https://www.um.edu.mt/library/oar/handle/123456789/113256 2026-04-05T00:00:58Z 2026-04-05T00:00:58Z https://www.um.edu.mt/library/oar/handle/123456789/113421 2023-10-05T06:13:09Z 2023-01-01T00:00:00Z

Title: Regulation of crowdfunding in the European Union and the United Kingdom : a comparative analysis Abstract: Crowdfunding has become increasingly important as a source of financing for small and medium-sized enterprises and start-ups. While crowdfunding offers benefits for investors, there are also risks involved. Thus, investor protection should be a top priority in crowdfunding regulation, particularly when it involves retail investors who are typically less experienced and knowledgeable than professional investors. Investment terms and risks may be difficult to understand, and it's important to note that funding SMEs and start-ups carries a high probability of resulting in losses due to their nature. The Financial Conduct Authority has been regulating crowdfunding services in the United Kingdom for some time and has implemented strict regulations to protect investors' interests. In contrast, the European Union recently harmonised crowdfunding regulations across its Member States. Upon comparison of the two regulatory frameworks, this study concluded that although there are some differences, both the EU and the UK have implemented similar investor protection measures for crowdfunding platforms to adhere to. These measures include strict disclosure requirements, appropriateness assessments for retail clients, and prudential requirements. Description: M.A. Fin. Serv.(Melit.)

2023-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/113419 2023-10-05T06:12:02Z 2023-01-01T00:00:00Z

Title: Open banking and the road to open finance : a Maltese perspective Abstract: This dissertation thoroughly examines the evolution of open banking and its regulatory landscape in Malta, along with other jurisdictions including the UK, US, Mexico, Brazil, Australia, and the wider European Union (EU). As the global financial landscape transitions from open banking to open finance, and with the European Commission proposing a legislative framework for open finance, this research focuses on how Malta, a country that has yet to fully embrace the concept of open banking, will embrace open finance, if at all. The study investigates the underlying factors contributing to Malta's limited adoption of open banking, such as the country's size, lack of awareness and the culture of the Maltese; and seeks to determine how Malta can transition to open finance. Additionally, it includes an in-depth comparison between the EU and the UK. Given the UK's notable success in open banking adoption and boasting the largest number of open banking customers worldwide, this study seeks to understand what Malta and the EU could do differently to achieve the UK’s success. This dissertation proposes recommendations to address the challenges faced by Malta. These recommendations include the organization of regulator-led workshops aimed at encouraging financial institutions in Malta to offer open banking solutions. Encouragingly, Malta recently licensed its first financial institution to provide payment initiation services, signifying a positive step towards open banking adoption. However, it is crucial for Malta to fully embrace open banking before progressing to open finance. Description: M.A. Fin. Serv.(Melit.)

2023-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/113418 2023-10-05T06:11:15Z 2023-01-01T00:00:00Z

Title: Should supervisory authorities be empowered to impose administrative penalties? : the Malta Financial Services Authority as a case study Abstract: The purpose of this thesis is to assess whether supervisory authorities should be empowered to impose administrative penalties. In this regard, the MFSA was selected as a case-study because it has extensive powers to impose administrative penalties, especially when compared to other authorities. The said powers are examined in detail and compared to those of other local and foreign authorities so as to determine whether there exists a solid legal basis therefor and whether it is unusual for supervisory authorities to be so empowered. This thesis also delves into the MFSA’s decision-making process and the bodies involved therein in order to assess whether due process exists. The abovementioned assessment is carried out in light of recent developments in the judicial field which essentially challenge the empowerment of the relevant authorities to impose administrative penalties. In brief, the Court has concluded in a variety of cases that where an administrative penalty is criminal in nature, one should be entitled to a fair hearing before a court of law, as per article 39 of the Constitution. Consequently, it held that the process leading to the imposition of such a penalty by the authorities in question goes contrary to one’s right to a fair hearing as enshrined in the aforementioned provision. In light of the above, legislative reform seems unavoidable, and the financial services sector is no exception. The question is whether such reform should take place in a piecemeal fashion or as a whole. While steps were taken by the legislator to address the issue in relation to competition law specifically, the general problem remains unresolved. Concrete steps to tackle the problem must be taken lest the country ends up in a situation where its supervisory authorities, including the MFSA, are effectively rendered toothless and wrongdoers go unpunished. Description: M.A. Fin. Serv.(Melit.)

2023-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/113417 2023-10-05T06:10:21Z 2023-01-01T00:00:00Z

Title: An analytical review of the proposed anti-money laundering authority (AMLA) and its impact on the Maltese financial services sector Abstract: Money laundering and terrorist financing (ML/TF) pose significant threats to the European Union's (EU) economy, financial system, and the safety of its citizens. The current framework for anti-money laundering and countering the financing of terrorism (AML/CFT) relies on national implementation, making it ineffective in addressing the cross-border nature of recent ML incidents. To address these shortcomings, the European Commission proposed a new AML package in 2021, which includes regulations for establishing the EU AML Authority, a regulation on AML/CFT, the 6th AML Directive, and revising the 2015 Regulation on Transfers of Funds. This study aimed to analyse the proposed Anti-Money Laundering Authority Regulation (AMLAR) and its key aspects. It reviewed the tasks and powers of the Anti-Money Laundering Authority (AMLA), the supervisory system for AML/CFT, direct and indirect supervision of obliged entities, oversight of the non-financial sector, coordination among Financial Intelligence Units (FIUs), and the composition of the AMLA. The study also assessed the potential impact of the AMLA on the Maltese regulator and the financial services sector in Malta. Findings revealed that the AMLA is expected to positively impact the operations of the Financial Intelligence Analysis Unit (FIAU) by promoting collaboration and convergence in supervision. The AMLA will facilitate evaluations, peer reviews, and provide support and coordination for the FIAU's function as an FIU. As the AMLAR provisions are still being finalised, it is challenging to determine if Maltese obliged entities will be directly supervised by the AMLA. Indeed, it is crucial to note that the precise nature and extent of this impact will only become apparent once the AMLAR has been finalised and put into effect. Throughout the research, counterproposals were put forward based on feedback from EU bodies, self-regulatory bodies, organisations, and study participants. These suggestions include broadening the eligibility criteria for crypto-asset service providers adopting a risk-based approach for selecting entities under direct supervision, expanding the definition of 'group,' removing the reference to 'material breaches' in selecting credit institutions, using residual risk ratings, establishing a new database for sanctioned individuals and companies related to AML/CFT, and granting permanent membership to European Supervisory Authorities within the AMLA. Description: M.A. Fin. Serv.(Melit.)

2023-01-01T00:00:00Z