Issue link: https://maltatoday.uberflip.com/i/1530230
3 gozotoday | FRIDAY • 6 DECEMBER 2024 NEWS GozoToday is a weekly newspaper focused primarily on Gozo. It hopes to serve as a source of information on business, culture, entertainment and of course current affairs. Gozo has a special charm about it but it is also a bustling Island with an identity of its own. GozoToday is published every Friday and is available to numerous outlets in Gozo and on the ferries that carry so many visitors to Gozo from Malta and beyond. GozoToday MediaToday Co. Ltd Vjal ir-Rihan San Gwann SGN 9016 EDITOR: PAUL COCKS Tel: (356) 21 382741-3, 21 382745-6 Website: www.maltatoday.com.mt E-mail: dailynews@mediatoday.com.mt IN a meeting of the Ex- ecutive Committee, the Partit Nazzjonalista this week approved the first group of eight new candidates for the next general election. The majority of these can- didates are youths, and the group includes two women and three candi- dates for Gozo. The approved candi- dates are: Duncan Borg Myatt – Fourth District Michael Piccinino – Fourth District Ludwig Cauchi – Eighth District Marilena Gauci – Ninth District Dione Borg – Eleventh District Norma Camilleri – Thirteenth District Beppe Galea – Thir- teenth District Frank Anthony Tab- one – Thirteenth Dis- trict During the meeting, PN Leader Bernard Grech thanked these approved candidates and others who have al- ready shown interest in being part of the Partit Nazzjonalista team for the general election. Additional candidates are expected to be ap- proved in the coming weeks and months. This week's approvals are the start of a process to final- ise the full list of PN can- didates who will contest the next general election. Grech insisted the PN is continuing its renew- al process, marking the beginning of efforts to shape Malta into a youthful and dynamic country. All the candidates approved are new and will contest the gener- al election for the first time. Two of them, Di- one Borg and Norma Camilleri, previously contested the European Parliament (MEP) elec- tions on behalf of the PN. PN approves first group of eight new candidates for the next general election PN leader Bernard Grech WITH the aim of attaining high compliance standards within the financial service industry, includ- ing the investment sector, the Malta Financial Services Authori- ty conducts a range of supervisory activities using a set of diversified tools, such as on-site Inspections, off-site work and meetings. As a result of the supervisory engagements conducted with a sample of investment firms be- tween 1 July 2022 and 31 July 2024, the MFSA was able to gauge how these entities were comply- ing with the respective Rules and Regulations and adapting to the more recent ones such as the In- vestment Firms Regulation and Directive (IFR/D). While the Authority has noted a marked improvement within the sector, giving due weight to a strong governance and compli- ance culture within their struc- tures, areas for consideration were still identified, particularly in the areas of internal controls, policies and procedures, risk management and conflict of interest. The MFSA emphasises the im- portance of having a robust Board composed of a mix of Executive and Non-Executive members who actively challenge, scrutinise and question the operations and strategies of the Investment Firm they represent. In this regard, ac- tive participation from all mem- bers of the Board, especially Non- Executive Directors, is required, since these view the firm from a different perspective and can offer unique guidance due to not being involved in the day-to-day opera- tions. During the supervisory engage- ments held, compliance officers appeared to be familiar with their role, responsibilities and subject matter, with the exception of some who were not too knowl- edgeable on the IFR/D. Upon re- viewing compliance reports, it was further noted that some reports lacked sufficient detail and did not provide documented evidence of the checks carried out. Commenting on the outcomes of these supervisory engagements, MFSA's Head of Investment Ser- vices Supervision Doreen Balzan said: "During the course of the introduction and subsequent im- plementation of the IFR/D, the Authority issued various briefings and published a series of Circulars to keep the industry updated on any developments, as well as pro- vide guidance on what is required and expected of licensed firms. The supervisory engagements held between July 2022 and July 2024 also served as an opportunity to verify the knowledge of Board Members and the Compliance Officer on these requirements." The findings of MFSA's super- visory engagements with invest- ment firms were published in a Dear CEO Letter, highlighting good practices as well as various areas of improvement which re- quire stronger adherence to the Authority's expectations and the respective regulatory require- ments. MFSA assesses investment firms' knowledge on the latest European regulations