The development of legislation for the regulation of financial services in Malta since 1988

Abstract

The primary objective of this dissertation is to provide a thorough analysis and overview of how the legal framework for financial services was created and how it evolved between 1988 and the present day. The year 1988 was chosen because it marked the beginning of Malta's financial services legislation and the beginning of the usage of the nation as an offshore economic destination. The dissertation introduces the topic by examining how the various political parties have affected the rapid growth of the Maltese financial services industry. Therefore, these legislative amendments, commencing with the MIBA Act and continuing with the current MFSA Act, were a key strategy for keeping up with the expanding evolution of businesses. The author draws the conclusion that the need for various changes in the Maltese laws, particularly for greater protection and more stringent standards, results from living in an age with faster mobility and a vast quantity of technological advancements. The author also discusses how Malta still needs to be governed at a national, European, and international level despite having a small population.