Issue link: https://maltatoday.uberflip.com/i/1528241
9 maltatoday | WEDNESDAY • 23 OCTOBER 2024 BUSINESS THE Malta Financial Services Authority (MFSA) participated in the closing event of an EU Technical Support Instrument (TSI) multi-country project aimed to enhance supervisory capacity in sustainable finance. The event, hosted by the Croa- tian Financial Services Supervi- sory Authority (HANFA), took place in Zagreb in September. The MFSA was one of four regulatory authorities partici- pating in this 20-month initia- tive, alongside the supervisory authorities of Croatia, Poland, and Romania. The project, which was funded by the Eu- ropean Union through the TSI, was implemented in coopera- tion with the European Com- mission's Directorate General for Structural Reform Support (DG REFORM). The TSI project has been instrumental in significantly enhancing the MFSA's tech- nical expertise in supervising sustainability disclosure and reporting. Over the course of the project, regulators, mar- ket practitioners, and experts exchanged knowledge, con- tributing to the development of a strong network across the participating countries. This collaboration has played a key role in promoting greater reg- ulatory convergence across ju- risdictions, particularly in the area of sustainability-related disclosures and reporting. Through its participation in the TSI project, the MFSA has developed supervisory materi- als and tools that will bolster its ability to supervise sustaina- bility reporting and disclosures more effectively. The project also supported the further in- tegration of sustainability re- quirements into the Authori- ty's supervisory processes. As part of its deliverables under this project, the MFSA successfully organised several workshops focusing on the re- quirements emanating from the sustainability disclosure and reporting regime. These events included an exchange of best practices amongst experts from European supervisory authori- ties; a session aimed at guiding listed entities on the transition from the Non-Financial Re- porting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD); and a workshop tailored for the asset management and insur- ance sectors specifically on the Sustainable Finance Disclosure Regulation. These initiatives were vital in ensuring that mar- ket operators and stakeholders remain informed of evolving regulatory obligations and su- pervisory expectations. MFSA's Head of Strategy, Policy and Innovation Clare Farrugia stated, "Through this initiative, the MFSA has re- affirmed its commitment to- wards contributing to both national and EU sustainability goals. The insights, knowledge and tools that the Authority has acquired through this par- ticipation are the foundation upon which we intend to build further, thereby ensuring that our regulatory frameworks and practices evolve to meet the challenges of a sustainable fu- ture, and that our industry is better prepared for such devel- opments." The MFSA remains commit- ted to strengthening its capa- bilities in sustainable finance supervision, in line with EU regulatory requirements. It will also continue working with both domestic and internation- al stakeholders to drive trans- parency and accountability in sustainability reporting across the financial services sector. The EU TSI Project The TSI Project seeks to con- tribute to institutional, admin- istrative, and growth-sustain- ing structural reforms in the four participating jurisdictions, by assisting national authori- ties to improve their capacity to design, develop and imple- ment reforms. This is done specifically by enhancing su- pervisory capacity in the field of sustainable finance, while supporting supervisory con- vergence among competent authorities in the implementa- tion of this framework. MFSA marks successful conclusion of EU TSI multi-country project on sustainable finance APS Bank recently hosted its an- nual Senior Management Offsite in Gozo. This three-day event, themed "The Changing face of Corporate Culture", explored how the evolving business, risk and technology landscapes, and the challenges and opportunities they present, require a re-think- ing of corporate culture. The offsite featured a blend of interactive workshops, discus- sions, and keynote presenta- tions delivered by members of the Bank's senior management team, and external experts in- cluding Patrick Psaila, Director and Founder of PsyPotential; David Storey, Partner, People Advisory Services at EY, and Nathan Farrugia, Managing Di- rector of Vistage Malta and UAE and Founder of the Academy of Givers. The key focus throughout the event was the role of leader- ship, the importance of building resilient teams, and how a pur- pose-driven strategy are key to shaping the 'APS Culture'. The event underscored the sig- nificance of maintaining a con- nected and inclusive culture that is firmly aligned with APS Bank's vision, mission and values. CEO Marcel Cassar empha- sised the value of corporate cul- ture. "Our success hinges on build- ing a culture that promotes col- laboration, embraces new ideas, and is able to change. This is not about throwing out what has worked for us but about evolv- ing," he said. "The culture of a bank that is authentic, contemporary and driven by excellence should be one that empowers people at every level to take ownership, to lead with curiosity, and to bring the best of themselves to work each day." APS Bank Senior Management Offsite: Shaping the future of corporate culture Participants of the EU TSI Multi-Country Project at the Closing Event in Zagreb