the MFSA aims to further enhance its supervisory and regulatory services in order to become one of the pre-eminent financial regulators within the European Union. 

MFSA’s priorities for the next three years 

As highlighted by Prof. John Mamo, Chairman of the MFSA, the strategic plan lays down the priorities for the three-year period between 2019 to 2021. In efforts to achieve its objectives, the MFSA has divided its action points into two main sections, being sector-specific priorities and cross-sector priorities.  

Cross-Sector Priorities   

The cross-sector priorities establish the key pillars of the Strategic Plan whilst aim to improve the efficiency of the MFSA’s main functions. Furthermore, the authority also aims to strengthen the conduct and governance of regulated entities, whilst continue combatting money laundering. 

The plan emphasises on seven cross-sector priorities, being:

  1. Reinforcing the governance, culture and conduct within the financial services sector;
  2. Combatting, preventing and detecting instances of financial crime, terrorism financing and money laundering;
  3. A new financial stability role will be set up within the MFSA;
  4. Embracing the developments and challenges presented by technology and innovation. In fact, over the next three years, the MFSA will be investing over €12 million in technology development;
  5. Ensuring that firms operating within the financial services market are prepared and to address cybersecurity challenges;
  6. Increasing the MFSA’s operational and organisational capacity; and
  7. Improving the authority’s conduct supervision framework.

Sector-specific priorities   

Developed by the authority’s analysis of market development and trends, the sector-specific priorities focus on the supervisory plans for each specific sector. These priorities mainly focus on regulatory development, addressing and identifying the challenges and risks for each sector as well as ensuring that the local financial sector is well-prepared for technological changes.   The Impact of the Strategic Plan  for 2019 -2021 By strengthening the MFSA’s regulatory and supervisory role within the financial services market, firms and clients will benefit from a more agile and secure market. The strategic plan has been developed in order to address the latest technological developments and thus enabling the MFSA to continue meeting its long-term objectives.  Furthermore, by establishing a dedicated financial crime compliance team and strengthening its combat against money laundering, individuals will be able to operate within a safer environment. 

The Impact of the Strategic Plan  for 2019 - 2021 

By strengthening the MFSA’s regulatory and supervisory role within the financial services market, firms and clients will benefit from a more agile and secure market. The strategic plan has been developed in order to address the latest technological developments and thus enabling the MFSA to continue meeting its long-term objectives.  
Furthermore, by establishing a dedicated financial crime compliance team and strengthening its combat against money laundering, individuals will be able to operate within a safer environment 
 



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