Financial Services now account to 11% of the Maltese economy

Source: (08/05/2018)

The activity of the Malta Financial Services Authority continued to register growth in 2017 with the issuance of various licences and authorisations predominantly in the areas of insurance business, investment services, investment funds and trust.

The Authority has given a snapshot of its activities through its Annual Report tabled in Parliament by Parliamentary Secretary  Silvio Schembri.

The MFSA today regulates over 2,180 licence holders, a significant increase of over 360 during the past three years. This increase was paralleled by a significant strengthening of supervision and compliance, with the latter being carried out through both off-site and on-site inspections.

The year 2017 was also an important year for the Authority in connection with Malta's role as the Presidency of the Council of the European Union for the first six months of the year. The Presidency came at an important juncture for the financial services sector, particularly in view of technical discussions on the completion of the Banking Union and upcoming negotiations on key legislative proposals related to the Capital Markets Union.

The MFSA was also involved in drafting various pieces of legislation and regulation throughout the year. Commenting on the publication of the Annual Report, incoming Chief Executive Officer Joseph Cuschieri, described the report as "a detailed snapshot of the extensive work carried out by the Authority.

The MFSA is handling an ever growing number of licence holders, and invested significant resources to strengthen its due diligence processes, both prior and post licencing.

This is being done to ensure that Malta delivers on the expectations placed on it as a respectable financial services jurisdiction. However, as an Authority, we are also looking forward at embracing the new opportunities arising from financial technology, blockchain and other means of digital innovation.