Mr Buttigieg is a Deputy Director within the Securities and Markets Supervision Unit of the Malta Financial Services Authority and an assistant lecturer in the Banking and Finance Department of the University of Malta. The author would like to thank Professor Joseph V. Bannister, MFSA Chairman, Dr David Fabri, MFSA Director Legal and International Relations and Mr Jonathan Sammut, MFSA Securities and Markets Supervision Unit for their comments and suggestions on the paper. The views expressed in the paper are solely those of the author at the time of writing and do not engage the MFSA.