MFSA issued Supervisory Priorities for 2023

Digital finance and sustainable finance are among the top cross-sectoral priorities identified in the Supervisory Priorities for 2023 issued recently by the Malta Financial Services Authority.

The document aligns the regulatory activities with the MFSA’s Strategic Statement, and these have also been drawn up in line with the priorities identified by the European Supervisory Authorities’ and of the European Central Bank, as well as the direction provided by the European Commission.

The comprehensive document explains specific areas of supervision for each sector of financial services, most of which are continuations of the actions already being taken last year. However, there are also new elements outlined, explaining which opportunities the Authority will now be looking at, and well as new regulatory initiatives and legal developments that the sectors will need to embrace.

The priorities identified in the document are: governance, risk and compliance; financial crime compliance; and consumer protection and education.

There are also three cross-sectoral priorities: resilience of its supervised entities; digital finance; and sustainable finance.

The Supervisory Priorities document can be viewed on the MFSA website.