Building bridges between academia and regulation: The growing impact of the Journal for Financial Supervisors Academy

When the Malta Financial Services Authority (MFSA) launched the first volume of the Journal for Financial Supervisors Academy (JFSA) in September 2025, it was stepping into relatively uncharted territory. Designed as a platform where academia and financial supervision could meet, debate and exchange ideas, the publication represented years of planning, collaboration and dedication.

Now, as Volume 2 prepares for publication, the journal’s Managing Editors, Aleksandra Dimitrova, Deputy Head of the Financial Supervisors Academy, and Benjamin Ellul, Assistant Manager within the Office of the Chief Officer Supervision, reflect on the lessons learned from the inaugural edition and the growing role the journal is playing within the financial services sector.

For Dimitrova, the launch of the first volume was both exciting and daunting. After years of development, the journal was finally ready to be presented to an international audience. For Volume 1, the MFSA welcomed academics and professionals from leading institutions, including Cambridge and Oxford, to Malta.

Despite the inevitable nerves that accompany any major launch, the response exceeded expectations. What stood out most was the enthusiasm expressed by academics, who highlighted the importance of creating a publication that genuinely connects theoretical research with the realities of financial supervision.

While academic research continues to make invaluable contributions to the field, Dimitrova believes that meaningful progress occurs when researchers engage directly with policymakers, regulators and supervisors. The journal was conceived as a forum where those conversations could take place, allowing both communities to benefit from each other's perspectives and expertise.

The first volume was largely shaped by the issues dominating financial discussions at the time, particularly digital finance, crypto-assets and the Capital Markets Union. However, according to Ellul, the second edition reflects a significantly broader scope.

As a newly established publication, Volume 1 relied heavily on introducing the concept and attracting contributors. Since then, the editorial team has refined its approach, launching a structured call for papers that generated strong interest and a high calibre of submissions. The experience gained from the first edition also helped identify areas for improvement, ultimately strengthening both the publication process and the quality of content received.

“The diversity of submissions for Volume 2 reflects a rapidly changing global landscape,” Ellul said. “Topics now extend across a much wider range of regulatory and supervisory concerns, including geopolitical risk, cross-border finance, prudential regulation and emerging legislative frameworks.”

Dimitrova notes that this evolution was both natural and necessary. “The financial sector continues to be shaped by geopolitical tensions, economic uncertainty and increasingly interconnected markets,” she said.

“As a result, supervisors, regulators and industry participants are confronting challenges that require fresh perspectives and broader discussion.”

By expanding its thematic focus, the journal aims to provide a platform where professionals can explore the issues currently influencing financial services while contributing to a more robust and credible body of knowledge.

Among the themes expected to feature prominently in Volume 2 are geopolitical developments and the growing importance of cross-border supervision. In an increasingly global marketplace, where businesses often operate across multiple jurisdictions, effective supervisory cooperation has become more important than ever.

Ellul believes this relevance is one of the publication’s greatest strengths. The topics covered are not abstract academic exercises but issues that regularly dominate headlines and industry discussions. What distinguishes the journal is its ability to examine those themes through a supervisory and professional lens, offering practical insights alongside academic analysis.

As the publication gains recognition both locally and internationally, its editors anticipate growing interest from contributors, institutions and industry stakeholders. Rather than viewing this as a challenge, both see it as an opportunity.

For Dimitrova, the experience of developing the journal has been one of the most rewarding projects of her career. The process offered a new appreciation for the extensive work involved in academic publishing, from managing submissions and engaging with contributors to overseeing editorial reviews and production. Although the final publication may appear modest in size, she describes it as the product of nearly two years of dedication, collaboration and perseverance.

Ellul shares that perspective, emphasising that the journal represents something tangible for the Authority itself. Beyond the regular stream of publications, circulars and guidance issued by regulators, the JFSA serves as a curated collection of research and thought leadership that captures the issues most relevant to financial supervision at a particular moment in time.

Despite the complexity of launching a new publication from scratch, neither editor points to any major regrets about the process. There were, naturally, moments of uncertainty and constant questions about whether every detail had been considered. Yet the overwhelmingly positive feedback received following publication provided reassurance that the team had succeeded in creating something valuable.

A key factor in that success, both agree, was the collaborative spirit behind the project. Together with Professor Christopher Buttigieg, Chief Officer Supervision at the MFSA and Editor-in-Chief, the editorial team shared a commitment to education, professional development and advancing knowledge within the sector. That shared passion helped transform a demanding undertaking into an enjoyable and deeply fulfilling experience.

At its core, however, the journal’s mission remains unchanged: to narrow the gap between academic research and regulatory practice.

Dimitrova believes that Volume 1 has already begun to achieve that goal. Several articles presented contrasting perspectives on major regulatory topics, including contributions from supervisory authorities alongside academic analyses that challenged prevailing assumptions. Rather than seeking consensus, the journal encourages debate and critical thinking.

In her view, both academics and practitioners can sometimes become confined within their own professional environments, limiting opportunities for broader dialogue. By bringing these communities together—whether through launch events, collaborative discussions or the pages of the journal itself—the JFSA creates space for meaningful exchange.

Perhaps most importantly, those conversations do not end when an article is published. Dimitrova reflects that even the editors themselves have revisited and reconsidered some of their own ideas after engaging with reviewers, academics and fellow contributors. That willingness to challenge assumptions and continue learning is, she argues, one of the journal’s greatest achievements.

As Volume 2 approaches publication, the Journal for Financial Supervisors Academy appears poised to build on the foundations established by its inaugural edition. More than a publication, it has become a forum for discussion, reflection and collaboration—one that continues to strengthen the relationship between academia, regulators and the wider financial services industry.