Malta hosted the 10th Anniversary NeMa Conference on June 9 and 10. NeMa is the leading Network Management Conference focusing on maintaining choice and flexibility in the appointment and retention of sub-custodians. In his opening speech, Finance Minister Tonio Fenech highlighted "Malta's progression from a niche finance centre to an established feature in the European financial landscape" and remarked on the robustness of Malta's financial services regulatory framework as well as the innovative component in Malta's legislation.

Mr Fenech mentioned that it is becoming clear that Malta has been able to weather the storm and is also coming out of it with renewed vigour, adding that "Stability and resilience have characterised the Maltese financial sector throughout the crisis". He also mentioned that Malta's Vision 2015 objectives which encompass a broad range of commitments some of which compliment in no small way the country's long term strategy for financial services growth.

MFSA chairman Joe Bannister also addressed the conference and provided an overview of the development of the financial services sector in Malta. Prof. Bannister highlighted the local existing advantages including the business environment, cost structures, strategic factors and infrastructure. The main opportunities within the sector were also mentioned including funds services, managed insurance and re-insurance companies, management of trusts and pension schemes, financial institutions and banking services.

The conference included sessions on the future of regional custody offerings, value added services and how changing market dynamics affect the sub-custody business. The second day of the conference focussed on securities services, on investigating the potential impacts of a tighter regulatory environment on network expansion plans, the importance of safe-keeping securities with a low-risk service provider and the future of securities lending.

Around 260 key players from central banks, global and sub-custodians, investment strategists, consultants and economists from around the world attended this event.

New features on mymoneybox

The launch of the MFSA's Consumer Affairs Unit website "mymoneybox" is becoming very popular with consumers of financial services. Since its launch at the end of 2009, new features have been added to enhance the way information is presented.

Following the launch of the DVD earlier this year, all the video clips forming part of this DVD are now available online. The DVD, called mymoneybox, is a collection of around 50 short video clips containing concise information in Maltese about various financial services and consumers' rights and duties when purchasing such financial products. The DVD is available free of charge on request from the MFSA.

An APR (annual percentage rate) and loan calculator are now also available.

The site contains detailed information about the complaints handling role of the MFSA. Consumers who want to lodge a complaint with MFSA are now able to do so online in a secure environment. The online form allows the complainant to attach scanned documents in support of the complaint. Using the online form requires registration.

As from the end of June, the Unit will also be sending an informative e-newsletter focusing on different subjects to registered users of this website. Registration, which is free, can be made by accessing: http://mymoneybox.mfsa.com.mt . Detailed information about banks and securities firms' fees and charges are also available on mymoneybox.

Licences issued in May/June

Collective Investment Scheme Licences

• CIS licence issued to TGA Fund SICAV plc in respect of two sub-funds.

• CIS licence issued to Vector Commodity Master Fund SICAV Limited in respect of one sub-fund.

• CIS licence issued to Vector Commodity Fund Malta SICAV plc in respect of one sub-fund.

• CIS licence issued to Polystone SICAV plc in respect of one sub-fund.

• CIS licence issued to Alphabetos Funds SICAV plc in respect of one sub-fund. The above funds are professional investor funds targeting qualifying investors.

Investment Services

• Category 1a licence issued to Lawsons Equity Limited.

• Category 2 licence issued to Vector Community Management Malta Limited.

Recognised Fund Administrators

• Licence issued to IDS Fund Services Malta Limited.

Insurance Managers

• Licence issued to USA Risk Group (Malta) Limited.

Licences surrendered during May/June

Investment Services

• AVA International Trading Limited

Collective Investment Schemes

• Golden Hedge Umbrella Scheme plc in respect of the Golden Hedge Multi-Strategy Fund

• VIP Select Funds SICAV plc in respect of the BFI Reserve Fund (USD)

Licences revoked in May/June

Credit Institutions

• The International Banking Corporation (Malta) Limited.

MFSA web site: http://www.mfsa.com.mt
Registry web site: http://registry.mfsa.com.mt
Consumer web site: http://mymoneybox.mfsa.com.mt

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