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International Monetary Fund. Monetary and Capital Markets Department
This technical note reviews the institutional arrangement and supervisory practices for the insurance and securities sectors in Malta, focusing on supervisory effectiveness. The legal powers and supervisory objectives of the Malta Financial Services Authority (MFSA) are clear and in line with international standards. The MFSA has adequate legal authority to discharge its supervisory responsibilities and to take the necessary preventive and corrective measures to protect the public interest. Clearly established legal gateways for information sharing facilitate supervisory coordination and cooperation between the MFSA and relevant supervisors/authorities, domestically and internationally. For the avoidance of doubt, the MFSA has proposed amending the MFSA Act to explicitly include the promotion of financial stability and financial market integrity as one of its key functions. Stable funding and full autonomy over the recruitment process are needed to support the MFSA’s operational and financial independence. Recognizing the scope for harmonizing and enhancing the current sectoral risk-based supervision frameworks (RBSF), the MFSA is developing an integrated RBSF.
International Monetary Fund. Monetary and Capital Markets Department
This technical note on banking supervision for Malta focusses on selected topics in relation to the supervision of less significant institutions, which are not directly supervised by the European Central Bank, and on non-European Union branches. The Malta Financial Services Authority’s (MFSA) internal organization reflects its role of an integrated supervisor, and several units are involved in supervision and/or enforcement. Review of supervisory measures reveals that the MFSA has taken decisive action in several instances, but such actions have not been timely. A new organizational structure of the MFSA has been proposed recently. Developing resources devoted to enforcement will enable the unit to spend less time on the preparation of the sanctions and more time on ongoing supervisory monitoring. Involving the head of enforcement and the General Counsel in the decision-making process is positive. The report recommends developing a five-year plan to increase the MFSA’s budgetary resources and capacity to reflect the size and importance of the financial sector in Malta.
International Monetary Fund. Monetary and Capital Markets Department

Restrictions through applying limitations on the expansion and further investment Source : MFSA website (public information). 78. Review of supervisory measures in the broad sense suggests that the MFSA has taken decisive action in several instances, but such actions may not have been as timely as desirable . More supervisory measures have been decided since 2015. Such measures are mainly adopted following an onsite inspection. In that respect, it is worthwhile to note that over the past few years, significant delays were observed between the end of the

International Monetary Fund

manually, using mainly companies’ balance sheets obtained from the MFSA website. On an aggregated level, checks are also undertaken to ensure consistency between data received from the DR questionnaires and data received from the banking sector covering transactions of the various economic sectors. Particular attention is paid to large transactions that significantly depart from past trends. 3.3 Statistical techniques 3.3.1 Data compilation employs sound statistical techniques to deal with data sources The main source data are from surveys (DR system

International Monetary Fund
The quality of the macroeconomic statistics for Malta has improved significantly in recent years, particularly as a result of the legal and institutional restructuring of the National Statistics Office (NSO). These changes were made in an effort to respond more effectively to the needs of users and to comply with new data-reporting requirements of the European Union (EU). These improvements have brought Malta’s statistical practices in line with internationally accepted standards and practices in a number of statistical areas.