The paper presents a first estimate of the size of the non-bank financial intermediation (NBFI) in Europe's smallest member state as well as the regulatory implications for its monitoring. The assessment is based on the narrowing-down approach introduced by the Financial Stability Board. Results show that although the broad measure of NBFI is large, the actual NBFI perimeter is rather small, dominated by the locally-based investment funds. The paper also provides an extensive review of the EU and national regulatory framework within which NBFI entities operate, listing also the challenges arising from this sector. Based on extensive research and analysis of information from various reports, articles, web-sites and other sources referenced throughout the paper, it transpires that NBFI in Malta is not only small, but also subject to significant EU and national regulation. Given the benefits that the real economy could gain from NBFI, the main challenge for the regulators is to strike a balance between the optimisation of their benefits and the minimisation of potential losses due to the build-up of risks emanating from this sector.

中文翻译：

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马耳他的非银行金融中介

该论文首次对欧洲最小成员国的非银行金融中介机构 (NBFI) 的规模进行了初步估计，以及对其监督的监管影响。该评估基于金融稳定委员会引入的缩小方法。结果表明，虽然 NBFI 的广泛衡量标准很大，但实际的 NBFI 周长相当小，主要由本地投资基金主导。该文件还对 NBFI 实体运营的欧盟和国家监管框架进行了广泛审查，并列出了该部门所面临的挑战。基于对本文中引用的各种报告、文章、网站和其他来源的信息的广泛研究和分析，发现马耳他的 NBFI 不仅规模小，但也受到重要的欧盟和国家法规的约束。鉴于实体经济可以从 NBFI 中获得好处，监管机构面临的主要挑战是在优化其收益和最大限度地减少由于该部门产生的风险积累而导致的潜在损失之间取得平衡。