People Moves
Maltese Financial Regulator's CEO Resigns

The CEO had suspended himself from his role as the investigation into claims about him was carried out. He handed in his resignation on 25 November, the regulator said.
The chief executive of Malta’s principal financial regulator has
resigned after a possible breach of ethics after having suspended
himself pending the outcome of an investigation.
Joseph Cuschieri resigned from the Malta
Financial Services Authority on 25 November, according to a
statement from the watchdog that was emailed to
WealthBriefing yesterday.
The MFSA this week received a report of the Board of Review,
which had been appointed by the Board of Governors on 3 November
2020 to check a possible ethics breach by Cuschieri and Dr Edwina
Licari, general counsel at the authority. Dr Licari, had also
suspended herself from her role.
According to Maltese media, Cuschieri had taken an expenses-paid
trip to Las Vegas with casino owner Yorgen Fenech
after Cuschieri had started working at the financial
regulator. Fenech is being probed over his alleged involvement in
the murder in October 2017 of Maltese journalist Daphne Caruana
Galizia. The Daphne affair has cast a cloud over the
Mediterranean island, which is a European Union member state.
“The Authority has taken note of Mr Cuschieri’s resignation. It
has also taken note of the Board of Review's opinion on the cases
of both Mr Cuschieri and Dr Licari. The Board of Review's
conclusion regarding Mr Cuschieri leads the MFSA Board to ratify
his resignation. As regards Dr Licari, the Board of Review's
conclusions do not warrant her continued self-suspension. The
Board of Governors has decided to present a copy of the Board of
Review’s report for information to the Minister of Finance and
Employment.
“The Board of Governors takes the opportunity to thank Chief
Justice Emeritus Joseph Azzopardi and Dr Mark Simiana for their
services and for their commitment and determination to conclude
the assessment process expeditiously,” the statement from MFSA
said.
Dr Christopher Buttigieg will continue to serve as CEO on an
interim basis while the search for a permanent replacement goes
on.