MFSA CEO shares disagreement with EU’s super-regulator plans
The head of Malta’s financial services regulator has criticised EU plans for a financial “super-regulator” as politically driven. The European Securities and Markets Authority (ESMA) would gain broader supervisory powers over cryptocurrencies, stock exchanges and asset managers across the bloc, a move intended to support a unified capital market and increase Europe’s strategic autonomy. Kenneth Farrugia, MFSA CEO, has warned that the plans go beyond technical adjustments and questioned ESMA’s resources to manage wider regulation. Critics also expressed concern over centralised crypto oversight amid market volatility. The proposals would grant ESMA SEC-style powers, including direct supervision of financial infrastructure and the ability to suspend European permits in cases of misconduct, while banks would remain under the European Central Bank and European Banking Authority. The move is part of the EU’s long-term goal of connecting savings with investment needs. (The Times of Malta)
Court Expert Cannot Be Forced to Testify in Malta
Maltese courts cannot compel financial expert Jeremy Harbinson to testify in the criminal proceedings linked to the Vitals-Steward hospitals concession, a court ruled on Wednesday. The decision stems from the fact that Harbinson was due to give evidence remotely before a Northern Irish court under a post-Brexit “letter of request” mechanism. Prosecutors had argued that, as a court-appointed expert central to the investigation into the hospitals deal, Harbinson had a duty to testify and that his refusal could justify arrest, fines, or imprisonment in Malta. The court rejected this, noting that any obligation to appear and related penalties fall exclusively under Northern Irish jurisdiction. The magistrate instructed the prosecution to confirm whether Harbinson had been formally summoned in Northern Ireland and whether any action is being pursued there for his non-appearance, highlighting the limits of Maltese authority in cross-border cases. (Maltatoday)
Minister Abela Raises Concerns Over EU Access to Medicines Act
The Minister for Health and Active Ageing, Jo Etienne Abela, is in Brussels participating in the Council of Health Ministers of EU Member States. Discussions have covered youth tobacco use, cardiovascular disease prevention, and equal access to medicines. Speaking on the act concerning critical medicinal products, Minister Abela emphasised its importance for ensuring equal access to innovative medicines, noting that safeguarding medicine supply security is a key EU strategic objective. He expressed concern over the removal of Article 4, which was intended to embed the European Council’s commitments in law. “This is a serious disappointment and amounts to a failure to deliver on what we promised our patients,” Dr Abela said, while thanking the Presidency for advancing discussions swiftly. (The Malta Independent)
