Extensive training programmes underway
The ability of local institutions to provide relevant training programmes and the encouraging response from practitioners and employees, including prospective employees in the financial services industry, augurs well for future growth in the sector.
The Malta Financial Services Authority together with member institutions of the Education Consultation Council have launched an extensive series of training programmes which will be running until the end of the year.
The programmes range from short awareness and professional development courses to more extensive programmes leading to the acquisition of qualifications that will be recognised by the MFSA for competence purposes. The latter programmes will provide an opportunity for participants to specialise in specific discipline, meeting demands for expertise that arise within the financial services sector from time to time.
Further details of these programmes and others included in the table can be obtained from the MFSA website www.mfsa.com.mt or from websites of the respective partner institutions.
Consumer education drive
The MFSA has announced a number of initiatives being taken in order to provide consumers with more information on financial products and consumer rights.
The Markets in Financial Instruments Directive (MiFID), which Malta brought into force at the end of last year, has strengthened the responsibilities of financial intermediaries towards retail investors, providing a standard form of protection for investors in financial products in the EU. A new guide published by the MFSA explains these new responsibilities which are based on the core principle that financial service providers must act professionally, provide fair information on financial products and take into account the individual circumstances of investors. The guide is available in English and Maltese at no charge.
Consumers may request a copy of the guide from the MFSA by calling freephone 8007 4924 or by e-mail consumerinfo@mfsa.com.mt providing full name and address. An electronic version is available from www.mfsa.com.mt.
In the meantime, following last month's launch of a new online tool for comparing tariffs and charges on the market, the MFSA will shortly be extending the list of charges under survey to include the tariffs and charges applied by intermediaries for services related to the buying and selling securities. The new service will be online from Wednesday and will compliment the range of products and services already available for comparison including credit cards, debit cards, savings and current accounts, paying and receiving money by cheque, transferring money from one bank to another, and loans and advances.
MFSA representatives are also participating in a number of consumer features on TV and Radio. Mill-Portafoll is a new programme produced by the MFSA's consumer complaints unit on RTK Radio. Consumers will be given the opportunity to air their views and ask questions about aspects of financial services to the various guests who will be invited during the live programme. The programme will be aired live every fortnight starting from Monday until the end of June between 5.15 and 6 p.m.
Other programmes featuring financial services consumer issues in October include: Radio Malta's Familja Waħda, every Wednesday between 10.30 and 11.15 a.m. from Wednesday; Net TV's Malta Llum, every Tuesday at 6.15 p.m. from Tuesday; and on Education 22's Portal every Wednesday at 6.30 p.m starting on Wednesday.
Hedge funds on the increase
By June this year Malta had licensed double the amount of hedge funds licensed during all of last year.
This was disclosed by MFSA chairman Joe Bannister during a round table debate on Malta as a fund jurisdiction organised by HFM Week Magazine.
Prof. Bannister said that the UCITS sector in Malta is also showing signs of further expansion while the fund servicing sector, particularly fund administration capacity, is also expanding.
Very aptly in these challenging times, the MFSA chairman emphasised that Malta's first priority when it comes to licensing new funds will remain quality rather than the quantity.
Among the reasons given for this growth in the investment funds sector, was that being part of the EU has allowed Malta to develop into a fully fledged funds domicile that provides competitive access to the
European and international markets. Prof. Bannister stated that the recent updates in legislation have been mainly inspired by developments at EU level and included the implementation of the EU Markets in Financial Instruments Directive (MiFID), the Capital Requirements Directive (CRD) and UCITS III, including the incorporation of the new eligible assets regime.
This legislation is directed at providing for a more integrated European financial market by allowing EU-based funds and their providers the freedom to compete on a level playing field.
Also taking part in the discussion were Kenneth Farrugia, vice-chairman of FinanceMalta, and Simon Tortell. Mr Farrugia confirmed that "on a comparative basis Malta is very cost competitive both at the set-up stage in terms of setting up costs of a scheme, as well as regards ongoing servicing costs such as custody and fund administration costs".
The publication will be shortly available for download from the HFM week website: www.hfmweek.com.
New licences issued in August/September 2008
(i) Credit Institution
• Credit institution licence issued to Nemea Bank Ltd.
(ii) Collective investment scheme licences
Professional investor funds
• Collective investment scheme licence issued to Ad Fontes Asia Fund (SICAV) plc in respect of 10 sub-funds. This fund is a professional investor fund targeting extraordinary investors.
• Collective Investment Scheme licence issued to The ARP Absolute Return Funds SICAV plc in respect of two sub-funds. This fund is a professional investor fund targeting qualifying investors.
• Collective investment scheme issued to SF Global Equity Master Fund SICAV Ltd. This fund is a professional investor fund targeting extraordinary investors.
• Collective investment scheme issued to SF Global equity Fund SICAV plc. This fund is a professional investor fund targeting qualifying investors.
Extension of licence
• Extension of the Category 2 investment services licence was granted to All Invest Company Ltd.
(iii) Insurance agents
• Enrolment to the agents list granted to MIB Insurance Agency Ltd.
(iv) Trusts and Trustees
• Safehaven International Ltd, a company registered in Guernsey and licensed by the Guernsey Financial Services Commission, has been authorised by the MFSA to act as a trustee.
Fiduciary Services
• DF Corporate Services Ltd has been authorised to provide fiduciary services.
Warnings to investors
Over the past month, the MFSA has received and circulated a number of warnings to investors issued by overseas regulators. Full releases can be accessed from the warnings for investors section in the MFSA website.
http://www.mfsa.com.mt
http://registry.mfsa.com.mt
http://www.mfsa.com.mt/consumer
The ability of local institutions to provide relevant training programmes and the encouraging response from practitioners and employees, including prospective employees in the financial services industry, augurs well for future growth in the sector.The Malta Financial Services Authority together with member institutions of the Education Consultation Council have launched an extensive series of training programmes which will be running until the end of the year.
The programmes range from short awareness and professional development courses to more extensive programmes leading to the acquisition of qualifications that will be recognised by the MFSA for competence purposes. The latter programmes will provide an opportunity for participants to specialise in specific discipline, meeting demands for expertise that arise within the financial services sector from time to time.
Further details of these programmes and others included in the table can be obtained from the MFSA website www.mfsa.com.mt or from websites of the respective partner institutions.
Consumer education drive
The MFSA has announced a number of initiatives being taken in order to provide consumers with more information on financial products and consumer rights.The Markets in Financial Instruments Directive (MiFID), which Malta brought into force at the end of last year, has strengthened the responsibilities of financial intermediaries towards retail investors, providing a standard form of protection for investors in financial products in the EU. A new guide published by the MFSA explains these new responsibilities which are based on the core principle that financial service providers must act professionally, provide fair information on financial products and take into account the individual circumstances of investors. The guide is available in English and Maltese at no charge.
Consumers may request a copy of the guide from the MFSA by calling freephone 8007 4924 or by e-mail consumerinfo@mfsa.com.mt providing full name and address. An electronic version is available from www.mfsa.com.mt.
In the meantime, following last month's launch of a new online tool for comparing tariffs and charges on the market, the MFSA will shortly be extending the list of charges under survey to include the tariffs and charges applied by intermediaries for services related to the buying and selling securities. The new service will be online from Wednesday and will compliment the range of products and services already available for comparison including credit cards, debit cards, savings and current accounts, paying and receiving money by cheque, transferring money from one bank to another, and loans and advances.
MFSA representatives are also participating in a number of consumer features on TV and Radio. Mill-Portafoll is a new programme produced by the MFSA's consumer complaints unit on RTK Radio. Consumers will be given the opportunity to air their views and ask questions about aspects of financial services to the various guests who will be invited during the live programme. The programme will be aired live every fortnight starting from Monday until the end of June between 5.15 and 6 p.m.
Other programmes featuring financial services consumer issues in October include: Radio Malta's Familja Waħda, every Wednesday between 10.30 and 11.15 a.m. from Wednesday; Net TV's Malta Llum, every Tuesday at 6.15 p.m. from Tuesday; and on Education 22's Portal every Wednesday at 6.30 p.m starting on Wednesday.
Hedge funds on the increase
By June this year Malta had licensed double the amount of hedge funds licensed during all of last year.
This was disclosed by MFSA chairman Joe Bannister during a round table debate on Malta as a fund jurisdiction organised by HFM Week Magazine.
Prof. Bannister said that the UCITS sector in Malta is also showing signs of further expansion while the fund servicing sector, particularly fund administration capacity, is also expanding.
Very aptly in these challenging times, the MFSA chairman emphasised that Malta's first priority when it comes to licensing new funds will remain quality rather than the quantity.
Among the reasons given for this growth in the investment funds sector, was that being part of the EU has allowed Malta to develop into a fully fledged funds domicile that provides competitive access to the
European and international markets. Prof. Bannister stated that the recent updates in legislation have been mainly inspired by developments at EU level and included the implementation of the EU Markets in Financial Instruments Directive (MiFID), the Capital Requirements Directive (CRD) and UCITS III, including the incorporation of the new eligible assets regime.
This legislation is directed at providing for a more integrated European financial market by allowing EU-based funds and their providers the freedom to compete on a level playing field.
Also taking part in the discussion were Kenneth Farrugia, vice-chairman of FinanceMalta, and Simon Tortell. Mr Farrugia confirmed that "on a comparative basis Malta is very cost competitive both at the set-up stage in terms of setting up costs of a scheme, as well as regards ongoing servicing costs such as custody and fund administration costs".
The publication will be shortly available for download from the HFM week website: www.hfmweek.com.
New licences issued in August/September 2008
(i) Credit Institution
• Credit institution licence issued to Nemea Bank Ltd.
(ii) Collective investment scheme licences
Professional investor funds
• Collective investment scheme licence issued to Ad Fontes Asia Fund (SICAV) plc in respect of 10 sub-funds. This fund is a professional investor fund targeting extraordinary investors.
• Collective Investment Scheme licence issued to The ARP Absolute Return Funds SICAV plc in respect of two sub-funds. This fund is a professional investor fund targeting qualifying investors.
• Collective investment scheme issued to SF Global Equity Master Fund SICAV Ltd. This fund is a professional investor fund targeting extraordinary investors.
• Collective investment scheme issued to SF Global equity Fund SICAV plc. This fund is a professional investor fund targeting qualifying investors.
Extension of licence
• Extension of the Category 2 investment services licence was granted to All Invest Company Ltd.
(iii) Insurance agents
• Enrolment to the agents list granted to MIB Insurance Agency Ltd.
(iv) Trusts and Trustees
• Safehaven International Ltd, a company registered in Guernsey and licensed by the Guernsey Financial Services Commission, has been authorised by the MFSA to act as a trustee.
Fiduciary Services
• DF Corporate Services Ltd has been authorised to provide fiduciary services.
Warnings to investors
Over the past month, the MFSA has received and circulated a number of warnings to investors issued by overseas regulators. Full releases can be accessed from the warnings for investors section in the MFSA website.
http://www.mfsa.com.mt
http://registry.mfsa.com.mt
http://www.mfsa.com.mt/consumer