https://www.um.edu.mt/library/oar/handle/123456789/69999 2026-04-05T00:21:48Z 2026-04-05T00:21:48Z https://www.um.edu.mt/library/oar/handle/123456789/70103 2021-03-01T06:44:44Z 2020-01-01T00:00:00Z

Title: An assessment of the implementation by Maltese insurance undertakings of the compliance function in terms of solvency II : a comparative study Abstract: This study focuses on one of the main key functions introduced within the Solvency II Directive, the Compliance function. This Directive specifies that such key function is to be properly established and provides requirements on how it should be effectively implemented. The main objective of this study is to assess the implementation of the Compliance function by Maltese Insurance Undertakings writing local risks. As such, the study will provide an overview of the major milestones achieved leading up to the coming into force of the SII Directive together with providing comprehensive information on the requirements relating to the Compliance function emanating from the Solvency II Regulatory framework. Moreover, this dissertation will also provide detail on how such requirements were transposed into the Maltese regulatory framework, with information provided on the requirements emanating therefrom. As noted in the study, the requirements relating to the Compliance function are quite broad in scope and thus, the study will provide an analysis on how the requirements relating to the Compliance function under Solvency II have been effectively implemented within Maltese Insurance Undertakings. It will also provide comparison on the different approaches undertaken by the Compliance officers of the respective Undertakings. This study will also provide a number of recommendations to the Maltese Regulatory Authority on different issues identified through the analysis conducted as mentioned above. Furthermore, an overview of the regulatory framework of three European Union Member States, namely Italy, Latvia and Austria, will be made available explaining how these Member States transposed the requirements of the Compliance function within their regulatory framework. This study will also provide a comparison between these member states in order to determine the differences between the requirements. Description: M.A.FIN.SERVICES

2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/70101 2021-03-01T06:44:04Z 2020-01-01T00:00:00Z

Title: De-risking and sources of finance : the EU case Abstract: This thesis focuses on mitigating the effects caused by the 2008 financial crisis that fermented the creation of the finance gap and this may come in scope once again following the global health crisis. Individuals and SMEs requiring funding will find it more easily available should lenders be able to de-risk their position and hence mitigate their liquidity and cash flow risks. The advent of alternative finance in recent years has brought with it a source of liquidity through the power of the crowd and how this can be maximised through the use of securitisation. Securitisation has been around for a long time and since 2013 this has also been used to de-risk alternative finance and loans generated on a peer to peer basis. The thesis delves into the different risks faced by lenders that offer loans via peer to peer lending platforms and the role that securitisation may play in addressing such risks. The discussion within the thesis delves further into how securitisation could be regulated and what benefits will be derived from the regulation of securitisation of peer to peer lending. The focus is placed on a number of themes elicited from the regulatory analysis that are the foundation for any regulatory framework for the regulation of securitisation with peer to peer loans as the securitisation assets. Description: M.A.FIN.SERVICES

2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/70065 2021-02-25T14:16:42Z 2020-01-01T00:00:00Z

Title: A critical analysis of the governance of anti-money laundering supervision in Europe with a specific focus on the banking sector : is there the need for reform? Abstract: Over the years, the European Union has made substantial efforts to enhance the Anti- Money Laundering and Combatting the Financing of Terrorism legal framework which establishes various measures to prevent the European financial system from being misused by criminals. It is suggested however that the same efforts were not equally supplemented with a consolidated approach in the supervision of anti-money laundering and counter-terrorist financing. There is a growing concern that the European Union is ineffective and complacent when dealing with combatting Money laundering and Terrorism Financing on a pan-European or trans-national level. This concern has intensified in view of the recent bank money laundering cases within the EU and also the various revelations exposed by the Panama Papers, Swiss Leaks and Luxembourg Leaks. This has exposed a substantial weakness in the supervision of EU banks which makes them susceptible to misuse by criminals, terrorists or tax evaders. It is clear that the increased cooperation and exchange of information between national competent authorities’ co-operation with central European authorities is not sufficient, as currently the ultimate responsibility for supervision remains at the discretion of national competent authorities. Therefore, this dissertation will firstly delve into the recent legislative developments highlighting however the limited measures introduced in relation to anti-money laundering supervision. Moreover, it will give an overview of a number of recent credit institutions failures and an analysis of some common factors between them, together with an observation of several underlying issues that exist in the current anti-money laundering supervisory structures of those member states within which these banks were established. Finally, this dissertation will examine the current anti-money laundering supervisory powers of relevant European institutions and analyse the implications of creating a European central anti-money laundering supervisor for the banking industry, and possibly also for the whole financial services industry. Description: M.A.FIN.SERVICES

2020-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/70032 2021-02-25T14:16:07Z 2020-01-01T00:00:00Z

Title: A study of the cybersecurity challenges faced by financial institutions Abstract: Technology has dramatically transformed today’s business environment. The Internet of Things, social media, cloud computing, amongst other things, have changed the way financial institutions do business and communicate with each other. All of these aspects have brought about the advantage of digitalisation which offers great benefits and opportunities for financial institutions. It goes without saying that any kind of benefit derived from the use of such evolving technology, results in a number of risks. An emerging risk which companies in today’s business world are facing is that of cyber risk. Cyber attacks are on the risk, are not only becoming more common but also more sophisticated. It can be said that as technology evolves, such attacks are becoming ever more complex. In this regard, financial institutions need to focus on their cybersecurity strategies, so as to protect their business and the data which they hold. Cybersecurity can be defined as the practice of securing networks, systems and any other digital infrastructure from malicious attacks. (Builtin.com, 2020) Any entity which holds data and which makes use of online technology is exposed to this type of risk. Therefore, each entity should understand the market in which it operates and the risks to which it is exposed. Furthermore entities are to also understand the magnitude should they suffer a cyber attack and should also work on preventing these attacks from materialising. This dissertation provides an analysis of the current cyber threat landscape and together with an insight on the threats prevailing in the financial market industry. Reference is also made to local financial institutions and the cybersecurity threats which they are facing. The research also assesses current regulatory developments both an on a local and EU level. Description: M.A.FIN.SERVICES

2020-01-01T00:00:00Z