Following the publication of its FinTech Strategy (link) on 15 May 2019, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) is now delving into further detail with respect to each of the identified six pillars and focusing on the implementation of the strategic objectives outlined therein.
Through the first Pillar, Regulations, the MFSA envisages to “adopt regulatory and supervisory initiatives to support innovation and improve regulatory efficiency.” The Authority is thus publishing this Consultation Document proposing (i) the MFSA Regulatory Sandbox, which will encourage financial technology (‘FinTech’) innovation through its stated objectives and (ii) proposals in relation to Regulatory Technologies (‘RegTech’) and Supervisory Technologies (‘SupTech’). Additionally, a status update of the other strategic objectives presented under Pillar 1 of the FinTech Strategy is also provided.
By virtue of this Consultation Document the Authority is seeking to obtain industry feedback in relation to the proposed measures with respect to Pillar 1.
This Consultation Document consists of four additional sections as follows:
- Chapter 2 provides a status update on the MFSA’s current initiatives in relation to the Pillar 1 strategic priorities of proportionality and smart regulations.
- Chapter 3 outlines the MFSA’s objective to establish a Regulatory Sandbox and presents the various approaches towards its implementation.
- Chapter 4 sets out regulatory and supervisory technology initiatives that the MFSA is proposing.
- Chapter 5 seeks feedback from the industry through a set of questions as a conclusion to this Consultation Document.