https://www.um.edu.mt/library/oar/handle/123456789/105113 2026-06-05T21:58:45Z https://www.um.edu.mt/library/oar/handle/123456789/111295 Title: An in-depth analysis of the application and implementation of the conduct of rulebook within the Maltese long term insurance sector Abstract: The idea of this study is to analyse how insurance undertakings and intermediaries have incorporated the requirements of the Conduct of Business (COB) Rulebook in their business model and distribution of long term business in the domestic market. In Chapter 1 - Introduction the Context of the Study, Motivation, Statement of Problems and Gaps, Propositions, Significance of the Study and Dissertation Outline have been provided. In the Literature Review the regulatory changes and the implementation in Member States specifically in Malta are highlighted. An overview of the COB for Insurers and Intermediaries is given to set the foundations for this study. The requirements of the Product Oversight and Governance (POG), the Advice and Sales Process, Disclosure of Information and Complaints Handling are dealt in depth. Then the importance, the benefits of COB, what has been addressed with COB rules, the change in insurance undertaking’s structure, internal processes, the insurance products, selling and distribution of insurance and finally the supervision of the national competent authorities of COB are explained. Finally the researcher will derive propositions. In Chapter 3 - Research Methodology the method used for the systematic Literature Review in terms of Context, Data Sources, Eligibility, Results and Limitations are explained. Thereafter the research approach will be determined with Background, Data Gathering and Framework, the Conduct of a SWOT Analysis, the Reasons for Conducting a SWOT Analysis, the Benefits and Fields of Study, the Limitations and finally the Completion of a SWOT Analysis. In Chapter 4 the Analysis and Discussion of the results of the data gathering in accordance with the SWOT Analysis Template will be presented and evaluated by the researcher with reference to the questions raised in the Literature Review and the Research Methodology. Finally, the researcher attempts to propose in Chapter 5 - Recommendations and Conclusions that COB Rules should address and give attention to in the near future. Description: M.A. Fin. Serv.(Melit.) 2022-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/111290 Title: A critical analysis of the payment services directive 2 and its effect on consumer protection and data protection Abstract: The innovative developments during the early 10s brought new actors to the payment market. The desire of the European Commission was to regulate such technology tools, whilst pinpointing key factors inducing such changes in the EU payment sector. Credit institutions, although, just acquiring a new level of trust, following the collapse of the Financial Services market in 2008, have had their dominance in the sector substantially reduced. The enactment of PSD2 allows the non-bank institutions to provide access to payment services, without depending on credit institutions. This has caused a disruption in the traditional market, expecting incumbents to think of new creative business models to help them remain competitive. In so doing, the payments landscape has completely changed. An analysis was made on the written word of the PSD2, which repealed the first attempt of the EU to regulate the payments market; a sector big enough to merit another financial services pillar, along with banking, insurance and investment. Although PSD1 was rescinded, certain provisions were left for the Member States’ interpretation during the transposition stage, despite the various discussions preceding the final text publication. This study attempts to assess the PSD2 in terms of the competition it has created through innovation, the consumer protection it truly wants to prioritise and the security measures in place to safeguard the most vulnerable. Description: M.A. Fin. Serv.(Melit.) 2022-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/105245 Title: Central bank digital currency : paving the way to a new era in payments Abstract: Money, as a means of payment, has gone through an evolution process along the years, ranging from bartering, precious coins, money in paper form, to electronic money. The latter, by means of dematerialisation and digitalisation. Through history, one could observe that monetary transformations have been propelled by economic growth, innovative technology, whilst effectively addressing and maintaining the functions of money. The interest towards digital currencies primarily arose out of developments initiated by the 2008 global financial crisis and its need was further highlighted by a surge in crossborder payments, security settlements and electronic collaterals which led to the possible utilisation of distributed ledger technology (DLT). Eventually, technological advancements in DLT and cryptography led to a widespread and higher demand in digital currencies. Innovations and the rapid transformation in the payments and financial system led central banks around the globe to undertake substantial efforts to examine the potential issuance of a Central Bank Digital Currency (CBDC). CBDC is a form of fiat currency using modernized technology entailed to offer the unique feature of finality, liquidity and integrity. As the title suggests, this thesis seeks to determine the potential implications resulting from the issuance of the CBDC towards the banking system, the monetary policy, a jurisdiction’s financial stability, and the financial system at large. To this effect, by means of a comparative analysis, this thesis would address the diverse opinions of international market players which embrace vast ideologies on the issuance of this new digital currency. After analysing the benefits and challenges that could develop as a result of such introduction, the final chapter explores how the attractiveness of the CBDC for payment purposes is likely to lead to the next step of a cashless society. Description: M.A. Fin. Serv.(Melit.) 2022-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/105171 Title: An evaluation of CSP regulation as a means of combatting money laundering Abstract: CSPs and other DNFBPs are seen as the gatekeepers to the financial system. Gatekeepers are positioned at fundamental entry points to the financial system and are therefore able to prevent wrongdoing. Recent AML scandals such as the Panama, the Paradise and the Pandora Papers have illustrated how CSPs in particular, are the epitome of gatekeeping professionals. Their direct involvement in the creation and management of companies, which corporate vehicles are popular choices for money laundering, highlight the CSP sector’s dual possibility to either facilitate money laundering or to stop it. Against this backdrop, in 2019, MONEYVAL pointed out a number of anti-money laundering deficiencies in the Maltese CSP regulatory framework. This triggered the Maltese regulator to overhaul the CSPs’ regulatory framework and to also raise the bar for CSPs. This dissertation evaluates CSP regulation in Malta as a means of combatting money laundering, particularly by assessing whether the recent amendments to the CSP regulatory framework have closed the regulatory gaps identified by MONEYVAL. It also analyses the amendments to assess how standards for the CSP industry have been raised and it evaluates how the Maltese CSP regulatory framework fares in comparison to a number of foreign jurisdictions. In comparison to the analysed foreign jurisdictions, the Maltese CSP regulatory framework fares well, particularly in relation to the regulation of de minimis activities. Contrastingly, there are aspects of CSP regulation in which foreign regulators have adopted a stricter approach, such as the compulsory engagement of a CSP by companies. This dissertation affirmatively concludes that regulatory gaps have been closed and that standards for the CSP industry have indeed been raised. However, a major challenge which this dissertation envisages relates to the need to improve the compliance culture of the CSP industry in order for the industry to be able to comply with the overhauled CSP regulatory framework. Description: M.A. Fin. Serv.(Melit.) 2022-01-01T00:00:00Z