The Malta Financial Services Authority (MFSA) and the Central Bank of Malta (CBM) have established a T+1 National Coordination Group (NCG) to govern Malta’s transition to a T+1 securities settlement cycle, aligned with the EU-level programme and the coordinated pan-European cutover scheduled for no later than 11 October 2027. The NCG is positioned as Malta’s single national forum for decision-making, planning and coordination for the transition. The MFSA will chair the NCG in its capacity as National Competent Authority for Central Securities Depositories Regulation supervision and supervisor of the national central securities depository (CSD) and regulated markets, while the CBM will serve as vice-chair reflecting its responsibilities for payment and securities-settlement systems and alignment with Eurosystem and TARGET2-Securities deliverables. Malta Stock Exchange plc will participate as the sole national CSD and securities settlement system operator and as a permanent technical member. Work will be organised across four streams covering legal and rulebook changes, operations and market practice, technology and messaging including T2S-related adaptations, and liquidity, foreign exchange and testing including the national testing lifecycle; meeting decisions may be taken in physical sessions or by written procedure. Stakeholders across the market, including regulated entities and critical service and technology providers, are invited to participate and are asked to nominate two contact points and submit a participation statement by 17 April 2026 for consideration in the governance schedule. The MFSA will publish official notices, agendas and minutes subject to confidentiality protocols, and the MFSA and CBM will issue joint market communications on consultations, operational conventions, technical change windows and testing gates. The announcement takes effect immediately, with no immediate amendments to MFSA or Malta Stock Exchange rulebooks; draft texts and consultation schedules will follow in dedicated communications, while the binding obligation for in-scope transactions remains settlement no later than T+1 as of 11 October 2027.
Malta Financial Services Authority 2026-04-01
Malta Financial Services Authority and Central Bank of Malta establish a T+1 National Coordination Group for Malta’s move to a T+1 securities settlement cycle by October 2027
The Malta Financial Services Authority and the Central Bank of Malta have set up a T+1 National Coordination Group to oversee Malta’s transition to a T+1 securities settlement cycle in line with the EU programme and the pan-European cutover by 11 October 2027. Chaired by the Authority, with the Central Bank as vice-chair and Malta Stock Exchange plc as permanent technical member, the group will coordinate legal, operational, technological and liquidity workstreams. Existing rules remain unchanged for now, with draft amendments and consultations to follow.