The Investment Migration Council (IMC), the worldwide association of professionals dealing with investor migration and citizenship-by-investment, now has nearly 300 members from over 30 countries.
Launched in October 2014, it is the only global body that acts as the regulator and standard-setting body for professionals involved in the investor migration sector. The IMC has been growing rapidly under the leadership of its chief executive, Bruno L’ecuyer, who previously worked with Finance Malta.
In the last 12 months the organisation has launched the industry’s Code of Ethics and Professional Conduct, aimed at improving standards, transparency and elevating client confidence in a rapidly growing market. It also successfully organised the first Investment Migration Forum: a Davos-like event which has governments, leading business professionals and academics meet in Geneva for three days of policy discussions.
Christopher Curmi, director from Deloitte, said: “The IMC is first and foremost the association of the leading professionals and companies in the field, but also plays a crucial role with governments and regulators and leading academic debate and research.”
More brands for Pickybitch
Malta-based retail internet company Pickybitch.com, which promotes independent artisans from around the world, recently celebrated its first anniversary by adding antique glassware and Italian-made designer handbags to its collection of gifts for sale.
The handbags by MariadeleMilano, which are made in Milan, are exclusively for sale in Malta via Pickybitch. Other items for sale include the art of Jeni Caruana, Maltese filigree jewelry, exceptional photography (including shots of Malta by Adam Pleasance), silk and linen cushions, rare and collectable antiques, hand painted scarves and stained glass ornaments.
Commission invites public feedback on state support
The European Commission is inviting comments on its proposal to revise the criteria for exempting certain investment aid for ports and airports from prior Commission scrutiny under EU state aid rules.
It aims to facilitate public investments that can create jobs and growth while preserving competition.
The first public consultation on draft provisions to extend the 2014 General Block Exemption Regulation (GBER) to ports and airports took place from March to May 2016. In light of views and comments received, the Commission has updated the proposal.
Commissioner Margrethe Vestager, in charge of competition policy, stated: “We have received valuable input to design rules that ensure that public investments can go ahead as quickly as possible without distorting competition in the Single Market. This is important for ports and airports that play a central role for economic growth and regional development.”
The 2014 GBER enabled member states to implement a wide range of State aid measures without prior Commission approval because they are unlikely to distort competition. As a result, 90 per cent of all State aid measures (with a combined annual expenditure of over €33 billion) are implemented by member states under this Regulation, and the total number of State aid measures notified by member states for approval has dropped by two thirds (from 578 in 2013 to 332 in 2014 and 192 in 2015).
The Commission is now proposing to further widen the scope of the GBER to facilitate unproblematic state support to ports and airports.
As a result of the first public consultation on this initiative, the Commission has included further simplifications for small investments in ports (below €5 million for seaports or below €2 million for inland ports). The revised proposal also provides for more flexibility as regards the duration of concessions in ports, allowing the time needed for the concessionaire to recoup its investments.
Furthermore, the Commission has enlarged the scope of the provisions for very small airports. These are allowed to receive investment aid based on more flexible criteria because support to those airports is less likely to distort competition. The Commission now proposes to cover airports with up to 150,000 passengers per year (as compared to 50,000 in the first draft). It also proposes to facilitate public investment in such airports by further simplifying the criteria that have to be complied with, for example as regards the maximum amount of State aid that can be granted.
The initiative forms part of the Commission’s effort to focus State aid control on bigger cases that genuinely impact competition in the Single Market, to the greatest benefit of consumers.