Financial regulators tend to be regarded as a necessary evil by bankers and other market practitioners. They may recognise the importance of regulation, but they are equally aware of its burden. The typical approach is to find out what the regulator wants, tick all the boxes and then get on with business.
The Malta Financial Services Authority (MFSA) claims to be different. It says accessible and flexible are two of its hallmarks, but argues that it is not a soft touch. As a member of the EU, the country operates to high standards and firmly upholds all relevant EU laws and rules; but being a small country, it is easy to meet senior officials at short notice and they can be understanding of an individual institution’s issues and requirements. By the same token, however, if any firm or practitioner begins to act inappropriately the regulator will soon find out. News travels fast on an island that is only 27 kilometres long and 14.5 kilometres wide.
