MFSA change in leadership to coincide with reform
Joe Bannister is set to step down from his leadership role with the MFSA after 20 years in the hot seat. Joe Cuschieri, current chairman of the Malta Gaming Authority, is widely acknowledged as the favourite for the MFSA CEO position. John Mamo is to over as non-executive chairman.
Change is in the air at the MFSA, as the changes at the top are happening in the context of institutional reform. The amendment to the Malta Financial Services Act being debated in parliament will enable the government to forge ahead with its plans to appoint a chief executive officer. Current legislation does not provide for this position.
The Act makes provision for a chairman of the Board of Governors, who is to be appointed by the prime minister, as well as a director general and chief operations officer, who together with the chairman, the Director of the Legal Office and the Registrar of Companies make up the co-ordination committee.
A spokesman for the Parliamentary Secretariat for financial services said that the second and third reading are forthcoming. “The authority and the Opposition are being kept abreast about all these discussions and the proposed changes,” he said.
Sources say that the vacancy can only be advertised when the position is created, making the legislative process key to progress. The Bill specifies that the CEO would be chosen by the board of governors. There is no word yet, from official or unofficial sources, on any likely successors to Joe Cuschieri should his move to the MFSA materialise in the wake of the Malta Financial Services Act.