Malta: Appointment of Conduct Supervisory Unit Director
Last Updated: 2 February 2015

The Board of Governors has appointed Dr. Michelle Mizzi Buontempo as Director – Conduct Supervisory Unit. Dr. Mizzi Buontempo read law at the University of Malta and was also awarded an M.A. in Financial Services from the same University. She regularly lectures on corporate govern-ance at the Malta International Training Centre. Dr. Mizzi Buontempo has over sixteen years of experience in the regulation and supervision of financial services, including supervision of invest-ment firms and trustees. She represents the MFSA at various Standing Committees of the Europe-an Securities and Markets Authority. Dr. Mizzi Buontempo was also responsible for the establishment and development of a new regulatory framework for trustees and company service providers. Prior to joining the MFSA, Dr. Mizzi Buontempo headed the corporate division of a leading audit firm.

The Conduct Supervisory Unit currently being set up within the Authority shall be responsible for securing appropriate con-sumer protection in financial services through a supervisory regime seeking to address potential or emerging risks for financial services consumers. The Unit shall also endeavor to strengthen the responsibilities of regulated persons in treating customers fairly.

The Authority is currently drafting a Conduct of Business Rulebook which will be adopting a staggered approach. The Rules will initially be addressed to persons providing investment services and persons carrying on insurance activities. The Conduct Su-pervisory Unit is still not operational, with the resources and structures being identified and set up. Accordingly, until such time as the Unit is functional, the supervision of Investment Services Licence Holders, insurance undertakings and insurance intermediaries under the current regime shall continue to remain under the responsibility of the Securities and Markets Supervision Unit and the Insurance and Pensions Supervision Unit respectively. The Authority will be communicating further with the industry in due course.

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