Malta: Technology

For decades, digital trust has relied on a foundational assumption: that the cryptographic systems securing financial infrastructure are effectively unbreakable within any realistic business horizon. That assumption is now being re‑examined.

The Malta Financial Services Authority has introduced a new General Code of Conduct for Decision Makers in the Financial Services Industry, establishing principles-based supervisory expectations for governance, leadership behaviour and senior-level decision-making. While non-prescriptive, the Code serves as a key reference point in supervisory engagement and inspections, applying broadly to board members, senior executives and decision makers within MFSA-supervised and listed entities.

AI's impact hinges on the safeguards and governance frameworks that guide its deployment, not the technology itself. Recent harmful chatbot incidents expose the inadequacy of voluntary self-regulation when commercial pressures eclipse safety considerations. The EU AI Act emerges as a critical regulatory intervention to establish mandatory safety standards, accountability mechanisms, and oversight structures that protect the public from preventable AI-related harm.

AI's impact hinges on the safeguards and governance frameworks that guide its deployment, not the technology itself. Recent harmful chatbot incidents expose the inadequacy of voluntary self-regulation when commercial pressures eclipse safety considerations. The EU AI Act emerges as a critical regulatory intervention to establish mandatory safety standards, accountability mechanisms, and oversight structures that protect the public from preventable AI-related harm.

It is equally our pleasure to have hosted Mr Ian Deguara, Malta’s Information and Data Protection Commissioner, for a one-on-one discussion on his achievements...

The European Parliament and Council have adopted positions on proposed amendments to the EU's Artificial Intelligence Act through the Digital Omnibus Package, introducing fixed compliance deadlines and targeted relief measures for SMEs...

The European Union has reached a compromise on the Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR), introducing sweeping changes to harmonise payment rules across Member States. The package addresses fragmentation under PSD2 by migrating conduct-of-business rules into directly applicable regulations, while introducing new provisions on cash access, cryptocurrency payment services, fraud liability, and open banking.

For decades, digital trust has relied on a foundational assumption: that the cryptographic systems securing financial infrastructure are effectively unbreakable within any realistic business horizon. That assumption is now being re‑examined.

Our Mamo TCV Regulatory Compliance Quarterly Update is intended to keep Maltese regulated entities informed of regulatory changes and developments taking place mainly in the local financial services space.