Cayman Islands and MFSA Memorandum of Understanding
A Memorandum of Understanding (MoU) between the Malta Financial Services Authority (MFSA) and the Cayman Islands Monetary Authority (CIMA) was the latest addition to the growing list of international bilateral MoUs entered into by the Authority. The MoU was signed on February 18 at the Cayman Islands by the MFSA's chairman, Prof. Joseph. Bannister, and by CIMA's managing director, Cindy Scotland.
The signing of this MoU recognises the need for mutual cooperation between the MFSA and the CIMA in the carrying out of their regulatory and supervisory functions. The scope of the MoU covers securities, credit institutions, insurance business, as well as trusts and trustees.
The CIMA was established as a body corporate under The Monetary Authority Law which was brought into force on January 1, 1997. The Authority's function is to enhance the Cayman Island's ability to maintain a well regulated financial services regime and monetary stability. Like the MFSA, CIMA is a single unified supervisory body.
MoUs establish a formal framework for mutual assistance and facilitate the exchange of information between regulatory authorities.
They also enable authorities to better enforce or secure compliance with any laws, regulations or rules relating to their functions and duties within their respective jurisdictions.
The conclusion of the MoU will further enhance the existing working relationship between the Authorities.
The MFSA has so far signed 18 MoU's with foreign regulators, two agreements by means of an exchange of letters with foreign regulators, eight multilateral MoUs and Protocols and three bilateral MoUs with local Authorities.
The MFSA is currently in the process of negotiating and finalising MoUs with other European and third country regulatory authorities.
A full list of bilateral and multilateral MoU's signed by the MFSA is available from the MFSA website www.mfsa.com.mt under the heading Memoranda Of Understanding.
Captive Review Malta 2009
Captive Review has just published an updated report on Malta entitled "Europe's Choice".
The report has been supported by a number of operators in the financial services sector in Malta.
In the introduction to the report, Adam Saville, report editor, says: "Malta has shown remarkable durability despite the world's dramatic altered economic climate... Since the Captive Report 2008, the jurisdiction has cemented its position as arguably the most hospitable domicile in the world for affiliated insurance companies, sharing only with Gibraltar the honour of fully functional protected cell company (PCC) legislation and the potential that this offers."
The report includes an interview with Prof. Bannister, MFSA chairman, which focuses on Malta's economic growth in the face of market adversity.
Prof. Bannister mentioned that during 2008 Malta experienced a continued increase in captives and protected cell companies (PCCs).
A number of factors have continued to attract businesses to Malta including: transparency, ensured meetings with the regulator both pre- and post-application and accountancy run under the IFRS regime has been significant in attracting big multinational operators to Malta.
Please insert image of the front of the captive report.
Further information including: Current Consultations; New Licences Issued during February; and International News can be accessed from timesofmalta.com.
MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://www.mfsa.com.mt/consumer
A Memorandum of Understanding (MoU) between the Malta Financial Services Authority (MFSA) and the Cayman Islands Monetary Authority (CIMA) was the latest addition to the growing list of international bilateral MoUs entered into by the Authority. The MoU was signed on February 18 at the Cayman Islands by the MFSA's chairman, Prof. Joseph. Bannister, and by CIMA's managing director, Cindy Scotland.
The signing of this MoU recognises the need for mutual cooperation between the MFSA and the CIMA in the carrying out of their regulatory and supervisory functions. The scope of the MoU covers securities, credit institutions, insurance business, as well as trusts and trustees.
The CIMA was established as a body corporate under The Monetary Authority Law which was brought into force on January 1, 1997. The Authority's function is to enhance the Cayman Island's ability to maintain a well regulated financial services regime and monetary stability. Like the MFSA, CIMA is a single unified supervisory body.
MoUs establish a formal framework for mutual assistance and facilitate the exchange of information between regulatory authorities.
They also enable authorities to better enforce or secure compliance with any laws, regulations or rules relating to their functions and duties within their respective jurisdictions.
The conclusion of the MoU will further enhance the existing working relationship between the Authorities.
The MFSA has so far signed 18 MoU's with foreign regulators, two agreements by means of an exchange of letters with foreign regulators, eight multilateral MoUs and Protocols and three bilateral MoUs with local Authorities.
The MFSA is currently in the process of negotiating and finalising MoUs with other European and third country regulatory authorities.
A full list of bilateral and multilateral MoU's signed by the MFSA is available from the MFSA website www.mfsa.com.mt under the heading Memoranda Of Understanding.
Captive Review Malta 2009
Captive Review has just published an updated report on Malta entitled "Europe's Choice".The report has been supported by a number of operators in the financial services sector in Malta.
In the introduction to the report, Adam Saville, report editor, says: "Malta has shown remarkable durability despite the world's dramatic altered economic climate... Since the Captive Report 2008, the jurisdiction has cemented its position as arguably the most hospitable domicile in the world for affiliated insurance companies, sharing only with Gibraltar the honour of fully functional protected cell company (PCC) legislation and the potential that this offers."
The report includes an interview with Prof. Bannister, MFSA chairman, which focuses on Malta's economic growth in the face of market adversity.
Prof. Bannister mentioned that during 2008 Malta experienced a continued increase in captives and protected cell companies (PCCs).
A number of factors have continued to attract businesses to Malta including: transparency, ensured meetings with the regulator both pre- and post-application and accountancy run under the IFRS regime has been significant in attracting big multinational operators to Malta.
Please insert image of the front of the captive report.
Further information including: Current Consultations; New Licences Issued during February; and International News can be accessed from timesofmalta.com.
MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://www.mfsa.com.mt/consumer