The MFSA Dear CEO letter is based on the findings of a mystery shopping exercise to assess compliance of investment firms.
Kenneth Farrugia has extensive experience in leadership, most recently as Director of the Malta Financial Intelligence Analysis Unit (FIAU).
The appointment will take effect on September 9. Dr Buontempo is currently Chief Officer Enforcement at the MFSA.
Joe Gavin was named MFSA CEO in September 2021, following a scandal that led to the ouster of the regulator’s previous CEO, Joseph Cuschieri.
In mid June the MFSA announced that its CEO Joe Gavin was “indisposed,” without providing a specific reason.