https://www.um.edu.mt/library/oar/handle/123456789/4647 Wed, 14 Oct 2026 16:42:37 GMT 2026-10-14T16:42:37Z https://www.um.edu.mt/library/oar/handle/123456789/150035 Title: Rethinking retail deposit supervision in the digital banking age Abstract: Online Deposit Platforms (ODPs) are transforming European retail banking by removing geographic barriers, allowing smaller credit institutions to access cross-border liquidity without physical branches. However, ODPs convert granular retail savings into rate-sensitive, highly volatile balances resembling short-term wholesale funding, challenging standard microprudential runoff assumptions under stress. Additionally, layered structures like fiduciary omnibus accounts obscure depositor visibility, fragment compliance responsibilities and elevate financial crime risks. To address these risks, European regulators must move from entity-centric supervision to an activity-based paradigm. This requires platform-specific stress testing, real-time transparency into pooled accounts and binding compliance standards across the intermediation chain. Thu, 01 Jan 2026 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/150035 2026-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/149597 Title: From sandbox to scale : unlocking the EU’s tokenised securities framework Abstract: The EU has built the most advanced regulatory framework for tokenised securities globally, yet the architecture is not yet fully sufficient to support largescale tokenised capital markets. While the foundations are firmly in place, the conditions for industrial scale adoption remain a work in progress. In this context, the EU has implemented the DLT Pilot Regime, establishing a statutory regulatory sandbox that permits the issuance, trading, and settlement of tokenised securities through DLT based market infrastructures while providing for targeted exemptions from certain traditional rules. Despite this significant regulatory innovation, practical market uptake has been limited. [excerpt] Tue, 01 Sep 2026 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/149597 2026-09-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/149593 Title: European supervision : the case for convergence Abstract: The architecture of the European Capital Markets Union (now the Saving and Investments Union) is shifting its center of gravity from the proliferation of harmonised rules to the consistency of their application. To achieve a uniform landscape, two approaches emerge: [a] centralising supervision under a single European authority; or [b] refining supervisory convergence within a decentralised network of National Competent Authorities (NCAs). While the MISP proposes shifting CASP oversight to ESMA, an expansive application of supervisory convergence tools offers a better approach. This framework cultivates a unified institutional culture and reciprocal trust, facilitating seamless cross-border business without the bureaucratic upheaval of centralised supervision. [excerpt] Tue, 01 Sep 2026 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/149593 2026-09-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147976 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/. Thu, 01 Jan 2026 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/147976 2026-01-01T00:00:00Z