https://www.um.edu.mt/library/oar/handle/123456789/4647 2026-07-14T10:39:13Z 2026-07-14T10:39:13Z Buttigieg, Christopher P. https://www.um.edu.mt/library/oar/handle/123456789/147976 2026-07-10T07:22:09Z 2026-01-01T00:00:00Z

Title: From fragmented reporting to digital sovereignty : a case for an EU Financial Data Act Authors: Buttigieg, Christopher P. Abstract: This paper proposes a strategic shift in European Union (EU) financial regulation, advocating for the EU Financial Data Act (EU FDA) as the superior mechanism for reducing regulatory burden and strengthening supervision. The root cause of industry inefficiency lies in the fragmented data collection architecture, not a deficit of super- visory authority. Despite significant efforts by the European Securities and Markets Authority (ESMA) to standardise reporting fields (eg Markets in Financial Instruments Regulation [MiFIR], European Market Infrastructure Regulation [EMIR], Securities Financing Transactions Regulation [SFTR]), the obligation to ‘report many times, differently’ persists, imposing sub- stantial IT and compliance costs. The EU FDA would execute the ‘report once’ principle by man- dating a single EU Reporting Data Dictionary and centralising submission to an ESMA central data reporting and storage facility, a single reporting mechanism. The paper proposes a streamlined data utility, coupled with ESMA-centralised advanced data analytical tools housed within a Sovereign EU Data Centre (SEDAC), which would achieve three critical outcomes: (1) measurable burden reduction for companies through elimination of duplicative reporting and the use of artificial intelligence (AI) for pre-submission error validation; (2) robust supervisory convergence by standardising analytical methodology across all national competent authori- ties (NCAs) and enabling real-time, cross-sectoral risk analysis (eg linking MiFIR and EMIR data); and (3) constitutional safeguarding and digital sov- ereignty by ensuring sensitive financial intelligence is legally and operationally protected on EU soil. Critically, this approach is fundamentally superior to current calls for broad centralised supervision. Centralised data fixes the foundational inefficiency, empowering existing supervisors with high-quality intelligence, whereas centralising authority risks cre- ating a new layer of bureaucracy without enhancing the quality of supervision itself. The EU FDA is thus the essential legislative foundation for an intelligence data-driven and efficient European supervision, and sovereign future for the European Capital Markets and Savings and Investments Union (CMU SIU). This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/ business/.

2026-01-01T00:00:00Z Buttigieg, Christopher P. Gentilini, Andrea https://www.um.edu.mt/library/oar/handle/123456789/147975 2026-07-10T07:13:48Z 2026-01-01T00:00:00Z

Title: Expanding the scope and scale of the EU’s DLT market infrastructures Authors: Buttigieg, Christopher P.; Gentilini, Andrea Abstract: This article analyses the European Union’s regulatory evolution regarding Distributed Ledger Technology (DLT) in financial markets, tracing the journey from the inception of Regulation (EU) 2022/858 to the transformative Market Integration and Supervision Package (MISP). It explores the foundational value proposition of tokenisation, namely atomic settlement and fractionalisation, while contrasting institutional successes like Project Guardian with systemic failures such as the ASX CHESS replacement. The study identifies the ‘ceiling on success’ inherent in the initial DLT Pilot Regime (DLTR), characterised by restrictive capitalisation thresholds and a lack of native cash leg integration. The analysis further evaluates the 2025 ESMA recommendations and the Commission’s subsequent MISP proposal, which seeks to establish a permanent, scalable architecture through unbundled CSD services introducing DLT Notaries and Account Keepers, and significantly elevated aggregate thresholds of €100 billion. The article concludes by arguing that the framework’s ultimate success depends on securing European technological sovereignty and maintaining an agile, national-level supervisory model rather than succumbing to premature centralisation.

2026-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147973 2026-07-10T06:35:17Z 2026-07-01T00:00:00Z

Title: Fixing European oversight : the case for convergence over centralisation Abstract: The architecture of the European Capital Markets Union (now the Saving and Investments Union) is undergoing a structural evolution, shifting its centre of gravity from the proliferation of harmonised rules toward the rigorous consistency of their application. To achieve a uniform supervisory landscape across the Union, two competing paradigms emerge, the centralisation of supervision under a singular European authority, or the refinement of supervisory convergence within a decentralised network.

2026-07-01T00:00:00Z Buttigieg, Christopher P. https://www.um.edu.mt/library/oar/handle/123456789/147125 2026-06-05T05:56:55Z 2026-01-01T00:00:00Z

Title: The nature and art of financial supervision : reflections on a 25-year journey Authors: Buttigieg, Christopher P. Abstract: This paper reflects on 25 years of experience in financial regulation and supervision, emphasising key lessons for future professionals. It underscores that effective supervision requires adaptability, independence, accountability, proactive intervention and international cooperation. The evolution from principles-based to rules-based and now outcomes-based regulation highlights the need for regulators to be flexible amidst global crises, technological advances and emerging asset classes such as crypto assets. Independence is vital to resist political and industry pressures, ensuring long-term stability and credibility. Accountability and due process, supported by comprehensive audit trails and collective decision making, reinforce transparency and public trust. Proactive intervention is essential in detecting and addressing market malpractice early, preventing systemic crises. Lastly, international cooperation is indispensable given the interconnectedness of today’s financial markets, requiring trust, knowledge sharing and coordinated oversight across borders. The paper advocates for a professional and ethical approach among regulators, emphasising that integrity builds confidence in the system. These lessons aim to guide upcoming professionals in navigating complexities, fostering resilience and maintaining the integrity and competitiveness of the global financial landscape. The overarching message is that adaptability, independence, accountability, proactive action and international collaboration are fundamental to robust financial supervision in an ever-evolving environment. This article is also included in The Business & Management Collection which can be accessed at https://hstalks. com/business/.

2026-01-01T00:00:00Z