The Malta Financial Services Authority

Transcription

1 The Malta Financial Services Authority STATUS, ROLE and STRUCTURE April 2012 ( Director Legal and International Relations Unit

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3 Role of Regulator a) to licence and ensure high standards b) to ensure compliance with the rules c) to carry out on-site and off-site compliance visits d) to investigate allegations of wrong-doing e) to take administrative or other action as appropriate

4 Malta Financial Services Authority Statement of Functions in the law: o to regulate financial services in Malta o to promote consumer protection o to promote fair competition and consumer choice o to investigate allegations of malpractices o to ensure high standards of conduct in the sector

5 Malta Financial Services Authority o Single consolidated regulator for banking for insurance for securities o Single point of entry and single point of reference for licensing, reporting, etc o Single point of reference domestically and internationally o Also incorporates the Registry of Companies

6 Malta Financial Services Authority Since 1997 it is also responsible for the Registry of Companies, where companies are registered and where company details are kept Registrar of Companies is a Director of the MFSA

7 Malta Financial Services Authority Internal Structure Public Corporation Single Regulator for all financial services International Dimension Registry of Companies Consumer Agency

8 FROM OFFSHORE TO ONSHORE MIBA and MFSC in a changing world MIBA 24 employees MFSC MFSA 160 employees

9 THE MFSA AND OTHER REGULATORS A single regulator among several single unified regulators in other countries UK GERMANY IRELAND ESTONIA MAURITIUS DENMARK POLAND SWITZERLAND SWEDEN Most are separate from the national banks, but not all.

10 Single Regulatory Agency National Bank as Single Authority : Singapore Czech Republic Slovakia

11 Other Regulators Twin Peaks : Australia and the Netherlands Has once more become fashionable Three Regulators : Italy, USA, China, Greece, Cyprus

12 A PUBLIC CORPORATION The MFSA as a public corporation set up by special law - other public corporations and consolidations in other sectors MALTA COMMUNICATIONS AUTHORITY BROADCASTING AUTHORITY MALTA TOURISM AUTHORITY MALTA STANDARDS AUTHORITY TRANSPORT MALTA

13 MFSA ORGANIZING A PUBLIC AUTHORITY Any public authority should be properly organized to ensure cohesion, efficiency and accountability

14 THE MFSA STRUCTURE BOARD OF GOVERNORS CO-ORDINATION COMMITTEE BOARD SECRETARY LEGAL & INTERNATIONAL RELATIONS UNIT SECRETARY SUPERVISORY COUNCIL UNITS Banking Supervision Securities & Markets Supervision Insurance & Pensions Supervision Authorization Regulatory Development BOARD OF MANAGEMENT AND RESOURCES Consumer Complaints Manager

15 THE MFSA IN A CONSUMER CONTEXT The MFSA as a consumer protection agency - responding to a new context of consumer and competition legislation

16 THE MFSA Consumer Complaints Function New post of Consumer Complaints Manager in 2002 Compliments new statutory consumer protection function assigned to MFSA An office dedicated to receiving consumer complaints and consumer education Has powers to investigate, report and recommend action, but has no enforcement, executive or judicial powers

17 THE MFSA AND THE INTERNATIONAL DIMENSION an increasingly important aspect of financial services regulation

18 International Dimension WTO European Union Maltese Law and Structures

19 MFSA - the international dimension European Union IMF - World Bank World Trade Organization MFSA OECD Memoranda of Understanding (MoUs) IAIS UN Security Council Sanctions IOSCO