The Malta Financial Services Authority (MFSA) and the Central Bank of Malta (CBM) are establishing a T+1 National Coordination Group to govern Malta’s transition to a T+1 securities settlement cycle.
This will align Malta with the EU-level programme and the coordinated pan-European cutover scheduled for no later than October 11, 2027.
The established NCG will be the single national forum for decision-making, planning and coordination and will be chaired by the MFSA as Malta’s national competent authority for CSDR supervision and the supervisor of the national CSD and regulated markets.
The Central Bank will act as vice-chair ad the Malta Stock Exchange will participate as the sole national CSD/SSS operator and permanent technical member.
Decisions may be taken during physical sessions or through a written procedure, as appropriate. The NCG will operate four workstreams to facilitate the smooth implementation of T+1 securities settlement cycle.
These four workstreams relate to:
· Legal and Rulebook: the primary responsibility will be to deliver the statutory amendments and rulebook revisions required for a lawful and orderly transition to T+1.
· Operations and Market Practice: this workstream will focus on the comprehensive standardisation and implementation of operational processes across front-to-back trade lifecycles.
· Technology, Messaging and T2S: this workstream will address all systems-related, infrastructural and messaging-standard adaptations required.
· Liquidity, Foreign Exchange and Testing: mandate will be twofold: (a) coordinate the intraday liquidity arrangements, collateral-management considerations and foreign-ex-change booking cycles necessary to support the shorter settlement window, and (b), to design and oversee the national testing lifecycle.
More details about the establishment of the NCG can be found on the MFSA website.
In a statement on Wednesday, the authorities “strongly encouraged” relevant national associations and representatives of regulated entities — including intermediaries, banks, insurers, custodians (including settlement internalisers), fund managers and administrators, issuers and registrars, market infrastructures, and critical service and technology providers – to participate in the NCG process.
To facilitate efficient onboarding and communications, stakeholders are requested to designate two contact points (a primary and an alternate) and submit a brief participation statement via this Microsoft Form . Participation by 17 April 2026.
Submissions received by that date will be considered for inclusion in the governance schedule.
All official notices, agendas and minutes (subject to confidentiality protocols) will be published on the website of the MFSA.
Market communication relating to legal consultations, operational conventions, technical change windows and testing gates will be issued jointly by the MFSA and CBM. Enquiries may be addressed to [email protected].
No immediate amendments to the MFSA rulebooks or the MSE rulebook are affected by this Release; draft texts and consultation schedules will be communicated in due course through dedicated Releases.
The binding obligation for in‑scope transactions will remain settlement no later than T+1 as of 11 October 2027, and entities should prioritise early readiness to prepare their systems and processes accordingly in line with the programme plan.
