The Malta Financial Services Authority (MFSA) was established by law on 23 July 2002. The Authority is the single regulator for the financial services sector which includes credit and financial institutions, securities and investment services, recognized investment exchanges, insurance, occupational pensions and trustees. The MFSA incorporates the Registry of Companies.
The MFSA is an autonomous body constituted by law and reports annually to Parliament. The main organs are the Board of Governors, appointed by the Prime Minister, the Supervisory Council and the Board of Management and Resources. The three organs are co-ordinated through a Co-ordination Committee.
Authorisations Unit: is responsible for licensing and processing of all applications from persons and entities who would like to conduct financial services business in Malta.
Regulatory Development Unit: is responsible for co-ordinating the development of cross-sector policy initiates and assisting the MFSA to address market and regulatory developments as they arise.
Securities and Markets Supervision Unit: is responsible for supervising investment services, collective investment schemes, fund management and related operations, covering listings, propectuses and general oversight of financial markets.
Insurance and Occupational Pensions Supervision Unit: is responsible for supervising insurance companies, reinsurers, insurance intermediaries and occupational pensions.
Banking Supervision Unit: is responsible for supervising credit and financial institutions.
OTHER FUNCTIONS OF THE MFSA
Consumer affairs: The Communications Unit is responsible for consumer
awareness and financial education.
Company Registry: The MFSA also houses the Registry of Companies. All registered information and documentation including company accounts is available for public inspection.
The Education Consultative Council (ECC): The terms of reference of the Council include co-ordination and information sharing on matters related to training and development for current and prospective employees within the financial services sector, the giving of input to the Authority on matters related to training and development within the sector.
The MFSA and its consumer role
In general, the MFSA is also tasked with ensuring that its rules in respect of financial products sold to consumers include:
requirements about the information that must be disclosed about these products
general prohibition against misleading or deceptive conduct and other unfair practices
licensing of people who give advice on or are dealing in financial products
requirements for conduct of financial services providers.
The MFSA does not have responsibility for the level of fees and charges.
fiogf49gjkf05Last updated: May 26, 2017