On January 1st, the Malta Financial Services Centre (MFSC) began the process which will leave it as the overall regulator for the jurisdiction's financial services sector, marking the culmination of nearly eight years of preparation, and the beginning of a new era.
Although the framework for the creation of a single regulator for the entire financial sector was first put in place in 1994, control over the banking sector remained with the Central Bank until the proper regulatory structure to deal with it was in place at the MFSC.
However, as the result of an especially intensive year of preparation, the regulatory and supervisory functions have now been consolidated, and the MFSC was ready, at the start of 2002, to assume overall responsibility.
However, the close working relationship between the two authorities will not end here. Over the course of the next year, the MFSC must also prepare to assume responsibility for the Malta Stock Exchange, and for the country's stockbrokers.
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