annual report 2014 - Malta Financial Services Authority

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CONTENTS CHAIRMAN’S STATEMENT

5

THE AUTHORITY

9



Board of Governors

9



Supervisory Council

10



Board of Management and Resources

11

Organisation

12



15

Corporate Social Responsibility

REGULATORY AND MARKET OVERVIEW

17

Banking

18



Securities and Investment Services

25



Insurance Business

28

SUPERVISION AND COMPLIANCE

35



35

Supervisory Action

Enforcement

40



Conduct of Business

43



International Collaboration

44



Financial Stability and Macro-Prudential Supervision

44



The EU Framework for Supervision of the Financial System

46

LEGISLATIVE AND REGULATORY DEVELOPMENTS

49



Capital Requirements Directive

49



Single Supervisory Mechanism

51



ESRB Recommendations

53



MiFID II & MiFIR

53



Auctioning Regulations

54



UCITS V

55

PRIIPs

55



56

Solvency II

Annual Report 2014

1



Credit and Financial Institutions

57



Company Service Providers

57



Conduct of Business

58



Insurance and Pensions

58

Securitisation

59



Listing Rules

60



Trusts and Trustees

60



Securities and Markets

61

LICENSING 65

Credit and Financial Institutions

65



Insurance Business

65

Pensions

68



Securities Business

68



The Registry of Companies

72

DEVELOPMENT OVERVIEW

77



Human Resources Development

77



Information and Communication Technologies

80

Communications

82



84

Consumer Complaints

APPENDICES 89

Appendix I – Acts, Legal Notices and Government Notices issued in 2014

89



Appendix II – Rules: Issued and Revised during 2014

91



Appendix III – Circulars issued in 2014

92



Appendix IV – Consultation Papers and Feedback Statements issued in 2014

96



Appendix V – Issued and Surrendered Licences in 2014

97



Appendix VI – Memoranda of Understanding in force

108



Appendix VII – Pending appeals before the Financial Services Tribunal

110



Appendix VIII – List of Charts and Tables

111



Appendix IX – Abbreviations used in this report

113

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