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Financial Institutions and Supervisory ICT Risk and Cybersecurity Circulars Q1 2026

Chapter 2 and Chapter 3 of the Financial Institutions Rulebook (‘FIR/02’ and ‘FIR/03’), set out the obligation that an Annual Compliance Report (‘ACR’) is to be drawn up by its Compliance Officer. The Compliance Officer is expected to list regulatory breaches identified and their respective status and to come up with an Annual Compliance Monitoring Plan which is approved by the Board of Directors and must detail the outcome of such plan.

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An Overview of PSD3 and how the new Directive could affect the Cryptocurrencies space.

PSD3 represents the EU's latest evolution in payment services regulation, aiming to foster fair competition among providers, impose tougher authorisation and oversight rules, enhance fraud protections, and ensure better cash access in underserved areas. Member States must transpose this directive into national law to activate it, unlike the more directly applicable PSR that accompanies it.

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Bad vs Good AI: the Tragic Stories which ensue from Unregulated AI

AI’s distinction between “good” and “bad” is not inherent in the technology itself, but in the safeguards, ethical standards, and governance choices made by the companies deploying it. The piece uses recent cases involving harmful chatbot interactions, missed warning signs, and serious real-world consequences to show that voluntary self-regulation is not enough, especially when commercial incentives are allowed to override safety. Its core message is that the EU AI Act is a necessary step because mandatory safety rules, reporting obligations, and clearer accountability are needed to reduce foreseeable harm and ensure AI is developed and used in the public interest.

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Circular to Market Participants – Forthcoming Thematic Review on the Governance of Data Reporting (MIFID Firms) – Circular to Market Participants.

The Malta Financial Services Authority (MFSA) Capital Markets Supervision (CMS) Function intends to launch a thematic review to assess whether supervised entities have implemented robust arrangements, governance structures and controls that ensure the accuracy, reliability and timeliness of regulatory reporting.

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MFSA Dear CEO Letter on Digital Operational Resilience: 2024 Supervisory Observations

The Malta Financial Services Authority (MFSA), through its Supervisory ICT Risk and Cybersecurity (SIRC) function, has published its 2024 general observations following a comprehensive programme of supervisory engagements with licence holders. The report reflects both outcomes-based and non-outcomes-based supervisory approaches, highlighting progress in digital operational resilience while underlining areas for improvement across the financial services sector.

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