Archive for the ‘Financial Services in Malta’ Category

Malta has the lowest inflation in eurozone – Times of Malta

January 23, 2012

from timesofmalta.com

Malta registered the lowest rate of inflation in the euro area in December, according to data issued by Eurostat.

The EU’s statistics office said the island’s inflation stood at 1.3 per cent, 1.4 per cent below the average in the 17-member eurozone.

The rate of inflation in December was, in fact, the lowest registered in Malta for the year, after the island registered a significant four per cent inflation in 2010.

Across the EU, the lowest annual rate of inflation last month was seen in Sweden (0.4 per cent) and Malta and Bulgaria (two per cent), while the highest was in Slovakia (4.6 per cent), Poland (4.5 per cent) and Cyprus (4.2 per cent).

Fuel used for transport, heating oil and gas and electricity once again had the largest upwards impact on the EU’s inflation rate.

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High marks for financial services authority – Article by Matthew Xuereb, Times of Malta, 10th January 2011

January 28, 2011

The Malta Financial Services Authority has passed with flying colours an independent assessment of its compliance with the Basel Core Principles on financial sector supervision.

The study by three assessors, led by the International Monetary Fund’s former assistant director Piero Ugolini, revealed “strong progress” over a similar test last carried out in 2003.

The Basel principles are issued by the Basel Committee on Banking Supervision, which provides an international forum for regular cooperation on banking supervisory matters. It aims to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide.

Presenting the findings to Prime Minister Lawrence Gonzi, Mr Ugolini said the assessment showed significant improvement in the MFSA’s overall compliance, mostly due to transposition of EU Directives when Malta joined in 2004.

He said the report also highlighted the resilience of Malta’s financial sector, especially in these times of shocks.

The assessment, carried out last year, covered the MFSA’s sections on banking, insurance and securities. Mr Ugolini said that although Malta’s overall rating was positive, there were some issues which the authority still had to address, primarily the problem of recruitment of staff.

He said MFSA’s recruitment was being hindered by an administrative circular issued by the Office of the Prime Minister in 2005. As a result of this circular, with imposes a “cumbersome process”, the authority’s recruitment process takes several months, with the obvious effect this has on the workload for the authority’s staff.

The report also recommended changes to its legislation in the case of dismissal of a board member whereby the reason is publicly disclosed.

Mr Ugolini’s report said the MFSA was compliant in 21 of 26 principles and largely compliant in the rest. The principles range from independence and transparency to capital adequacy; from liquidity risk to supervisory approach.

In 2003, the authority was compliant in 11 principles and largely complied in 12. Then, there was only one sector in which the MFSA was materially non-compliant.

The MFSA’s banking area saw the most substantial progress since the last report, Mr Ugolini said.

He criticised the fact that the law did not specifically state the MFSA was the competent authority in the supervision of the Maltese financial sector.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

FinanceMalta

October 6, 2009

Malta today is internationally recognised as a brand denoting excellence in financial services. It offers an attractive cost- and tax-efficient base for financial services’ operators looking for an EU-compliant, yet flexible domicile.

FinanceMalta has come on the scene at a critical time, just as Malta is entering the Eurozone. The financial services sector is now a major force in the country’s economy, and Malta has some significant strengths to offer the industry: a well-trained, motivated workforce; a low-cost environment and an advantageous tax regime backed up by over forty double taxation agreements. To these, we can add a world-class ICT infrastructure, English as an official language, an enviable climate and our strategic location.

Above all, we offer a single, supervisory body, the Malta Financial Services Authority, which ensures full compliance with EU regulations but, at the same time, is able to act with speed, flexibility and the minimum of bureaucracy.

FinanceMalta’s main aim is to promote the Islands’ financial services brand, both within, as well as outside, our shores. We bring together and harness the resources of the industry, the regulator and government to ensure that Malta maintains a modern and effective legal, regulatory and fiscal framework in which our financial services can continue to grow and prosper.

We welcome you to share in our success.  Do use our resources and feel free to contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77greatestates or info@77GreatEstates.com.

Malta Financial Services Authority (MFSA)

September 17, 2009

mfsa

77 Great Estates enjoys close relationships with the Malta Financial Services Authority (MFSA).

MFSA was established by law on 23 July 2002. It is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA has taken over supervisory functions previously carried out by the Central Bank of Malta, the Malta Stock Exchange and the Malta Financial Services Centre and is the single regulator for financial services. The sector incorporates all financial activity including banking, investment and insurance. The MFSA also manages the Registry of Companies and has also taken over responsibility as the Listing Authority.

The organisational structure of the MFSA ensures that the regulatory and operational functions of the Authority are exercised within strict legal demarcations. The Board of Governors, presided by the Chairman, sets out policy and general direction and is assisted by the Legal and International Affairs Unit. The Director of this Unit is also the Secretary to the Board of Governors. The Supervisory Council, headed by the Director General, is exclusively responsible for issuing licenses and regulation and is composed of the Directors responsible for Banking, Securities, Pensions, Insurance, Company Compliance, Corporate and Trustee Services. Operations are the responsibility of the Board of Management and Resources composed of the Directors responsible for Business Development, Human Resources, Information Technology and Administration led by the Chief Operations Officer. Co-ordination between these two organs is ensured at Co-ordination Committee level.

Over the past decade, Malta has moved from being an offshore to an onshore jurisdiction. It has completed a programme of reforming all its finance sector legislation in line with international best practice and was one of the first 6 countries in the world to reach an advanced accord on fiscal matters with the Organisation for Economic Co-operation and Development (OECD). As a result of this agreement Malta is NOT considered as a tax haven. It is actively involved with the OECD, the EU and the Commonwealth in modelling global regulatory policy.

Malta’s finance industry has benefited significantly from the country’s national policy of moving to the mainstream. Financial services is the fastest growing sector of the Maltese economy and one of the most important employers of trained professional staff.

Creating the MFSA as a single regulator was a structured part of Malta’s long term strategy to create a mainstream finance centre in the country. Malta is a jurisdiction that follows and helps develop international best practice.

Finance companies have benefited from a reduction in bureaucracy, streamlined procedures, lower fees and compliance costs and a more consistent implementation of standards.

The MFSA is also responsible for consumer education and consumer protection in the financial services sector. This function is vested in the Consumer Complaints Manager.

The MFSA has a staff of over 130 people, consisting of specialist regulators, lawyers, accountants and support staff that are involved in communications and organisational administration.

The consumer therefore has one single point of decision making and policy creation. More importantly, the founding of the MFSA means that Malta now has one skilled, experienced and powerful body seeking to protect consumers whilst encouraging fair and open competition in the financial services sector.

The International Tax Unit of the Inland Revenue Department and the Companies Registry are also housed at the MFSA’s offices and have the task of ensuring that all taxation and company registration matters relating to international activity are dealt with swiftly and effectively. The International Tax Unit is also responsible for issuing advance revenue rulings which give certainty to the tax treatment of all international undertakings.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.