The MFSA considers the following three ongoing priorities as crucial in the context of the Authority’s day-to-day processes:
- Governance, Risk & Compliance – entities are expected to adopt the principles and legal frameworks emanating from the corporate governance code issued by the MFSA;
- Financial Crime Compliance – the importance of AML/CFT will continue to be reflected in the supervisory interaction and the MFSA will maintain its co-operation with the FIAU and SMB to ensure effective AML/CFT and Sanctions compliance; and
- Consumer Protection and Education - follow ups on supervisory inspections undertaken during 2022 on license holders to ensure all MiFID II requirements are satisfied.
The MFSA also identified three high-level supervisory themes for 2023 applicable across the MFSA’s supervisory functions:
- Resilience of Supervised Entities – The MFSA will follow up and continue engaging with regulated entities through onsite and offsite inspections. The MFSA will also ensure that adequate ICT frameworks are in place;
- Digital Finance – The MFSA is working on how the reporting regimes can be improved. Additionally, the main focus for 2023 is the implementation of the DORA; and
- Sustainable Finance - SFDR and ESG related matters are given priority during 2023, whereby the MFSA continues to carry out assessments on the level of disclosures supervised entities have in place.
The comprehensive supervisory priorities document for 2023 can be accessed from the MFSA Website.
How can we help?
Please do not hesitate to contact us on compliance-malta@apexgroup.com should you require guidance and support to enhance the governance, risk and compliance frameworks.
