IFSP elects new council

The Institute of Financial Services Practitioners held its annual general meeting on May 11 at the Malta Financial Services Authority and elected the council for 2007/8.

Kevin Valenzia was confirmed president, Andrew Manduca vice-president, Dr Austin Sammut honorary secretary, and Christopher Naudi was nominated institute treasurer. The other council members elected were Dr Juanita Bencini, Dr Rosanne Bonnici, Dr Juanita Brockdorff, Lino Buttigieg, Dr Jean-Philippe Chetcuti, Chris Curmi, Dr Austin Demajo, Dr Tonio Ellul, Dr Adrian Gabarretta, Dr David Grech, Francis J. Vassallo, and Dr Diane Vella Bianco.

Mr Valenzia presented the Council Report for 2006-2007, highlighting the goals achieved by the institute in the past year. He expressed satisfaction on the recent enactment of the amendments to local income tax legislation and also on the imminent launching of Finance Malta, both initiatives in which the IFSP had been closely involved.

Finance Malta is expected to firmly support the industry's thrust to promote Malta's financial services brand, both within, as well as outside, our island. Moreover, Finance Malta will provide a forum for all of the industry's stakeholders to ensure that Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial sector can continue to thrive.

Mr Valenzia reported that the Institute's subcommittees on Education, Tax, Trusts, Insurance, Prevention of Money Laundering and Funding of Terrorism, and Marketing and Promotion have met on several occasions and worked hard to attain the institute's objectives. Furthermore numerous events have been organised, including the IFSP Foundation Certificate in Trusts Law and Management, the 'Taxation on Trusts' course, Trusts Fora, a course on 'Captives and Managed Insurance Companies', and tax seminars. The IFSP has also witnessed a substantial increase in membership during the year.

The Institute of Financial Services Practitioners maintains ongoing discussions and consultation relating to the financial services sector with the appropriate authorities and regulators, and continues to promote the industry wherever possible, as well as providing education and further guidance to its members.

For more information on the IFSP or its forthcoming events, visit www.ifsp.org.mt or contact Dr Bernice Gauci, the institute's secretary general, on tel: 2548-5200 or e-mail: info@ifsp.org.mt