Abstract

Purpose – The purpose of this paper is to review the development of the Capital Requirements Directive (CRD) and examine the manner in which this has been implemented for investment firms in Malta. The paper also assesses the challenges that small and medium‐sized investment firms may face as a consequence of the proposed CRD IV, which seeks to safeguard the stability of the European banking sector.Design/methodology/approach – A literature review of relevant EU and Malta legislation and policy documents has been carried out. The arguments made in the paper are the result of the author's reflections on the subject and discussions held with other policy experts on capital adequacy in Malta and the UK.Findings – The paper considers the CRD from the perspective of small and medium‐sized investment firms and sheds light on the challenges faced by Malta with regards to the implementation of the CRD for these type of firms. It also examines the approach taken by the Malta Financial Services Authority in order t...

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