The Malta Financial Services Authority (MFSA), which regulates several forex and CFDs brokers, announced the appointment of Dr. Michelle Mizzi Buontempo as the Acting Chief Executive Officer on Wednesday, effective from June 15.
She has temporarily taken over from Joseph Gavin who, according to the regulator, is currently 'indisposed'. However, the MFSA did not provide any reason behind Gavin’s absence or any timeline for his return.
Gavin became the CEO at MFSA in September 2021 after his predecessor Joseph Cuschieri was forced to resign due to a scandal, which involved MFSA’s then general counsel, Edwina Licari.
An Experienced Executive
Before temporarily taking over the apex responsibilities, Dr. Buontempo was the regulator’s Chief Officer of Enforcement. She was appointed to that role in March 2020 after spending five years as the regulator’s Head of Conduct Supervision.
She is an advocate by profession and has over 20 years of experience in the regulation and supervision of different areas within financial services, including supervision of investment firms and fiduciaries.
During her time with the Maltese regulator, she was involved in several projects, including the enhancement of the regulatory regime’s customer protection measures in the investments and insurance sector. Moreover, she was involved in the establishment of a regulatory framework for trustees and company service providers.
Malta is the base of several leveraged trading platforms, including some big brands like GKFX. However, the island imposed leverage restrictions in 2017, even before ESMA came up with its strict industry guidelines, and has raised capital requirements.
Meanwhile, the Mediterranean island has attempted to become a crypto hub with some industry-specific regulations. Though some of the major crypto companies have flocked to the island, it has not attracted the attention of the industry at large.
