https://www.um.edu.mt/library/oar/handle/123456789/143185 2026-04-23T03:56:53Z https://www.um.edu.mt/library/oar/handle/123456789/145688 Title: Resolving parliamentary deadlocks : towards a harmonised process for appointing the chief justice and integrity officers Abstract: Malta’s democratic framework has been strengthened by provisions requiring a two-thirds parliamentary majority for the appointment of specific positions. This requirement enhances public confidence in officeholders, safeguards their independence, and reinforces their legitimacy in fulfilling their duties. However, the process also presents challenges. At times, the absence of the necessary parliamentary consensus results in deadlocks, which may delay essential appointments. Such circumstances can create uncertainty and operational gaps, with existing legal provisions either addressing or, in some cases, failing to address mechanisms for preventing deadlocks. This research examines the appointment procedures of constitutional and integrity institutions that require parliamentary supermajorities. It focuses on the political and legal evolution of these frameworks, the implementation of current appointment legislation, and the potential reform aimed at introducing anti-deadlock measures across various institutions to safeguard their functionality and independence. The study specifically examines the appointment processes of the Chief Justice, the Ombudsman, the Auditor General, the Commissioner for Standards in Public Life, and the Chairperson of the Permanent Commission Against Corruption. The analysis demonstrates that the two-thirds provision is essential for those holding such offices and that there is a strong preference for solutions that preserve this principle. Although views differ on the precise mechanisms to prevent deadlocks, the primary concerns identified are the long-term preservation of the institutions’ independence and legitimacy, while avoiding any vacancy in office. This study concludes by proposing a pathway to achieve these objectives. Description: M.Sc.(Melit.) 2026-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/143463 Title: AML enforcement vs. constitutional rights in Malta : a comparative analysis Abstract: This dissertation explores the constitutionality of administrative fines imposed by the FIAU under Article 13 of the PMLA, examining whether the current enforcement system aligns with Malta’s constitutional guarantees of due process, fairness, and the separation of powers. It also addresses the increasing legal debate about the FIAU’s dual function as both investigator and adjudicator and whether this concentration of authority violates the principles of impartiality and independent judicial protection outlined in the Maltese Constitution. Through a doctrinal and comparative approach, the dissertation analyses relevant statutory provisions, constitutional case law, and academic commentary, while comparing Malta’s framework with those adopted in the United Kingdom, Italy, and Liechtenstein. It considers the availability of appeal mechanisms, the independence of decision-making bodies, and the degree of judicial scrutiny afforded to administrative sanctions. The research reveals that while administrative enforcement offers flexibility and efficiency in addressing financial misconduct, it poses potential risks to constitutional rights when not accompanied by adequate procedural protections. While aiming for reasonable policy goals, the Maltese system has some worrying issues. This is due to the lack of a clear division between investigation and decision-making, the narrow range of judicial review, and unclear rules about whether the penalties are fair. The dissertation concludes that legislative clarification and procedural reform are necessary to strengthen accountability, ensure fairness, and enhance compliance with constitutional and European human rights standards. It proposes the establishment of a more independent review mechanism, clearer criteria for fine determination, and a more transparent appeals process. These reforms would preserve the effectiveness of the antimoney laundering framework while restoring full constitutional compatibility and public confidence in the FIAU’s enforcement process. Description: M.A. Fin. Serv.(Melit.) 2026-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/143461 Title: Sustainable finance disclosure regulation : an analysis of the impact on the Maltese financial sector Abstract: The Sustainable Finance Disclosure Regulation (SFDR) marks a crucial milestone in the European Union’s efforts to integrate sustainability into its financial markets, significantly affecting Member States (MSs), including Malta’s financial services sector. As a small but internationally oriented European Union member state, Malta presents a distinctive environment to explore the effects of this regulation. This dissertation examines the influence of the SFDR on regulatory adherence, investor behaviour, risk management approaches, and institutional strategies within financial service providers in Malta, while also shedding a spotlight on the challenges the implementation has created. The research employs a qualitative methodology, analysing EU regulatory frameworks and existing literature. Results indicate that the SFDR improves transparency and builds investor confidence by harmonising sustainability reporting, with the classification of investment funds under Articles 8 and 9 offering clearer distinctions of sustainability goals. Nonetheless, the categorisation process encounters issues due to ambiguous definitions, leading to difficulties in classification and potential misrepresentation. Moreover, the regulation pushes firms to embed Environmental, Social, and Governance (ESG) factors into their risk management systems and promotes enhanced collaboration between compliance, investment, and reporting departments. Despite these benefits, Maltese financial institutions confront noteworthy hurdles, including the difficulty and vagueness of SFDR directives, the lack of unified metrics, and the high costs associated with compliance. Smaller MSs are particularly vulnerable due to their limited resources for comprehensive data gathering and reporting. However, by aligning Malta’s financial sector with global sustainability standards, the SFDR strengthens the nation’s competitiveness and stature as a hub for sustainable finance. In summary, this dissertation sheds light on the balance between the challenges posed by regulation and the growth opportunities it creates, demonstrating how the SFDR encourages greater accountability and innovation in Malta’s developing financial landscape. Description: M.A. Fin. Serv.(Melit.) 2026-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/143459 Title: The determinants of a successful venture capital market : analysing economic, stock and bond market influences in the US and EU Abstract: This study investigates the macroeconomic determinants of Venture Capital (VC) inflows in the United States and the European Union over the period 2007Q1–2023Q4. Employing a quantitative, longitudinal, and comparative econometric approach, the research utilizes Ordinary Least Squares (OLS) regression models with Heteroskedasticity and Autocorrelation Consistent (HAC) standard errors. The empirical analysis reveals distinct dynamics between the two ecosystems. In the US, results align with classical economic theory, where VC inflows are pro-cyclical and integrated with the real economy, demonstrating significant relationships with GDP and stock market performance. Conversely, the EU market appears insulated from real-economy indicators, with GDP and stock market performance found to be statistically insignificant, validating concerns regarding structural fragmentation raised in the Draghi (2024) report. Despite these divergences, bond market performance consistently emerges as a significant negative determinant across both regions, supporting supply-side theory, while inflation demonstrates a positive influence, particularly post-2014. The findings underscore that while the US market remains dynamic, the EU requires deep structural integration to connect capital to its innovative potential. Description: M.A.(Melit.) 2026-01-01T00:00:00Z