https://www.um.edu.mt/library/oar/handle/123456789/17622 2026-06-12T06:58:04Z https://www.um.edu.mt/library/oar/handle/123456789/147125 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 https://www.um.edu.mt/library/oar/handle/123456789/147085 Title: Dusty starbursts masquerading as ultra-high redshift galaxies in JWST CEERS observations Authors: Zavala, Jorge A.; Buat, Véronique; Casey, Caitlin M.; Finkelstein, Steven L.; Burgarella, Denis; Bagley, Micaela B.; Ciesla, Laure; Daddi, Emanuele; Dickinson, Mark; Ferguson, Henry C.; Franco, Maximilien; Jiménez-Andrade, E. F.; Kartaltepe, Jeyhan S.; Koekemoer, Anton M.; Le Bail, Aurélien; Murphy, E. J.; Papovich, Casey; Tacchella, Sandro; Wilkins, Stephen M.; Aretxaga, Itziar; Behroozi, Peter; Champagne, Jaclyn B.; Fontana, Adriano; Giavalisco, Mauro; Grazian, Andrea; Grogin, Norman A.; Kewley, Lisa J.; Kocevski, Dale D.; Kirkpatrick, Allison; Lotz, Jennifer M.; Pentericci, Laura; Pérez-González, Pablo G.; Pirzkal, Nor; Ravindranath, Swara; Somerville, Rachel S.; Trump, Jonathan R.; Yang, Guang; Yung, L. Y. Aaron; Almaini, Omar; Amorín, Ricardo O.; Annunziatella, Marianna; Haro, Pablo Arrabal; Backhaus, Bren E.; Barro, Guillermo; Bell, Eric F.; Bhatawdekar, Rachana; Bisigello, Laura; Buitrago, Fernando; Calabrò, Antonello; Castellano, Marco; Chávez Ortiz, Óscar A.; Chworowsky, Katherine; Cleri, Nikko J.; Cohen, Seth H.; Cole, Justin W.; Cooke, Kevin C.; Cooper, M. C.; Cooray, Asantha R.; Costantin, Luca; Cox, Isabella G.; Croton, Darren; Davé, Romeel; de la Vega, Alexander; Dekel, Avishai; Elbaz, David; Estrada-Carpenter, Vicente; Fernández, Vital; Finkelstein, Keely D.; Freundlich, Jonathan; Fujimoto, Seiji; García-Argumánez, Ángela; Gardner, Jonathan P.; Gawiser, Eric; Gómez-Guijarro, Carlos; Guo, Yuchen; Hamilton, Timothy S.; Hathi, Nimish P.; Holwerda, Benne W.; Hirschmann, Michaela; Huertas-Company, Marc; Hutchison, Taylor A.; Iyer, Kartheik G.; Jaskot, Anne E.; Jha, Saurabh W.; Jogee, Shardha; Juneau, Stéphanie; Jung, Intae; Kassin, Susan A.; Kurczynski, Peter; Larson, Rebecca L.; Leung, Gene C. K.; Long, Arianna S.; Lucas, Ray A.; Magnelli, Benjamin; Mantha, Kameswara Bharadwaj; Matharu, Jasleen; McGrath, Elizabeth J.; McIntosh, Daniel H.; Medrano, Aubrey; Merlin, Emiliano; Mobasher, Bahram; Morales, Alexa M.; Newman, Jeffrey A.; Nicholls, David C.; Pandya, Viraj; Rafelski, Marc; Ronayne, Kaila; Rose, Caitlin; Ryan Jr., Russell E.; Santini, Paola; Seillé, Lise-Marie; Shah, Ekta A.; Shen, Lu; Simons, Raymond C.; Snyder, Gregory F.; Stanway, Elizabeth R.; Straughn, Amber N.; Teplitz, Harry I.; Vanderhoof, Brittany N.; Vega-Ferrero, Jesús; Wang, Weichen; Weiner, Benjamin J.; Willmer, Christopher N. A.; Wuyts, Stijn; The CEERS Team Abstract: Lyman-break galaxy (LBG) candidates at z ≳ 10 are rapidly being identified in James Webb Space Telescope (JWST)/NIRCam observations. Due to the (redshifted) break produced by neutral hydrogen absorption of rest-frame UV photons, these sources are expected to drop out in the bluer filters while being well detected in redder filters. However, here we show that dust-enshrouded star-forming galaxies at lower redshifts (z ≲ 7) may also mimic the near-infrared (near-IR) colors of z > 10 LBGs, representing potential contaminants in LBG candidate samples. First, we analyze CEERS-DSFG-1, a NIRCam dropout undetected in the F115W and F150W filters but detected at longer wavelengths. Combining the JWST data with (sub)millimeter constraints, including deep NOEMA interferometric observations, we show that this source is a dusty star-forming galaxy (DSFG) at z ≈ 5.1. We also present a tentative 2.6σ SCUBA-2 detection at 850 μm around a recently identified z ≈ 16 LBG candidate in the same field and show that, if the emission is real and associated with this candidate, the available photometry is consistent with a z ∼ 5 dusty galaxy with strong nebular emission lines despite its blue near-IR colors. Further observations on this candidate are imperative to mitigate the low confidence of this tentative submillimeter emission and its positional uncertainty. Our analysis shows that robust (sub)millimeter detections of NIRCam dropout galaxies likely imply z ∼ 4–6 redshift solutions, where the observed near-IR break would be the result of a strong rest-frame optical Balmer break combined with high dust attenuation and strong nebular line emission, rather than the rest-frame UV Lyman break. This provides evidence that DSFGs may contaminate searches for ultra-high redshift LBG candidates from JWST observations. 2023-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147008 Title: An overview of the Maltese framework for the regulation of crypto-assets and the need for international standards of best practice for the sector Abstract: Malta's initiatives in the Blockchain sphere started with the government's publication of a Consultation Paper on the establishment of the Malta Digital Innovation Authority; the Framework for the Certification of Distributed Ledger Technology Platforms and Related Service Providers; and a Virtual Currency Act'. This ultimately led to the enactment of three legislative acts; the Virtual Financial Assets Act'; the Malta Digital Innovation Authority Act and the Innovative Technology Arrangements and Services Acts; which together provide a holistic regulatory framework catering for regulation both from a technology and financial services perspective. Whilst the MDIA Act and the ITAS Act cater for the establishment of the Malta Digital Innovation Authority and the certification of innovative technology arrangements and services, the VFA Act provides a regulatory framework for virtual financial assets as a separate asset class for investment purposes. [excerpt] 2019-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147007 Title: Cloud computing and adapting financial supervision to the digital era Abstract: Cloud computing is a facilitator for enterprise business transformation and has the potential of significantly changing the way financial services are offered to clients. Leaders in financial services and practitioners are progressively acknowledging that cloud computing can facilitate the: [a] storage of data and applications; [b] access of advanced software applications via the internet; and [c] application of advanced analytics for better and more integrated insights. [excerpt] 2020-09-01T00:00:00Z