The Malta Financial Services Authority is the competent authority for the licensing and supervision of credit institutions operating in Malta.

The Central Bank of Cyprus, in addition to being the country’s monetary authority, is also Cyprus’s licensing as well as banking supervisory authority.

The Memorandum of Understanding was signed on behalf of the Central Bank of Cyprus by its Governor Athanasios Orphanides, and on behalf of the Malta Financial Services Authority by its Chairman Joe Bannister.

The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two authorities with a view to facilitating the consolidated supervision of cross-border establishments and ensuring the safe functioning of credit institutions in the respective countries, in accordance with their national laws and regulations.

The Central Bank of Cyprus pursues an active policy of signing Memoranda of Understanding for cooperation and exchange of information with competent overseas authorities.

In the field of banking supervision, the Central Bank of Cyprus has signed Memoranda of Understanding with the central banks of countries whose banks already have, or may establish in the future, a physical presence in Cyprus.

Memoranda of Understanding have already been signed with: the Estonian Financial Supervision Authority, the National Bank of Kyrgyz Republic, the Austrian Financial Market Authority, the Central Bank of the Russian Federation, the Bulgarian National Bank, the National Bank of Ukraine, the National Bank of the Republic of Belarus, the National Bank of Serbia, the National Bank of Romania, the Financial and Capital Market Commission of the Republic of Latvia, the National Bank of Slovakia, the Bank of Tanzania, the Central Bank of Jordan, the Bank of Greece, the Banque du Liban, the Central Bank of Armenia, De Nederlandsche Bank N.V. and the Jersey Financial Services Commission.

Moreover, negotiations are currently being carried out with other overseas banking supervisory authorities for the signing of similar documents.