FinanceMalta

thewealthworks announce becoming an affiliate member of FinanceMalta

Friday, February 03, 2012 8:33:08 AM

It is with pleasure that thewealthworks announce becoming an affiliate member of FinanceMalta. As a UK based software company producing software for wealth management, Malta’s emerging growth as a popular European Financial Centre makes it the ideal choice for expansion of the Troika wealth management software suite. The Troika suite is multi-jurisdictional, and is delivered as four core components serving the market places of International Trusts and Companies, Collective Investment Schemes, Private Client Wealth Management, Family Offices and UK Trusts and Estates. Troika can also be tailored to meet your specific business requirements and can be linked seamlessly into existing software systems. As partners of SIX Telekurs, a data feed service is available which automatically updates the Troika system.

New Corporate Member - WTP Advisors Malta

Tuesday, January 31, 2012 10:43:34 AM

FinanceMalta welcomes WTP Advisors Malta as a corporate member within the Accounting/Auditing & Corporate services groupings.

For further information please click here.

Malta Chamber Partnership Agreement with Creditinfo

Thursday, January 26, 2012 2:46:47 PM

With a volatile business environment in Europe and throughout the world, managing our risks and thus improving one’s cash flow has become extremely fundamental for the survival of any business.

The Malta Chamber of Commerce, Enterprise and Industry is pleased to announce a partnership agreement with Creditinfo whereby all Malta Chamber members will be eligible to benefit from special packages on all services offered by Creditinfo during 2012, with a special member’s discount.

Over the next twelve months all Malta Chamber members can avail themselves of the following:-

Free access to Creditinfo’s online Reports throughout the month of January;
A Creditinfo helpline to handle enquiries;
15% to 30% discount depending from the size of package purchased – 4 packages to choose from starting from as little as € 170 (excluding VAT) which includes Membership Discount. Packages vary to members needs but all include Company Analysis Reports, Credit Reports, Monitoring and International Reports.

“The Malta Chamber is pleased to have partnered with Creditinfo on this initiative,” stated Malta Chamber President Mr. Tancred Tabone. “As part of the Malta Chamber efforts to assist members through these volatile times and help them to trade in confidence locally and abroad, the information provided by Creditinfo will benefit members by decreasing their business risk through well informed decisions.”

Creditinfo believes the partnership with The Malta Chamber is important in these times of uncertainty as business needs as much support as possible to flourish. Simon Camilleri the country manager for Creditinfo Malta stated “both organisations are working to support local enterprise while minimising risk in an effort to encourage trade home and abroad.”

Members are advised to contact email: lorrieann.vella@maltachamber.org.mt or sales@creditinfo.com.mt . tel: 21312344 for further information.

Source: The Malta Chamber of Commerce, Enterprise and Industry

Tax Information Exchange Agreement between Malta and Gibraltar

Wednesday, January 25, 2012 3:36:53 PM

On 24 January 2012, Malta and Gibraltar signed a Tax Information Exchange Agreement (TIEA) - which provides for a full exchange of information on tax matters.

The High Commissioner of Malta to the Court of St James’s, HE Joseph Zammit Tabona signed on behalf of the Government of Malta and Gibraltar's Minister with responsibility for Financial Services, Gilbert Licudi signed on behalf of the Government of Gibraltar. The signing ceremony took place at the Malta High Commission, London.

High Commissioner of Malta, Joseph Zammit Tabona said: “It is my pleasure to sign this Agreement with Gibraltar - which reinforces links and strengthens bilateral relations, particularly in the fields of financial services and business”. He added: “the signing of TIEAs demonstrates good practice in the global financial sector.”

Gibraltar's Minister with responsibility for Financial Services, Gilbert Licudi, said: "I am delighted to have signed this Tax Information Exchange Agreement with Malta and especially so given the very important social, cultural and political links that we share. A significant part of Gibraltar's population are descendants of Maltese nationals which means that our heritage is intrinsically bound together. There is already an element of business activity that we share with Malta. We trust that this agreement will encourage the development of an even closer business relationship."

Both signatories confirmed the agreement included all standard means to ensure due process was followed in tax information requests, including, for example, provisions to protect confidentiality of information. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege.

Malta and Gibraltar are both members of the OECD Global Forum on Transparency and Exchange of Information.

On the eve of the signing, together with Malta’s Honorary Consul in Gibraltar, Franco Cassar, the High Commissioner received Gibraltar’s Chief Minister, Fabian Picardo at the Malta High Commission, Piccadilly. Also present at this meeting were Minister for Financial Services, Gilbert Licudi; the Chief Legal Adviser at the EU and International Department of the Government of Gibraltar, Michael Llamas and the Government of Gibraltar’s representative in London, Albert Poggio. During a very cordial meeting, both parties looked at various opportunities where Malta and Gibraltar can cooperate fully and further strengthen relations.

Malta—2012 Article IV Consultation: Concluding Statement of the IMF Mission

Wednesday, January 25, 2012 3:23:16 PM

Growth in the Maltese economy is moderating and the outlook is subject to downside risks, reflecting the potential for large negative spillovers from the euro area crisis. The policy challenge now is to balance the imperative of maintaining growth and employment against the pursuit of long-term fiscal sustainability while, at the same time, navigating a very difficult international environment. Safeguarding the stability of the financial sector in this environment requires sound governance, effective supervision, and robust financial buffers. Longer-term policy challenges remain daunting, including those related to population aging, energy policy, education, and competitiveness.

1. After a strong recovery in 2010, the economy continued to perform relatively well amidst considerable turbulence across the euro area. Spillovers from the euro area crisis remained contained during 2011. Real GDP grew by 2¼ percent in the first three quarters of 2011 and labor market indicators improved. This reflects to some extent the government’s commitment to prudent macroeconomic policies and improvements in external competitiveness—evidenced by Malta’s rising market share in services exports. Despite the recent rating downgrade, sovereign bond spreads remain contained as government debt is predominantly held domestically. In turn, the sensitivity of the Maltese banking sector to sovereign risk events in Europe is low given very low exposures to EU periphery debt.

2. The economy now faces a worsening external environment that has created new risks and headwinds to growth and financial stability. Malta’s high degree of trade openness and very large financial sector heighten contagion risks. The fragile global macroeconomic environment and sustained market volatility are expected to dampen real export growth. Domestic sources of growth may not be sufficient to offset the drop in external demand, given headwinds from a soft real estate market, deteriorating confidence, and ongoing fiscal consolidation. At the same time, uncertainty in economic policy could adversely affect growth if investment decisions and structural reforms are put on hold. With the euro area expected to go into a mild recession in 2012, we project Malta’s real GDP growth in 2012 to be relatively modest at 1 percent. Risks and uncertainty around this scenario are significant, reflecting the potential for large negative spillovers from the euro area crisis.

3. The primary challenge in 2012 will be the ability to navigate a highly uncertain macroeconomic environment with a deteriorating economic outlook, and ongoing banking and sovereign crisis in Europe. Malta’s resilience to date cannot be taken for granted—continued vigilance is required. The authorities need to balance concerns over a slowing economy, which calls for accommodative policies, against increased risks that require more prudent fiscal management. In this context, the mission sees the following policy priorities for Malta:

Ensuring fiscal sustainability while supporting growth

4. Confidence in Malta’s public finances has been shored up by the European Commission assessment that Malta has taken effective action to correct its excessive deficit. This reflects due recognition of the structural fiscal adjustment in 2011, one of the largest among advanced countries. The deficit is estimated to have narrowed to 3 percent of GDP and the primary balance turned into surplus for the first time since 2007. Following the announcement of the 2012 budget and additional expenditure measures in January, the fiscal deficit is expected to fall further this year. Nonetheless, the composition of adjustment remains suboptimal, relying excessively on one-off and revenue measures.

5. The government’s aim to return to fiscal balance over the medium run remains essential. Further fiscal consolidation is required to ensure debt dynamics attain sustainability, thus reducing fiscal risks to manageable levels. The pace and composition of adjustment should be attuned to the economic cycle, within a strategy that addresses long-term fiscal pressures. Malta can afford a gradual deficit reduction path, by targeting a structural annual adjustment of ½ percentage points of GDP, while letting automatic stabilizers operate in full. This adjustment path would help offset the headwinds facing the economy in the near term, while achieving debt sustainability over the medium term. Proposed EU directives on budgetary frameworks and governance should help the government achieve its fiscal balance objective, by adding credibility to the consolidation effort and enforcing stronger and more effective fiscal discipline and transparency.

6. Bold policy actions are necessary to reduce contingent liabilities arising from the public corporations. Restructuring of Air Malta and Enemalta will help staunch losses and limit subsidies. It is essential to agree on a medium to long term strategic plan and permit professional management independently to lead these entities, subject to sound governance requirements, specified benchmarks, and performance targets.

7. Building on progress already made, further pensions reform will contribute to resolving anticipated long-term fiscal imbalances and support medium-term growth. The projected increase in ageing-related expenditures is twice the EU average, reflecting an expected sharp rise in dependency ratios that renders the current pay-as-you-go system unsustainable. We support the main recommendations of the Pensions Working Group, notably: (i) indexing the retirement age to longevity; and (ii) introducing a mandatory privately funded second pillar and voluntary third pillar. Consideration could also be given to introducing a notional defined contribution first pension and to accelerating the planned gradual increase in the retirement age to 65.

Improving financial system soundness

8. The financial sector has continued to perform strongly, but—given the large external risks—it is important to further strengthen the sector’s resilience. Banking and insurance companies appear healthy with relatively sound capital and liquidity ratios, but the sector’s sheer size (above 8 times GDP) and large foreign ownership represent a number of risks to financial stability and fiscal sustainability. These include concerns about too-big-to-save and the adequacy of backstopping resources in case of default or deposit run, the capacity to deal with a banking shock and its impact on the economy, as well as supervisory challenges. Maintaining financial sector stability requires a multi-faceted approach, encompassing macro-prudential policies and surveillance, micro-prudential regulation and supervision, and lastly contingency planning, safety net, and crisis management.
Macro-prudential Policy and Systemic Risk Monitoring

9. The authorities are constituting and clarifying the organizational elements of the macro-prudential framework. This includes determining the forum with ultimate decision-making power to recommend and enforce macro-prudential policies, and specifying its mandate, scope, powers, instruments, and governance. Further strengthening the analysis of risks posed by the financial sector, including the so-called international banks and insurers, is key to identifying and addressing systemic imbalances before they materialize. In this context, we commend the Central Bank of Malta (CBM) and the Malta Financial Services Authority (MFSA) for extending the EU-wide stress testing exercise to all domestic banks, and for participating in EU-wide insurance sector stress tests.

Micro-prudential Regulation and Supervision

10. Malta’s financial regulatory and supervisory framework should keep pace with the demands and risks of a sophisticated and fast-growing financial market. As part of its self-imposed quality controls, in 2010 the MFSA commissioned an independent assessment of regulation and supervision of banking, insurance, and securities markets against the respective international standards. The assessment concluded that progress had been made since the 2003 IMF Financial Stability Assessment Program (FSAP), but weaknesses remained in supervisory capacity (notably staffing), definition and monitoring of connected party transactions, and internal audit functions. The increase in recruitment of qualified staff, the creation of an enforcement unit, and work in the area of concentration risk represent commendable progress. Continuing efforts along the report’s recommendations are needed to more fully comply with international sound practice. A review of the MFSA’s consumer protection and business conduct functions could be considered to secure consumer protection, promote efficiency, and enhance the integrity of the financial system.

11. Substantial credit concentration in the banking sector and rising credit risks warrant close supervisory scrutiny and strong financial buffers. Lending is highly concentrated in housing and construction, loan quality has deteriorated, and the number of restructured loans increased. Bank profitability may suffer if loan losses were to increase further, due to further declines in real estate prices or a fall in growth. Banks’ financial positions may also be affected by the forthcoming Basel III/CRD IV requirements. Against this background:

Banks with riskier profiles should be encouraged to increase provisioning and restrain dividend payout policies to strengthen capital buffers.
Further improvement in the MFSA’s assessment of the robustness of banks’ processes for loan classification, impairment determination, and provisioning practices are needed, and plans to enhance these aspects of supervision are welcome.
An action plan to enable the implementation of new liquidity regulations, including individual liquidity guidelines and liquidity stress testing, is needed since this would be the most constraining element of Basel III for Malta’s banks. In this context, banks should be encouraged to lengthen the maturity of their liabilities.

Financial Sector Safety Net

12. In light of the ongoing euro area crisis, it is imperative to ensure a sound financial safety net.

Contingency planning for crisis preparedness should move to the forefront of the policy agenda and involve: (i) stress testing to assess the adequacy of financial buffers; (ii) the development of scenarios for key material risks; (iii) performing crisis simulation exercises regularly, covering all systemically relevant institutions, as well as cross-border dimensions; and (iv) reviewing existing coordination arrangements between the key institutions. It would be advisable for the MFSA to incorporate these techniques as standing components of its supervisory approach.
The range of resolution tools will be broadened once new European regulations come in place. These encompass prompt corrective action, partial purchase and assumption, the use of bridge banks, and the establishment of a resolution fund.
The target size of the Deposit Compensation Scheme (DCS) is unsatisfactory. A shortfall could have knock-on effects on the entire banking system through confidence and reputation effects and on the government’s budget in case the DCS needs emergency funding. As a small economy with a large financial sector and idiosyncratic features, the authorities should give due recognition to the potentially high risks to financial stability, by erring on the conservative side and imposing buffers above the suggested minima.

Improving competitiveness to secure sustained growth

13. The immediate challenges underscore the need to raise productivity growth and further improve competitiveness. Reforms to secure these objectives include continuing to diversify the economy into high value-added activities, reducing the economy’s dependence on energy imports, and strengthening female labor force participation and labor force skills. These steps should be supported by a cautious settlement of wage negotiations to ensure better alignment of wage and productivity developments.
The mission is grateful to the Maltese authorities and all our counterparts for their hospitality and for the very open discussions during our mission.

Source: IMF External Relations Department

FinanceMalta launch ‘Sector Guides’ showcasing the services, products and skills that support global business

Wednesday, January 25, 2012 3:10:05 PM

FinanceMalta, the public-private partnership set up to promote Malta's financial services sector, have launched an important new initiative aimed to attract business to Malta in the form of sector-driven technical and promotional guides. The ‘Sector Guides’ will play a key role in supporting and maintaining the current level of growth being experienced by Malta's international financial centre (IFC) and are designed to help FinanceMalta members attract more business to the jurisdiction. Under the 5 sector headings of credit & financial institutions, insurance & pensions, investment funds & asset management, trusts & foundations, and wealth management, the guides are produced for distribution to prospective overseas clients and institutions as an essential reference source. The ‘Sector Guides’ will act as a key tool in the promotion of Malta’s international finance industry and assist in generating new business in respective sectors via the relevant associations and FinanceMalta members.

Over the past few months, FinanceMalta has received feedback and recommendations from its partner associations and industry practitioners to find a way to increase the current level of growth in the industry by attracting more financial services business to the country. Their feedback was for more technical and industry-specific information that would complement the existing marketing initiatives of the various industry associations and practitioners. The publications can be used on a standalone basis or as a portfolio promotion set depending on the event. This is the first time that FinanceMalta has undertaken such an extensive exercise to help investors connect with Maltese service providers.

The ‘Sector Guides’ provide an accurate and comprehensive picture of the key elements that influence business decision makers including regulation and oversight, service providers, taxation, business environment and lifestyle and will assist in refreshing the perceptions decision makers have of Malta's IFC. Financial services are an important contributor to the Maltese economy providing over €1 billion in revenue. Malta is a financial gateway to Europe. Its finance industry offers a number of attractions including a stable economy, liquid markets, skilled workforce, cost-efficient business infrastructure, and advanced IT support. Maltese households and the local business sector enjoy the benefits of a flexible financial services industry, which now employs over 8000 people as well as generating benefits in other parts of the economy.

As a primary economic pillar, the financial services industry has been gathering momentum in a number of sectors and Malta has, for example, over 500 funds and in excess of 100 asset management companies, with significant growth predominantly in the last two or three years. A growing body of insurers is finding their way to the island given the firm but flexible regulatory regime and access to excellent support services. Prospects for this sector look to be encouraging with Malta frequently being chosen ahead of competing jurisdictions. Malta is also an emerging regional hub and key location for wealth managers, family offices, high-net worth individuals and retirees. Several clusters have been established which are characterized by high growth, including aviation and yachting, while the Maltese Shipping Register was confirmed as the largest merchant flag in Europe by Clarkson Research Services, generating over €12 million in revenue to Transport Malta alone. Malta is host to the international banking community with its positioning as a financial services centre and contains institutions originating from 15 countries so far. The latest statistics released by the National Statistics Office show Malta has had substantial growth primarily in financial intermediation. Financial services are a significant contributor to GDP, contributing some 12% to the economic mix. The 5 new ‘Sector Guides’ highlight this innovative, dynamic and entrepreneurial business environment in Malta.

As a result of industry feedback, FinanceMalta has developed these five sector guides in a unique cooperation with a number of partners including Government, the Malta Financial Services Authority and industry associations including the Malta Bankers’ Association, the Malta Funds Industry Association, the Malta Insurance Association, the Malta Insurance Management Association, the Association of Insurance Brokers, the Society of Trust and Estate Practitioners Malta and the Institute of Financial Services Practitioners. This stakeholder approach underlines that Malta has the services, products and skill sets across the board to support global business. The guides, ably produced by CountryProfiler Ltd, take an informative look at the industries and sub-industries that comprise the various sectors, along with the macroeconomic drivers that influence them, and unique challenges facing the companies in these sectors.

Most importantly, this reliable and accessible set of guides gives investors of all levels a framework for making investment decisions related to the sector, using regulatory, economic, legal, and technical factors. This framework can help international business learn how to identify opportunities in each sector, discern comparative advantages, and avoid potential pitfalls. Two thousand copies of each guide have been printed for distribution by FinanceMalta to its members, to non-resident executives and to the relevant industry associations. The guides are sure to be well received as this is the first time that Malta has had such an extensive portfolio of 5 sector guides with extremely high production values, quality and depth of information. Soft copies are also available on FinanceMalta’s website for downloading from the horizontal sector tabs at www.financemalta.org

Note: To download the sector guides kindly click here

MIM National Congress for Women in Management

Wednesday, January 25, 2012 2:18:27 PM

Event	MIM National Congress for Women in Management
Date	8th March 2012
Time	Starting at 8h30am
Venue	Westin Dragonara Resort, St Julians, Malta
Category	Local event
Contact Person	Rita Micallef
E-mail	rmicallef@maltamanagement.com
Website	www.maltamanagement.com
The Malta Institute of Management, as part of its 2012 conferences and events programme will organize on the 8^th March the MIM National Congress for Women in Management where leading female entrepreneurs, managers and leaders will come together to discuss the legislative framework in the light of the current challenges and opportunities for women in management. This half day conference will be held at the Westin Dragonara Resort, St Julians commencing at 8:30am. As more women climb the corporate ladder, open their own business and guide their organisations to success, there is increasing pressure across the globe for governments to implement structures and institutions that support women career development and equal opportunities to develop as leaders. Such policy may not directly influence women who overcome the glass ceiling but ought to be instrumental in ensuring adequate opportunities for women in the labour market. The current international crisis that hit European states, together with the recent political developments affecting the southern and eastern shores of the Mediterranean basin, offer both challenges and opportunities. Women are on one hand, faced on a daily basis with key issues that can undermine their leadership capabilities if they are not versatile enough and well equipped to deal with current realities and challenges. Often with substantial personal sacrifice so as to succeed. On the other hand, they have an unprecedented opportunity to maximise their potential and strengthen their leadership role in the 21^st Century. For further information and registration, kindly visit our website – www.maltamanagement.com or contact Ms. Rita Micallef on rmicallef@maltamanagement.com or on 21 453 097. Early Bird Offer till 31^st January 2012 Members: €70 Non Members: €80

Malta's ship register largest in Europe

Friday, January 20, 2012 11:55:55 AM

For the first time in its maritime history, Malta has the largest ship register in Europe, Transport Minister Austin Gatt said this morning.

Addressing a press conference about the Malta Maritime Register, the minister said Malta was seventh in the world, increasing its tonnage by 16 per cent last year over 2010.

Malta's register was very diverse and listed all types of vessels including cruise liners and super yachts.

Some 300 super yachts were registered on Malta's register by last year when there was an increase of 19 per cent over 2010.

The minister said that competition is not about financial conditions but the level of service. Not every applicant vessel made it to Malta's register and there was a rigorous process which had to be followed.

The condition and the age of applicant vessels were a major factor in the determination of whether or not they would make it to the register.

The minister said the Maltese flag is a serious one and for years the country had been on the white list.

The maritime industry generated a lot of foreign currency - hotels were booked for crew changes and auditing and accountancy services are sought.

The employees were the biggest assets and people were on call 24/7, he said adding that the Transport Malta had a gross income of 12.5 million euros from the register.

Source: TimesofMalta.com

Malta-Bahamas tax information agreement

Thursday, January 19, 2012 3:04:03 PM

Malta and The Bahamas have signed a Tax Information Exchange Agreement (TIEA) which will enable exchange of information between the two countries on tax matters.

The High Commissioner of Malta, Joseph Zammit Tabona (picture left) signed on behalf of the Government of Malta and the High Commissioner of The Bahamas, Paul Farquharson signed on behalf of The Bahamas. The signing ceremony took place at the Malta High Commission in London.

Mr Zammit Tabona said this agreement "is instrumental for bilateral relations to be strengthened" and "demonstrates good practice in the global financial sector."

Mr Farquharson said that this level of cooperation showed the goodwill that exists between our two countries.

Source: TimesofMalta.com

Malta Chamber Foundation, CSB Group collaborate to offer training in Corporate Law

Tuesday, January 17, 2012 9:46:56 AM

The Malta Chamber Foundation and CSB Group have signed a training collaboration agreement and are organising a course in Corporate Law spread over five days this month through to February.

Targeted for lawyers, corporate service officers, accountants, auditors, managers and/or directors, the course covers Partnerships and Limited Liability Companies, Company Officers and Insolvency.

This course will be held between 5pm and 7pm at the Exchange Buildings, Republic Street, Valletta on Tuesday 24^th,Wednesday 25^th,January, Wednesday 1^stand Wednesday 8^thFebruary 2012.

Among other areas, the topics will cover formation procedures, voluntary liquidation. appointment/removal, duties and powers of directors and meaning and effect of separate legal personality.

Delivering the course will be Dr Doran Magri Demajo B.A., LL.D, Legal Services: Corporate, Maritime & Aviation. Doran joined CSB Group and Zammit & Associates in December 2007 and is responsible for international commercial transactions, ship and yacht registration, ship finance transactions and all matters corporate. Doran is a member of the Chamber of Advocates and is duly certified by The Institute of Financial Services Practitioners in Malta as a Trust Law and Administration practitioner.

Moreover, Malta Chamber members may avail themselves of a 20% discount. The fee to attend this course for Malta Chamber members is €236. Fee for non-members is €295.

This event has been accredited with 10 hours of structured CPE qualifying under Core / Professional Development competency as per MIA CPE Regulations.

For more information, please contact Jeanelle Catania on Telephone No: 2123 3873 or e-mail: mcf@maltachamber.org.mt. Alternatively click on the below link: http://www.maltachamber.org.mt/content.aspx?id=307167

CSB Trustees & Fiduciaries authorised to act as administrator of private foundations

Thursday, January 12, 2012 4:13:53 PM

CSB Trustees & Fiduciaries, a member of CSB Group has announced the extension of the authorisation in accordance with Article 43(12)(b) of the Trusts and Trustees Act (Cap 331 of the Laws of Malta), so as to include acting as an administrators of private foundations.

On the 2^ndof January, the Malta Financial Services Authority (MFSA) approved the extension of the company’s licence and. as an authorised trustee, CSB Trustees & Fiduciaries can now also act as administrator of private foundations, and also provide other fiduciary services.

For more information, please contact info@csbgroup.com or visit www.csbgroup.com

Hedge Fund Managers Breakfast with HFM Week - 27.09.2012

Tuesday, January 10, 2012 3:47:01 PM

Event	Hedge Fund Managers Breakfast with HFM Week
Date	27.09.2012
Time	08.30 - 10.30
Venue	London, United Kingdom
Category	FinanceMalta endorsed event
Contact Person	Bruno L'ecuyer
E-mail	info@financemalta.org
Website
Event Overview This event is aimed for Hedge Fund Managers who wish to network with both their US and European peers. The event which is centered around a discussion will give delegates the opportunity to get involved with the debate by asking questions to selected speakers of senior industry practitioners. Visit this page again for further details

Educational Clinic: Marketing Malta as an international financial centre

Tuesday, January 10, 2012 3:34:30 PM

Event	Educational Clinic: Marketing Malta as an international financial centre
Date	01/03/2012
Time	16h00 - 17h30 (registration starts 15.30)
Category	FinanceMalta organised event
Contact Person	Dr Bernice Buttigieg
E-mail	contact@financemalta.org
Speakers confirmed for this seminar:- Richard Ogden, Partner, Ernst & Young UK Bruno L’ecuyer, Head of Business Development, FinanceMalta More details to follow.

Press conference launching 4th edition of the FinanceMalta Investment Guide and Business Directory & the new Sector Guides

Tuesday, January 10, 2012 3:31:46 PM

Event	Press conference launching 4th edition of the FinanceMalta Investment Guide and Business Directory & the new Sector Guides
Date	25/01/2012
Time	10.30 am
Venue	Malta Stock Exchange, Valletta
Category	FinanceMalta organised event
Contact Person	Bruno L'ecuyer
E-mail	contact@financemalta.org
An open invitation to the press and our members to join the Minister of Finance, Economy and Investment, the Chairman of the Board of Governors and Executive team of FinanceMalta in the launch of the NEW FinanceMalta Investment Guide and Business Directory.

MIM Seminar -Networking For Success - 03.02.2012

Tuesday, January 10, 2012 3:28:07 PM

Event	MIM Seminar -Networking For Success
Date	03.02.2012
Time	Starting at 08.30am
Category	Local Event
Contact Person	Rita Micallef
E-mail	rmicallef@maltamanagement.com
Website	www.maltamanagement.com
The Malta Institute of Management will be organizing a seminar at Le Meridien Hotel St Julians on the 3rd February 2012 starting at 08.30am. As business people we are continually making new contacts. But how regularly can you turn those contacts into clients? The truth is that many of us rely on personal contact to do business, but few of us have effective networking strategies in place to maximise our use of business leads. We want to help you change this situation, assisting you to develop your networks and to help you sell your products wherever you go. Our short morning seminar will teach you new networking skills such as: - Making the right first impression - Creating rapport with your listeners - Givers Gain - why it is so important to give business in order to receive - Developing hard contact networks and regular networks - how to classify your contacts and get more out of them. - Effective networking (as opposed to net-sitting or net-eating). We have brought in two distinguished speakers who are well versed in networking in order to help you expand your skills set. David Bullock is a former Unilever director and currently a Director of Business Network International and teaches public speaking through UK, South Africa and Malta. Justin Tonna is a former editor-in-chief and operates an international copywriting company, as well as being a marketing director and founding partner of a local advertising agency. We expect places to fill up fast on this one-off event and therefore urge you to register early to avoid disappointment. This is a great opportunity for professionals and individuals to not only develop business boosting skills, but to also learn how they can enhance their business relationships to get the most out of their roles. This event has been accredited with 2 CPE hrs (Professional) by the Malta Institute of Accountants. Fees: Members - €25 Non Members - €30 For further information and registration, kindly visit - www.maltamanagement.com or contact Ms. Rita Micallef on rmicallef@maltamanagement.com or on 21453097

New Affiliate Member - C & C Express Ltd

Tuesday, January 10, 2012 2:42:31 PM

FinanceMalta welcomes C & C Express Ltd as an affiliate member within the Logistics & Freight forwarding grouping.

For further information please click here

Business delegation to South Africa - 18.02.2012 till 25.02.2012

Monday, January 09, 2012 3:26:09 PM

Event	Business delegation to South Africa
Date	18.02.2012 till 25.02.2012
Venue	Johannesburg & Cape Town
Category	FinanceMalta endorsed event
Contact Person	Ms Lara Fiott
E-mail
Website
Malta Enterprise is inviting businesses wishing to explore business opportunities in South Africa to participate in a Trade and Investment Promotion delegation to the cities of Johannesburg and Cape Town, between the 18^th and 25^th of February, 2012. A member of the Commonwealth of Nations and with English as the official business language, South Africa has a growing economy blossoming with opportunities within sectors such as financial and professional services, ICT, transport and logistics, food and beverage, real estate, energy as well as travel and tourism. As part of its assistance Malta Enterprise will set up one-to-one meetings for participants through its institutional networks. Malta Enterprise will also refund eligible participants up to 60% of flight costs and a per diem allowance. Refund is for one representative per participating company. For further information please contact Ms Lara Fiott at Malta Enterprise on tel. 2542 0000. Please click here to download the relevant application form and draft programme of the visit.

New Corporate Member - IIG Bank (Malta) Ltd

Thursday, January 05, 2012 4:15:31 PM

FinanceMalta welcomes IIG Bank (Malta) Ltd as a corporate member within the Banking grouping.

For further information please click here

New Corporate Member - Camilleri De Marco & Zahra Advocates

Thursday, January 05, 2012 3:11:32 PM

FinanceMalta welcomes Camilleri De Marco & Zahra Advocates as a corporate member within the Legal Services grouping.

For further information please click here

New Corporate Member - Mercieca Azzopardi & Co

Tuesday, January 03, 2012 4:07:33 PM

FinanceMalta welcomes Mercieca Azzopardi & Co as a corporate member within the Corporate services, Accounting/Auditing & Tax Services groupings.

For further information please click here.

New Corporate Member - Tri-Mer Services Ltd

Tuesday, January 03, 2012 3:17:50 PM

FinanceMalta welcomes Tri-Mer Services Ltd as a corporate member within the Corporate services, Management Consultancy, Tas Services and Trusts groupings.

For further information please click here.

New Corporate Member - Abacus Corporate Services Limited

Thursday, December 22, 2011 3:28:30 PM

FinanceMalta welcomes Abacus Corporate Services Ltd as a corporate member within the Corporate services, Fund Management & Administration and Trusts grouping.

For further information please click here.

CSB Group one of first to receive HNWI Registered Mandatory status in Malta

Monday, December 19, 2011 9:17:40 AM

CSB Group has recently become one of Malta’s first officially - recognised mandatories by the IRD (Inland Revenue Department). CSB Group can now assist

individuals who wish to apply for a special tax status under the High Net Worth Individuals – EU/EEA/Swiss Nationals Rules and the High Net Worth Individuals – Non-EU/Non-EEA/Non-Swiss Nationals Rules, collectively referred to as the High Net Worth Individuals Rules.

The said Rules will run in parallel to the amended Residents Scheme Regulations but will not regulate holders of a valid permanent residence certificate issued by the Commissioner of Inland Revenue in terms of the Residence Scheme Regulations.

Authorised Mandatories at CSB Group – namely CSB Group CEO Michael J.Zammit, as well as CSB Group Head of Legal and Director and Managing Partner of Zammit & Associates – Advocates, Dr Andrew J. Zammit, are now able to represent their clients for the purposes of the High Net Worth Individuals Rules.

Being members of the Institute of Financial Services Practitioners (IFSP) and The Malta Institute of Management (MIM) is required when applying for mandatory status, besides holding a warrant to practice as advocates under the Code of Organisation and CivilProcedure, as well as a warrant to practice as legal procurators under the Code of Organisation and Civil Procedure. In order for an Authorised Mandatory to be able to represent his clients such person needs also needs to be registered with the Commissioner of Inland Revenue.

To whom do these High Net Worth Individuals Rules apply?

Individuals who may benefit from these Rules are:
· EU nationals (excluding nationals of Malta);
· Nationals of Iceland, Norway and Liechtenstein;
· Nationals of Switzerland;
· Any individual who is not a citizen of the EU.

On the basis of information released so far it is understood that the new scheme is similar in scope to the Permanent Resident Scheme it replaces such that individuals eligible to benefit under the new scheme would be taxable in Malta on foreign source income which is received in Malta at the favourable flat rate of 15% (such persons are not chargeable to tax in Malta on foreign source capital gains). Local source income and gains would be taxable in Malta at the higher rate of 35%. Still, eligibility criteria and ongoing requirements have been enhanced and heightened, particularly in respect of non-EU/EEA/Swiss nationals.

As such, eligible individuals shall be required to acquire qualifying immovable property in Malta having a value of not less than €400,000 or to otherwise procure such qualifying immovable property under a lease agreement against aggregate rental consideration of not less than €20,000 per annum.

Find out more about the

High Net Worth Individual Rules, the application procedure and how CSB Group can assist you by contacting them on relocation@csbgroup.com

Source: CSB Group

Active Malta seminar - The Role of Regulation, Compliance and Corporate Governance in ensuring a Healthy Finance Sector

Friday, December 16, 2011 9:59:43 AM

The Active Group recently hosted a seminar in Malta on the topic of The Role of Regulation, Compliance and Corporate Governance in ensuring a Healthy Finance Sector. The seminar was arranged by Active Malta in collaboration with the Malta Financial Services Authority and was based at the MFSA Conference Centre in Attard.

Over 200 delegates attended the seminar, which was repeated over two sessions due to high demand. The main speaker was Brian Horsepool, Partner and Director of Active Group, who covered the areas of director’s responsibilities, regulators’ expectations, corporate governance and various case studies, including where it can go wrong. Mr Horsepool was supported by representatives of two local law firms, Ganado & Associates and Mamo TCV, who spoke on the Malta Law Code, the Role of Compliance, and Solvency II – Systems of Governance.

Mr Horsepool was also invited to speak on the same theme to a group from the Financial Services Division of the Malta Chamber of Commerce.

Claire Gauci, Active’s Senior Manager based in Malta, organised the seminar and was grateful to the MFSA for their assistance and support in staging this seminar, which is the first of a series of workshops to be arranged by Active in the new year on further topics relevant to the Malta financial industry.

The Active Group is an independent group headquartered in Guernsey providing business support services and regulatory consultancy across the range of financial services businesses. Active employs some 50 staff across its offices based in Guernsey, Jersey, Malta, Isle of Man and Cayman Islands.

Source: Active Malta

City Week – The International Financial Services Forum - 06-08.02.2012

Friday, December 16, 2011 9:18:15 AM

Event	City Week – The International Financial Services Forum
Date	06-08.02.2012
Time	All day event
Category	FinanceMalta endorsed event
Contact Person	Bruno L'ecuyer
E-mail	cityweekuk@cityandfinancial.com
Website	www.cityweekuk.com
Event Overview FinanceMalta has been invited to attend City Week 2012 which is being organised with the support of the UK Government and the official backing of a large number of bodies within UK financial services. FinanceMalta is extending a complimentary invitation to its members to join us in London for this important networking and learning seminar in the calendar of UK financial services events. To apply for your place please contact the City Week Team on +44 (0) 1483 720707 or email: cityweekuk@cityandfinancial.com Its Board of Patrons include many leading figures from the industry, including Mark Hoban MP, Financial Secretary to the Treasury, and Andrew Tyrie MP, Chairman of the influential House of Commons Treasury Select Committee. Keynote addresses at City Week 2012 will be given by, among others, The Right Hon William Hague MP, Foreign Secretary, Mark Hoban MP, Financial Secretary to the Treasury and Chris Salmon, Executive Director of the Bank of England. A special feature of this year’s City Week is the opportunity to attend one of a series of dinners with UK political leaders at the House of Parliament. The dinners will provide an ideal opportunity to discuss both the business environment and the development of your business interests in the UK. Additionally, support is available to help you organise meetings with leading financial institutions during your stay in London. Speakers The Right Hon William Hague MP, UK Foreign Secretary Mark Hoban MP, Financial Secretary to the Treasury Ashley Alder, Chief Executive Officer, Hong Kong’s Securities and Futures Commission Peter Bevan, Partner, Linklaters Magnus Bocker, Chief Executive, Singapore Exchange Vitor Constancio, Vice President, European Central Bank Frederic Drevon, Managing Director – Regional Head EMEA, Moody’s Jonathan Faull, Director General, Internal Market and Services, European Commission Jin Liqun, Chairman of Supervisory Board, China Investment Corporation Paulo De Sousa Oliveira, Chief Executive, BRAIN (Brazil Investments and Business) Jim O'Neill, Chief Economist, Goldman Sachs Verena Ross, Chief Executive of the European Securities Market Association Chris Salmon, Executive Director for Banking Services and Chief Cashier, Bank of England Hector Sants, Chief Executive of the FSA and Chief Executive Designate of the Prudential Regulatory Authority David Wootton, Lord Mayor of the City of London First Minister or Finance Minister, Scotland For the full updated programme please click here.

FinanceMalta Christmas Networking Event 2012 - 07.12.2012

Tuesday, December 06, 2011 2:57:52 PM

Event	FinanceMalta Christmas Networking Event 2012
Date	07.12.2012
Time	17.00 - 20.00
Venue	TBC
Category	FinanceMalta organised event
Contact Person	Bernice Buttigieg
E-mail	info@financemalta.org
Website	www.financemalta.org
Event Overview FinanceMalta will be hosting its 4th Annual Christmas Networking reception on the 7th December 2012. The aim of this event is to provide over 100 corporate and affiliate members of FinanceMalta with the opportunity to meet and network with their peers. As part of its cyclical Corporate Social Responsibility policy, all proceeds gathered from this event will be presented to a charitable institution. This event is by invitation only for representatives of FinanceMalta's corporate and affiliate members.

MIM & FinanceMalta Educational Clinic - 23.11.2011

Tuesday, December 06, 2011 2:49:07 PM

Event	FinanceMalta Educational Clinic
Date	23.11.2011
Time	16.00 - 17.30
Venue	Malta Stock Exchange, Valletta
Category	FinanceMalta organised event
Contact Person	Bernice Buttigieg
E-mail	info@financemalta.org
Website
Event Overview FinanceMalta will be organising this event, the sixth in a series of educational clinics which is planning on a quarterly basis for its members and the financial services community. This eductional event is free for all FinanceMalta members and there is a fee of EUR 10 for non-members. The subject of this event will be focussing on Islamic finance investment vehicles. This event has been accredited with 1.5 hours of structured CPE and qualify for the attainment of Professional Competencies in terms of the MIA CPE Regulations. Kindly visit this page in the near future for further updates.

FinanceMalta Members Summer Party - 17.05.2011

Tuesday, December 06, 2011 2:44:15 PM

Event	FinanceMalta Members Summer Party
Date	17.05.2011
Time	TBC
Venue	TBC
Category	FinanceMalta Organised Event
Contact Person	Bernice Buttigieg
E-mail	info@financemalta.org
Website	www.financemalta.org
This event is by invitation only. Contact persons for FinanceMalta's corporate and affiliate members should expect to receive an electronic invite shortly.

Business briefing to professional services firms operating in the Wealth Management / Family Office areas - 18.10.2012

Tuesday, December 06, 2011 2:27:22 PM

Event	Business briefing to professional services firms operating in the Wealth Management / Family Office areas
Date	18.10.2012
Time	Morning Event
Venue	TBA
Category	FinanceMalta Organised Event
Contact Person	Bruno L'ecuyer
E-mail	info@financemalta.org
Event Overview A business briefing seminar presenting the opportunities Malta has to offer Wealth Managers / family Offices, operating in the UAE. Please check back to this page regularly for updates or register your interest by writing to us on info@financemalta.org

University of Malta fresher’s Week - 01-08.10.2011

Tuesday, December 06, 2011 2:22:32 PM

Event	University of Malta fresher’s Week
Date	01-08.10.2011
Time	All day events
Venue	University of Malta Campus
Category	Local Event
Contact Person	Bernice Buttigieg
E-mail	info@ifsp.org.mt
Event Overview FinanceMalta will be taking part at the University of Malta Fresher’s week. Other information For more information please visit this page again later on in the year.

Malta and Bermuda sign Tax Information Exchange Agreement

Tuesday, December 06, 2011 1:51:26 PM

On 25 November 2011, Malta and Bermuda signed a Tax Information Exchange Agreement (TIEA) - which provides for a full exchange of information between the two countries on tax matters.

The High Commissioner of Malta in the UK, HE Mr Joseph Zammit Tabona signed on behalf of the Government of Malta and the Bermuda Premier, Paula Cox signed on behalf of the Government of Bermuda. The signing ceremony took place at the Malta High Commission, London.

High Commissioner Zammit Tabona said this Agreement “is instrumental for bilateral relations to be strengthened” and “demonstrated good practice in the global financial sector.”

Bermuda Premier Cox said that this signing “helps solidify (Bermuda’s) relationship with the European Union and marks the 12th Tax Information Exchange Agreement with an EU member state."

Both signatories confirmed the agreement included all standard means to ensure due process was followed in tax information requests to both countries respectively, including, for example, provisions to protect confidentiality of information. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege.

Commissioner Barnier to visit Malta

Wednesday, November 30, 2011 1:41:01 PM

The future of Malta’s burgeoning financial service and gambling industries are expected to dominate discussions to be held on Thursday 1^st December 2011 between the government and the EU’s Internal Market Commissioner Michel Barnier.

Mr Barnier will be on the island for 24 hours and will hold talks with Finance Minister Tonio Fenech. He will also be meeting important stakeholders connected with the internal market.

Commissioner Barnier will also be attending a special session of Parliament’s European Affairs Committee to discuss legislative proposals put forward by the Commission on the Single Market.

Source: www.timesofmalta.com

New Corporate Member - RTFX Ltd

Monday, November 28, 2011 12:09:51 PM

FinanceMalta welcomes RTFX Ltd as a corporate member within the Investment Services/Asset Management grouping.

For further information please click here.

Business networking roadshow to Frankfurt and Munich, Germany - 25 & 26.04.2012