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Tag: Clyde Caruana

The Maltese Financial Regulator And Its Remarkable Legal Costs!

Malta Financial Services Authority tamir -
According to a report from Maltese online news outlet, The Shift, Malta's financial services regulator MFSA has come under scrutiny for its spending on legal services, with the regulator paying €420 per hour to a US law firm, Sheehan Phinney, and engaging around 10 other firms at lower hourly rates ranging from €50 to €220. In addition, the regulator employs full-time lawyers, some earning salaries exceeding €120,000 per year.

Malta Appoints Financial Arbiter Who Was Found Guilty 66 Times

Compliance Mark Lagarde -
Malta can’t stop hurting its own financial services industry. Minister Clyde Caruana has appointed Alfred Mifsud as the Arbiter for financial services. Mifsud, who headed the TV station of the Labour Party, which is currently in Government, was found guilty in 66 cases by the previous financial services Arbiter. Labour stalwart Alfred Mifsud owned Crystal Finance Investments, which mis-sold thousands of products to its victims.

The Intransparent Maltese Regulator

Malta Financial Services Authority Mark Lagarde -
The Maltese mess around its regulators continues. Most recently, the MFSA was again in the spotlight of scandals. The resignation of short-lived Irish CEO Joseph Gavin caused turbulence because he had apparently received a lucrative agreement to carry out an orderly handover. Something that probably shouldn't be remunerated separately one would think. The MFSA and the Maltese Finance Minister Clyde Caruana refuse to publish this €65,000 contract, The Shift reports.

A regulatory issue! The exodus of licensed financial services firms from Malta

Malta Financial Services Authority Guest Contributor -
Malta is an offshore place in the EU with weak regulators. We know that! Consequently, it was was grey-listed by the Financial Action Task Force (FATF) in June 2021. Since then 100 licensed firms surrendered their Malta license. A monthly average of 12 firms, SICAVs, and funds opted to return their license to the MFSA and terminate their operations in Malta. This information is public on the Authority's website, althou

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