FinanceMalta

Transcontinental Trust 2010 - 30/06/2010 - 01/07/2010

Event	Transcontinental Trust 2010
Date	30/06/2010 - 01/07/2010
Time
Venue	Hôtel Président Wilson, Geneva, Switzerland
Category	International Events
Contact Person	Mr Bruno Lecuyer
E-mail	contact@financemalta.org
Website	http://iir-events.com/IIR-conf/TaxAccounting/EventView.aspx?EventID=1361
With over 40 key jurisdictions in attendance in recent years, TransTrusts really is the place to be in 2010 - network with international trusts practitioners and leading expert speakers alike throughout the conference and aboard the annual Lake Geneva boat cruise and celebrate the 25th Anniversary conference. FinanceMalta will be participating in this event with a stand. Speakers for 2010 include: Chaired by: Richard Hay, STIKEMAN ELLIOTT International Expert Speakers: His Honour Justice David Hayton, THE CARIBBEAN COURT OF JUSTICE David Brownbill QC , XXIV OLD BUILDINGS Christopher McCall QC, MAITLAND CHAMBERS Richard Pease LENZ & STAEHELIN John Harris JERSEY FINANCIAL SERVICES COMMISSION Debra Treyz JP MORGAN Malcolm Couch ISLE OF MAN GOVERNMENT Rob Withecombe BARCLAYS WEALTH Kevin Horrocks MERRILL LYNCH Henry Christensen III McDERMOTT, WILL & EMERY Philip Marcovici This year the conference focuses on 4 key themes: 1. Key Issues Facing Trusts and Trustees 2. G20 and Private Banking: Can they Co-exist? 3. Global Overview: Changing Approaches to Suit a Changing Environment 4. The Role of International Financial Centres in the Global Economy For more information about FinanceMalta's Participation kindly contact Ms. Lindsey Piccinino on contact@financemalta.org. Click here to download the programme

16th GAIM International 2010 - 14/06/2010 - 17/06/2010

Event	16th GAIM International 2010
Date	14/06/2010 - 17/06/2010
Time	See Programme
Category	FinanceMalta Endorsed Event
Contact Person
E-mail	sneophytou@icbi.co.uk
Website	http://www.icbi-events.com/gaim/
Venue: Grimaldi Forum, Monaco Each year GAIM International hosts over 1000 of the alternative industry's leading asset managers, thought leaders and investors and I am sure you will be keen to be involved. FinanceMalta will be participating at this high profile event with a stand in the main exhibition hall, anyone interested in Malta as an alternative jurisdiction is invited to meet the players in the industry during the event. There are several aspects of this event that will be of interest to you: MORE Investors In attendance Than Any Other Conference. GAIM International historically has the largest investor community of any conference and for 2010 we are expecting over 250 investors in attendance. NEW Institutional Investor Focus For 2010, GAIM International will have more institutional investors on board than ever before in recognition of their increased importance to the future of the hedge fund world. Institutional investors joining us include: Danny Truell from The Wellcome Trust, Michael Powell from USS, Mario Therrien from CDPQ, Theodore Economou from CERN, Tony Broccardo from Barclays Pension Fund any many more. NEW - Big name hedge funds will be sharing their expertise including; Mike Novogratz from Fortress, Peter Clarke from MAN Group PLC, Blackstone, Centaurus Capital, Bluecrest, LCF Rothschild and others. NEW- Meet New Investor Groups. For 2010, we are introducing new investor groups to the agenda- we have special sessions on Nordic investors, Latin American investors, Retail Distributors & Fund Platforms. NEW UCITS & Managed Accounts Investor Summit to offer you new thinking on liquidity & transparency in hedge fund investing. Meet the new investors looking into hedge funds, sign up to promote your fund infront of these investors during the Quickfire Showcase and benefit from an exclusive pass to the investor cocktail reception in the evening enabling you to meet all the GAIM International 2010 in advance of the crowds! THE GAIM INTERNATIONAL GUARANTEE: We are the only event to guarantee that over 60% of attendees will be investors, allocators or fund managers. Infact, GAIM International is the only event to have such a great track record of substantial end investor participation with specific data about their search requirements. NEW Insight From Industry Thought Leaders & Academics: Including Nassim Taleb, Prescient Author of the "Black Swan" predicting the crisis on rethinking risk; Dr Randy Cohen, Visiting Associate Professor of Finance and author of exciting new research on asset allocation from MIT SLOAN & Lawrence MacDonald, Lehman Eyewitness and author of bestselling book "A Colossal Failure Of Common Sense" PLUS UNPARALLED STRUCTURED NETWORKING OPPORTUNITIES - GAIM International has the reputation for being the event that offers you the best networking opportunities with our investor community and this year we have introduced yet more new formats to ensure you meet the right people: more Speed-Networking sessions, more Investor Roundtables, more Meet The Investor sessions, More in-depth Hard Copy Investor Search Lists so you can target the investors active in your strategy and, of course, our pre conference Interactive Online Delegate List - 'MyGaim' which is now available to download on Blackberry & IPhone. As you can see, GAIM International is truly the one stop shop for all your business needs- you can meet and network with over 250 investors in just 3 days - what a great opportunity to save your time, money and airmiles! Finally if you register before Friday 16^th of April, you could save up to £300 on this event. For your convenience you can register in the following ways: 1. Phone - +44 (0) 20 3377 3622 2. Fax - +44 (0) 207 017 7805 (please use the attached Priority Booking Form) 3. Email - (simply reply to this email with the delegate names) 4. Online - you may use the following weblink - http://www.icbi-events.com/GaimInternational When registering please quote your company's priority code TT84 in all correspondence. Click here for the programme of the event Click here for the event booking form (FinanceMalta Members Only)

Network Management 2010 - NEMA - 08/06/2010 - 10/06/2010

Event	Network Management 2010 - NEMA
Date	08/06/2010 - 10/06/2010
Time
Category	Local Event
Contact Person	Dr. Bernice Buttigieg
E-mail	info@financemalta.org
Website	www.financemalta.org
A relative newcomer to the sector, Malta is fast gaining recognition as a Eurozone financial centre of choice: a strong legislative framework and a flexible, pro-business attitude are increasing the island’s attractiveness to reputable organisations. In the global Financial Services Index, Malta was placed as the 4th ranked centre most likely to increase in importance in the next few years, and the 5th ranked centre where most organisations are planning to begin new operations. This year's forum promises to be a very important gathering indeed for taking stock of your strategy in these challenging times, whilst forging invaluable business relationships. Key Focus Areas this year include: Determining Where The Key Business Challenges & Opportunities Lie Find out from our expert speaker faculty of key practitioners, advisors and experts how you can position your business for success in a recovering environment. Future Of Regional Custody Offerings: What Are The Benefits To Using A Multi-Franchise Custodian? Regional Service Levels Vs. Service Levels Per Markets And Clients’ Satisfaction Risk Focus: What Does the Network Manager Expect From His Sub-Custodian In Differing Markets? Has The Appetite For Risk Increased? Cost Efficiency Focus – Where Is The Fee Pressure: Investor, Global, Or Sub-Custodian? NeMa T2S - Impacts On The Infrastructure. How Is Each Market Segment Getting Ready For T2S? Who Should And Who Will Carry Sub-Custodian And Depository Risk? How Can The Sub-Custodian Assist In Shaping A New Framework?Investigating Potential Impacts Of A Tighter Regulatory Environment On Network Expansion Plans /Network Management Function. Click here to download the brochure

FinanceMalta's 3rd Annual Conference - 30/04/2010

Event	Malta's Financial Services Sector Change & Opportunity: Sustaining Growth in a Stable Environment
Date	30/04/2010
Time	08.30 - 16.30
Venue	Grand Hotel Excelsior, Valletta, Malta
Category	FinanceMalta Organised Event
Contact Person	Dr Bernice Buttigieg
E-mail	contact@financemalta.org
Website	www.financemalta.org
The Annual Conference is FinanceMalta's premier member event. The conference day is jam-packed with various topics - insightful speakers, special interest workshops and networking opportunities. International Speakers confirmed:- Prof. Bob Garratt, a London-based Business Consultant Mr. Martin Roche, Anchor Reputation Management Mr. Oliver Ali Agha, Agha & Shamsi, L.L.C. Mr. Simon Osborn, International Fund Investment/funddomiciles.com Dr. Uwe Eiteljoerge - Asset Management Unit, European Commission Mr. Poul Erik Skaanning-Jørgensen - BörsKonsult ApS Mr. Mike Imeson - The Banker Magazine Mr Angelos G. Angelou - AngelouEconomics CLICK HERE TO DOWNLOAD THE PROGRAMME OF THE EVENT DOWNLOAD REGISTRATION FORM * This event is accredited with 4 hours of structured CPE and qualify for the attainment of Professional Competency in terms of the MIA CPE Regulations Your Travel Arrangements on Air Malta flights:- A 10% discount will apply on published pricing for travel on Air Malta scheduled services. Participants may book online by accessing:- http://booking.airmalta.com/KM/login.html and logging into Air Malta's booking engine with the username and password provided below to avail themselves of the discount: USER NAME: AGCFM PASSWORD: obbnbQAU Travel validity between 23 April and 09 May 2010. Electronic tickets will be directed back to passenger via mail. Conference & Incentive Travel:- Office Tel: 00356 22999381 E-mail: cit.airmalta@airmalta.com Air Malta may possibly issue promotional offers from time to time. The above discount does not apply on promotional ‘N‘ class fares available through www.airmalta.com Click here to download the Air Malta Summer Routes 2010 Click here to download the full Air Malta Summer Schedule 2010 Discounted accommodation: FinanceMalta has reserved discounted hotel accommodation at the Excelsior Grand Hotel Malta: Grand Hotel Excelsior, Great Siege Road, Floriana,FRN 1810 Malta http://www.excelsior.com.mt In order to reserve your discounted accommodation or arrange any transfers, please contact the event coordinator, Ms Ruth Vella, on: E-mail: info@eventsclubmalta.com Tel: 00356 2343 3333 Questions? Contact Dr. Bernice Buttigieg, Head of Administration at FinanceMalta on contact@financemalta.org. Leading Sponsor

Hedge fund Re-domiciliation for Managers - Luxembourg - 15/04/2010

Event	Hedge Fund Re-domiciliation for Managers
Date	15/04/2010
Time	08:30 - 16:30
Category	FinanceMalta Endorsed Event
Contact Person
E-mail	claire.barnes@informa.com kmregistration@informa.com
Website	www.ibc-events.com/redomicile
Helping you to make the best business decision on where to domicile. Increased taxes, the OECD-led review of offshore domiciles, investor flight to quality and to regulated funds, are just some of the issues driving you to assess the safety and security of your fund within a jurisdiction. Competition to secure investment is increasing and determining how, and where you can structure your fund in order for it to be as attractive and tax efficient to your end-investor as possible, is paramount. This conference will get to grips with the real practicalities involved in re-domiciling. Speakers will consider compliance issues, tax implications, costs and more, to guide you through best practice decision making for your business. You will hear industry experts from UK, Switzerland, Luxembourg and Ireland. You will hear direct from: Fund Managers Regulatory and Supervisory bodies Investors Expert Law Firms Industry Advisors Re-domiciliation Strategies Drivers Behind Hedge Fund Re-domiciliation Globally Legal & Practical Issues which Exist in Re-domiciliation Operational & Administrative Concerns within Different Jurisdictions Structuring Your Manager's Affairs The proposed EU Alternative Investment Fund Managers Directive Value in UCITS & the Benefit of an EU passport

FinanceMalta Website & Investment Guide and Business Directory 2010 Launch - 26/03/2010

Event	FinanceMalta Website & Investment Guide and Business Directory 2010 Launch
Date	26/03/2010
Time	12.00 - 13.30
Venue	Grand Hotel Excelsior, Valletta
Category	FinanceMalta Organised Event
Contact Person	Lizianne Gauci
E-mail	contact@financemalta.org
Website	www.financemalta.org
FinanceMalta is please to invite its members for the official launch of the new website, the 2010/2011 Investment Guide and Business Directory and the list of upcoming events for 2010. The Minister of Finance, the Economy and Investment Hon. Tonio Fenech and FinanceMalta Chairman Mr. Kenneth Farrugia will be in attendance. This event also includes a networking reception. Kindly confirm your attendance either by calling our offices on 2122 4525 or send an e-mail to info@financemalta.org. Click here to download the invitation

Hedge fund Re-domiciliation for Managers - Geneva - 18/03/2010

Event	Hedge Fund Re-domiciliation for Managers
Date	18/03/2010
Time	08:30 - 16:30
Category	FinanceMalta Endorsed Event
Contact Person
E-mail	claire.barnes@informa.com kmregistration@informa.com
Website	www.ibc-events.com/redomicile
Helping you to make the best business decision on where to domicile. Increased taxes, the OECD-led review of offshore domiciles, investor flight to quality and to regulated funds, are just some of the issues driving you to assess the safety and security of your fund within a jurisdiction. Competition to secure investment is increasing and determining how, and where you can structure your fund in order for it to be as attractive and tax efficient to your end-investor as possible, is paramount. This conference will get to grips with the real practicalities involved in re-domiciling. Speakers will consider compliance issues, tax implications, costs and more, to guide you through best practice decision making for your business. You will hear industry experts from UK, Malta, Switzerland, Luxembourg and Ireland. The speaker faculty also includes Prof. Joseph V. Bannister Chairman of the Malta Financial Services Authority (MFSA). You will hear direct from: Fund Managers Regulatory and Supervisory bodies Investors Expert Law Firms Industry Advisors Re-domiciliation Strategies Drivers Behind Hedge Fund Re-domiciliation Globally Legal & Practical Issues which Exist in Re-domiciliation Operational & Administrative Concerns within Different Jurisdictions Structuring Your Manager's Affairs The proposed EU Alternative Investment Fund Managers Directive Value in UCITS & the Benefit of an EU passport Click here for more information

FinanceMalta's First Live Webinar - 05/03/2010

Event	Malta - Europe's Strategic Platform for Financial Services, International Business and Tourism
Date	05/03/2010
Time	16.00 -17.30
Category	FinanceMalta Organised Event
Contact Person	Mr. Bruno Lecuyer
E-mail	info@financemalta.org
Website	www.financemalta.org
FinanceMalta is organising a Live Webinar on the 5^th March between 16h00 - 17h30 CET the event is entitled Malta - Europe's Strategic Platform for Financial Services, International Business and Tourism. Panelists include The Minister of Finance, the Economy and Investment, The Chairman of FinanceMalta, The Executive Chairman of Malta Enterprise, and the CEO of the Malta Tourism Authority. The event (a first for the jurisdiction) promises to be informative, and lively, reaching out to a diverse audience. For more information kindly contact Mr. Bruno L'ecuyer - Head of Business Development at FinanceMalta on info@financemalta.org Information Post Event Click here to access the presentations Click here to access the press release Click here to view the photos

ITAS 2010 - 23/02/2010 - 26/02/2010

Event	ITAS 2010 - The 9th Annual Transfer Agency and Fund Operations Forum
Date	23/02/2010 - 26/02/2010
Time
Category	International Event
Contact Person
E-mail
Website	http://www.icbi-events.com/itas/
Venue: Abbaye de Neumunster, Luxembourg International Transfer Agency summit (ITAS)- the only long-term established conference in Europe for the Transfer Agency industry. This really is the best use of your time - a structured, information packed event with great networking to boot. Highlights of ITAS 2010: Gauging Impacts Of The Credit Crunch On The Funds Industry. What Next For The Funds & TA World? UCITS IV – Assessing The Progress Achieved To Date & The Countdown To July 2011 Merging Funds: Exploring New And Alternative Fund Structures And The Resulting Challenges For Distribution And Processing How Can Distributors Become Involved In The Automation Effort? Automated Fund Trading – Where To Next And What The TA Needs To Know? The Future Role Of Platforms And How They Are Morphing Into More Than Execution Engines Is Outsourcing A More Relevant Strategy In The New Economic Paradigm? Hosted Fund Services – Democratisation Or Just Proliferation? Asia In the Spotlight: Identifying The Hurdles And Solutions For Global Fund Servicing And Distribution Assessing The Impact Of TARGET2 Securities On Transfer Agents Understanding The Processing And Administrative Challenges Posed By SICAVs

Financial Services in Malta: Where Opportunities become realities - Bahrain - 12/04/2010

Event	Financial Services in Malta: Where opportunities become realities
Date	12/04/010
Time	10.00 - 14.00
Category	FinanceMalta Co-Organised Event
Contact Person	Mr Bruno Lecuyer
E-mail	contact@financemalta.org
Website	http://www.ftbusinessevents.com/investinmalta
Venue: Sheraton Bahrain Hotel, Manama, Bahrain 'Financial Services in Malta' is a concise and informative conference brought to you by FT Business Events and The Banker, in partnership with FinanceMalta and Malta Enterprise. This high-level event will highlight the opportunities that exist for Middle Eastern financial firms wanting to establish a base, or extend their operations, in Europe. An inspiring and influential line up of speakers, led by the Maltese Prime Minister Lawrence Gonzi, will outline the key factors that make Malta a place where opportunities become realities: its strategic location in the Mediterranean Sea close to North Africa, strong economy and financial sector, eurozone membership, motivated and English-speaking workforce, relatively low costs, world-class information and communications, infrastructure, and well-balanced financial regulatory regime. If you are in the financial services business in the Middle East, and are looking to expand outside the region, then this is the event for you. Programme available here: http://www.ftbusinessevents.com/investinmalta/agenda.aspx?m_pid=0&m_nid=35377

Ernst & Young Breakfast Meeting

Event	Ernst & Young Breakfast Meeting
Date	11/03/2010
Time	09.00 - 11.00 (Registration starts at 08.30 hrs)
Category	Local Events
Contact Person	Ms. Alison Whitehead
E-mail	Alison.Whitehead@mt.ey.com
Website
Fraud ... a changing landscape? Venue: Portomaso Suite, Hilton Malta How do you recognise a fraudster? How is the global recession impacting the type and volume of fraud? How prepared are Maltese businesses to deal with fraud? If you think your business has never experienced faud, how can you be so sure - perhaps you have just never detected it? How can pro-active fraud risk management contribute to pulling global business out of the recession? How is fraud changing and what new types of fraud are on the horizon? Speakers Jon Harvey - Director, Ernst & Young, Fraud Investigation & Dispute Services Samantha des Forges - Senior Manager, Ernst & Young Channel Islands, Fraud Investigation & Dispute Services Moderator Robert Attard - Executive Dirrector, Ernst & Young Malta Registration To register for this event please contact Alison Whitehead on 2134 2134 or send an email to events.malta@mt.ey.com by Tuesday, 9th March 2010

MIM's ‘Public Sector Efficiency 4 Private Sector Effectiveness’ Breakfast Seminar

Event	‘Public Sector Efficiency 4 Private Sector Effectiveness’ Breakfast Seminar
Date	18/03/2010
Time
Category	Local Events
Contact Person
E-mail	education@maltamanagement.com
Website	www.maltamanagement.com
Date: 18th March 2010 Venue: Corinthia St. George's Bay, St. Julians Our economy is under pressure as never before. The global economic turmoil has led to a situation where our public sector organisations are facing new challenges and tasks while being staffed with people skilled to achieve old ones. Pressures from tax payers and from politicians determined to steer away the economy from collapse, are forcing national budget cuts across various public organisations. Simultaneously the private sector and citizens are becoming increasingly active and vocal, insisting that lower costs are accompaniedby more efficient public services. With these pressures in mind, this business breakfast seminar aims to present a forum for discussion to review, from various perspectives, the role of an ever changing public sector in the face of new economic challenges. This event is being supported by the MIM collaborating partners; AirMalta BOV and Sponsors: Exigy http://www.exigy.com The participation fee for this event was set at Eur75 per person but we are pleased to give Finance Malta members a special offer of Eur25 per person. Further information and registration can be obtained at LINK (www.maltamanagement.com News and Events Section). Should any difficulties occur one may contac MIM at education@maltamanagement.com or 21453097

Global Financial Services Centres Conference 2010 - 27/04/2010 - 28/04/2010

Event	Global Financial Services Centres Conference 2010
Date	27/04/2010 - 28/04/2010
Time	08.00 - 17.30
Venue	Dublin Castle, Dublin, Ireland
Category	International Event
Contact Person	Dustin O'Neill
E-mail	conference@fintel.org
Website	http://www.financialcentresinternational.com/conference/2010-01/home.php
Global Financial Services Centres Conference 2010 takes part in Dublin Castle, Dublin, Ireland on April 27th-28th 2010 and is organised by Fintel. The Third Global Financial Services Centres Conference will provide an opportunity to analyse, evaluate and discuss the transformation of centres, large and small, with 300 representatives from leading financial institutions, financial centres, and will be attended by regulators, tax and legal experts from around the world. This event is a must in the annual calendar of strategic planners in global financial services companies and their advisers, and in eight sessions on April 27th and 28th, many of leading decisionmakers from centres in Europe, the Middle East, North America, and Asia will roll out their redefined business models for the new market environment of 2010 and beyond. Highlights from the packed agenda include: The fix for global finance, and its implications, through the strategies of the G20 countries for financial centres large and small In-depth review into how tax havens are responding to tighter supervision and the global drive towards better regulation The changing competitiveness of major financial centres will be profiled in special sessions, including: London &TheCtyUK agenda; Paris; Frankfurt; and Toronto Developments in key centres in the Middle East, Asia, Caribbean, including Malta, Ireland, Netherlands and Luxembourg The British Offshore centres agenda will be addressed by speakers including the Finance Minister of the Isle of Man, the head of banking tax EMEIA of Ernst & Young, and the head of the team that provided the fiscal and taxation analysis in the UK Government's Foot report on the British offshore Territories and Crown Dependencies. The full conference programme can be found at http://www.financialcentresinternational.com/conference/2010-01/timetable.php

PwC Academy - What lies ahead? An update on Maltese tax legislation - 04/05/2010

Event	PwC Academy - What lies ahead? An update on Maltese tax legislation
Date	04/05/2010
Time	08.30 - 16.30
Venue	The Oracle, Dolmen Resort Hotel, Qawra
Category	Local Event
Contact Person
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcmalta.com/taxconference
A number of significant amendments to both direct and indirect tax legislation have been approved by Parliament in the last few months. The amendments to the Income Tax Acts and the Duty on Documents and Transfers Act refer mainly to the introduction of a number of anti-tax avoidance provisions. The amendments also include various measures related to international operations. The changes to the Value Added Tax Act arise mainly from new provisions governing the place of supply rules for services and include the introduction of a number of related administrative obligations. PricewaterhouseCoopers has been actively following these developments and PwC Academy is organising a one-day conference (on Tuesday 4 May 2010) aimed at discussing the contents of these new provisions as well as their implications for the business community. Fee: EUR 170 per participant Qualifying CPE Hours: 6 Competency: Core For information and bookings, please contact: PricewaterhouseCoopers 167 Merchants Street Valletta VLT 1174 Click here to download the conference programme

Managing Brand Value for the Board - 28.04.2010

Event	IOD Malta Chamber Directors' Forum 2010 - Managing Brand Value for the Board
Date	28.04.2010
Time
Category	Local Event
Contact Person	Ms Dorianne Bonanno
E-mail	dorianne.bonanno@maltachamber.org.mt
Website
Due to the current volcanic ash clouds, our planned speaker for the fourth session, Mr. Anthony Griffiths, will not be able to be on the Island for this date. Hence, we are switching our planned April and May topics, to ensure continuation and swift flow of this programme. Mr. Edwin Ward, local Director of advertising agency group Ogilvy & Mather, has kindly accepted to take Mr. Griffiths place on the 28^th of April and will provide a convincing case for brands as intangible assets and their value in the boardroom in a presentation entitled, "Brand Value and the Board". Click here to download a letter by the Malta Chamber President, Mrs. Helga Ellul and Chairman of the Institute of Directors - Malta Branch, Mr. James Satariano.

Time to domicile in Malta? - 25.05.2010

Event	Time to domicile in Malta?
Date	25.05.2010
Time	15.00
Category	FinanceMalta Co-organised Event
Contact Person	Bruno L'ecuyer
E-mail	bruno.lecuyer@financemalta.org
Website	http://www.funddomiciles.com/notices/malta-the-eu-alternative.html
In the servicing and domiciliation of European funds Malta is becoming a serious alternative to both Ireland and Luxembourg. FinanceMalta is hosting a live panel discussion entitled ‘Time to domicile in Malta?' which will be streamed live from the Malta Stock Exchange through the internet on Tuesday the 25^th May 2010 @ 15h00CET in order to address how far Malta can grown both as an EU domicile for UCITS funds and as a base for alternative investment products and other specialist funds. The event is being organised in partnership with Funddomiciles.com who offer the global fund management industry a single, comprehensive source of information on the world's international fund domiciles and the service providers that are based within them. Viewers will have the opportunity to send their questions by email to the panel on the day. For registration or more information on this event please visit http://www.funddomiciles.com/notices/malta-the-eu-alternative.html or email Sheena Rossiter (rossiter@ifiglobal.com). Leading industry expert Mr. Simon Osborne will chair the panel faculty made up of high profile professionals from Malta's international financial center. There are a limited number of audience participation places available by contacting Mr. Bruno L'ecuyer on bruno.lecuyer@financemalta.org

Hedge Fund Breakfast Briefing - 22.09.2010

Event	Hedge Fund Breakfast Briefing
Date	22.09.2010
Time	08.30 BST - 07.30 CET
Venue	Royal Society of Arts, Westminster, London
Category	FinanceMalta Co-organised Event
Contact Person	Bruno L'ecuyer
E-mail	bruno.lecuyer@financemalta.org
Website	http://www.thersa.org/house/rooms
FinanceMalta have teamed up with HFM Week to hold a breakfast briefing in London. The event is aimed at Hedge Fund Managers, Fund of Hedge Fund Managers and service providers. Networking starts at 08h30 with the panel discussion at 09h15 the event will finish at 10h30. The topic for discussion will be the UCITS IV directive. Limited places are available for FinanceMalta members. Please contact Bruno L'ecuyer bruno.lecuyer@financemalta.org for more information.

EU Direct Tax Law: Seminars - 24.06.2010 - 25.06.2010

Event

EU Direct Tax Law: Seminars - Presented by Dr Christiana HJI Panayi

Date

24.06.2010 - 25.06.2010

Time

*GROUP DISCOUNTS APPLY

For more information kindly contact the Malta Institute of Management on 2145 3097 or via email on education@maltamanagement.com

Bookings can also be made via our website www.maltamanagement.com

The role of the Non-Executive Director and evaluation of Non-Executive Directors in current times -20.05.2010

Event	15th EFAMA Investment Management Forum 2009
Date	20.05.2010
Time	16.30
Category	Local Event
Contact Person	Dorianne Bonanno
E-mail	dorianne.bonanno@maltachamber.org.mt
Website
"When the foundations are in place, evaluation can become a far easier, less threatening, and more productive effort. Rather than a once-a-year event, it becomes part of a continuous improvement process". Abstract taken from the Non-executive Directors Group News. *Speaker's Profiles* Louis de Gabriele is a partner at Camilleri Preziosi and leads the Corporate & Finance Practice Group, incorporating the Firm's Corporate, M&A, Banking, Capital Markets and Tax Practice, spanning a number of deals both locally and internationally. He has been actively involved in taking a number of Maltese Companies to the market and advising them on the establishment and subsequent maintenance of appropriate Corporate Governance Structures, an area in which he is still very active today, both in advising clients and assisting in the design of rules relative to corporate governance. He is a lecturer in commercial law at the University of Malta. Donald Vella joined Camilleri Preziosi as a trainee in 2005 and became an associate a year later. In January 2010 Donald was appointed as senior associate. During his time at Camilleri Preziosi he has been actively involved in a number of corporate restructuring transactions including the listing of a Maltese company on the Swedish stock exchange. He has also been involved in major assignments involving major loan facility arrangements with leverage taken over equity in Indonesian companies in the coal extraction industry. He has also worked in setting up tax efficient holding structures for companies in the oil extraction industry in South America. Donald regularly advises a number of international clients particularly in relation to corporate finance and corporate restructurings. *The session will be held on Thursday, 20th May 2010.* *Registration starts at 4.30 p.m. at the Malta Chamber, Exchange Buildings, Republic Street, Valletta.* *Session ends at 8.00 p.m. For more details please contact Ms. Dorianne Bonanno on te: 21 233 873 or email: dorianne.bonanno@maltachamber.org.mt*

Euro Finance Week - 15.11.2010 - 19.11.2010

Event	Euro Finance Week
Date	15.11.2010 - 19.11.2010
Venue	Congress Center Messe Frankfurt
Category	International Events
Contact Person	Dr. Mark Schiffhauer
E-mail	info@eurofinanceweek.com
Website	http://www.malekigroup.com/en/event/13eurofinanceweek-Info.html?
With more than 550 speakers and 10,000 visitors from 60 countries, the EURO FINANCE WEEK is Europe's largest meeting point for the finance and insurance industry. In approximately 30 conferences with 150 panel discussions, the event provides a comprehensive overview of topics that are currently moving the industry. Numerous evening events, receptions, and award ceremonies complement the week's programme and offer additional networking opportunity. The 13th EURO FINANCE WEEK takes place from 15 to 19 November 2010 in Frankfurt, Germany, and is held under the auspices of Dr. Wolfgang Schäuble, Federal Minister for Finance, and Roland Koch, Minister President of the State of Hessen. The thematic focus of the week is traditionally on the integration and regulation of European finance and insurance markets - especially in the context of global efforts to restructure the financial architecture in a post-crisis environment. The lead conferences focusing on regulatory issues are complemented by solutions-oriented conferences on topics such as Retail Banking, Risk Management, Transaction Banking, and Business Process Management. In addition, the EURO FINANCE WEEK includes an exhibition „Euro Finance Market Place", which serves as a central networking and meeting area and enables follow-up discussions at our partners' exhibition stands. Next to the public conferences, a number of closed Executive Round Tables and evening events provide further opportunity for exchange in an exclusive setting. A separate programme segment dedicated to career and education promotes the exchange of ideas between junior high potentials from academia and senior executives from the business world. Three separate career fairs offer discussion rounds with decision makers from business and politics and an exhibition area where human resources departments present career options. Among the highlights of this year's EURO FINANCE WEEK are once again the annual conference of the IFC International Finance Corporation, the private sector arm of the World Bank Group, and the Frankfurt European Banking Congress, Europe's most prestigious banking summit. The closing highlight of the week is the Benefit Gala in Frankfurt's Alte Oper on Friday evening. Every year, more than 200 sponsors, media partners and co-hosting institutions contribute to the programme of the EURO FINANCE WEEK. We would be delighted to welcome you and your company as a guest or activ partner for the 13th EURO FINANCE WEEK from 15 to 19 November 2010 in Frankfurt am Main.

City Week - The UK International Financial Services Forum - 20/09/2010 - 22/09/2010

Event	City Week: The UK International Financial Services Forum
Date	20/09/2010 - 22/09/2010
Time	08.30 - 17.40
Venue	The Brewery, Chiswell Street, London
Category	International Event
Contact Person	Bruno L'ecuyer
E-mail	bruno.lecuyer@financemalta.org
Website	www.cityweekuk.com
City Week have asked Finance Malta to alert you to City Week: The UK International Financial Services Forum and details on how you can apply for a pass to register for their prestigious event, which will be attended by senior decision makers from leading corporations and financial institutions from around the world. International delegates and senior decision makers from Malta will not be charged for attending City Week, which is an 'invitation only' event that is supported by the UK Government and organised in association with TheCityUK. City Week's development has been guided by its Board of Patrons, whose members include Sir Win Bischoff, Chairman of Lloyds Banking Group; Colin Grassie, Chief Executive Officer of Deutsche Bank; Xavier Rolet, Chief Executive Officer of the London Stock Exchange; and Lionel Barber, Editor of the Financial Times. City Week will bring together the 'buy' and 'sell' sides of the global international financial services industry in London for three days of cutting edge conferences and seminars, prestigious social gatherings and both formal and informal networking events. Over 100 expert speakers will address the audience during the formal business sessions. It is a truly unique event which will provide you with insights into the future of the international financial services industry that are simply not available elsewhere, as well as the opportunity to network with leading providers and users of financial services from many countries. Please visit www.cityweekuk.com for full details about this exclusive programme and the networking opportunities as well as instructions on how you can apply to accept this invitation. City Week is only open to senior members of the management team. Click here to download the programme

PKF Malta - EU urging a Pension Reform - 19/07/2010

Event	PKF Malta - EU urging a Pension Reform
Date	19/07/2010
Time	08.30 - 12.30
Category	Local Event
Contact Person	Ms Audrey-Ann Cassingena
E-mail	A.casingena@pkfmalta.com
Website	www.pkfmalta.com
PKF Malta will be organizing a half day seminar entitled "EU... urging a pension reform" discussing the pension reform system and its potential effects, a topic which was recently discussed by the Prime Minister himself. The conference is going to be held at the Westin Dragonara Hotel on the 19^th July 2010 and is aimed to attract around 70-100 guests, mainly economists, representatives from the relative government ministries, persons from trade unions etc. You might recall that a similar conference on pension reforms was previously organized by PKF Malta in 2003, wherein the Hon. Lawrence Gonzi was also present. A copy of the draft agenda is found below for your perusal. Availability is limited and will be allocated on a first come first served basis therefore early booking is highly recommended. Draft Agenda

Hedge 2010 - 09/11/2010 - 11/11/2010

Event	HEDGE 2010
Date	09/11/2010 - 11/11/2010
Time	08.00 - 18.00
Category	International Event
Contact Person
E-mail
Website	http://www.terrapinn.com/2010/hedge/index.stm
Hedge funds are back and better than ever Leaving behind the dark days of the financial crisis the hedge fund industry has largely re-emerged as a stronger, safer and more efficient beast. With hedge fund assets under management set to grow to over $2 trillion by year end, the opportunities, and with it the competition, has never been greater. Are you positioned to reap the benefits of this resurgence? HEDGE 2010 will give you unrivalled insights into the future of HF investing. Whether you are an investor, hedge fund manager or service provider, this conference will provide you with the rare opportunity to meet and network with the top names from across the investment spectrum and develop your own knowledge and investment strategy. What's new for 2010? Gain top investment insights from legendary hedge fund managers: hear exclusive tips from hedge fund legends on where you should be making your bets. Benefit from 7+ hours of case studies from pioneering investors: hear detailed opinions from leading pension funds and learn how you too can successfully incorporate hedge funds into your portfolio. Identify the winning hedge fund strategy for the next 12 months: Global Macro, FX, Quant or Equity Long/Short, which will be the top performer? Pre-summit Focus Day on High Frequency Trading World: meet and do business with the world's leading high frequency traders. What will you learn by attending Hedge 2010? Global Macro, FX, Quant or Eq. L/S, what willbe the top performing HF strategy? What implications will the AIFMD have for investors and hedge funds? How can you successfully implement hedge fund investments as part of your portfolio? What criteria should investors use to choose their hedge fund managers? China: driver of economic growth or the next great bubble? The sovereign debt crisis dissected: how at risk is your portfolio? UCITS and Managed Accounts examined; does either represent a panacea for the industry? Risk management: what new techniques are the top funds implementing? Who should attend? Single strategy hedge funds FOHFs Pension funds Private banks and wealth managers Insurers, charities, endowments, family offices Traditional investment management companies Hedge fund administrators Investment banks (prime brokers, structured, cap intro) Lawyers Accountants and Consultants Technology and software firms Exchanges and regulatory bodies

HFMWeek Subscriber Club breakfast - 15/07/2010

Event	HFMWeek Subscriber Club breakfast
Date	15/07/2010
Time	08.30 - 10.30
Category	International Event
Contact Person	Mr Bruno L'ecuyer
E-mail	contact@financemalta.org
Website
This month's HFMWeek Subscriber Club breakfast will take place on Thursday 15^th July. A panel of experts will discuss facing the challenges of Fin 48. The new venue of The RSA, is just off the Strand, London. Speakers include; Phillip Caldwell, senior vice president, The Northern Trust Company; Richard Hinton, director, KPMG; Christopher Miller, CEO, Investment Quotient The schedule for the event will be as follows: 08.30 Breakfast and networking 09.10 Introduction from HFMWeek 09.20 Panel discussion 10.00 Questions 10.30 Close of event As a free event for readers of the magazine, the Subscribers' Club has quickly established itself as the best place for networking, thought leadership and investment opportunities in London. To find out why, join on Thursday 15^thJuly at The RSA, 8 John Adam Street, London WC2N 6EZ Non-HFM Subscribers to welcome to join at this month's event.

FinanceMalta Affiliate Programme launch - 24/09/2010

Event	FinanceMalta Affiliate Programme launch
Date	24/09/2010
Time	12.00
Category	FinanceMalta organised Event
Contact Person	Mr Bruno Lecuyer
E-mail	contact@financemalta.org
Website	www.financemalta.org
Malta's well-managed jurisdiction, well-respected regulatory framework and thriving financial services industry places your company in a position to network this industry through FinanceMalta's new affiliate membership programme. The Launch of FinanceMalta's new affiliate membership programme starts at 12:00 noon on Friday 24th September 2010 at The Villa Brasserie Le Méridien St. Julians Hotel & Spa. Attandance by invitation

The Malta International Risk and Insurance Congress - 25.11.2010 - 26.11.2010

Event	The Malta International Risk and Insurance Congress
Date	25.11.2010 - 26.11.2010
Time	08.30 - 18.00
Category	Local Event
Contact Person	Hugo Foster
E-mail	HFoster@commercialriskeurope.com
Website	http://www.commercialriskeurope.com/events/
This event will: - Identify the key risks to business presented by the rapidly evolving legislative, regulatory and legal environment in which they operate - Evaluate the impact on organisation's total cost of risk and investigate the latest methodologies available to measure and manage the risks - Analyse the existing and emerging risk transfer techniques available to insurance and reinsurance buyers in the traditional and alternative markets. The scene will be set by a group of senior figures from the European Commission, CEIOPS and national regulatory authorities and risk associations who will discuss the latest macro changes that directly affect insurance and reinsurance buyers. This will be followed by more detailed and focused discussion of specific issues including global programmes, risk finance and hedging and captive management and location, particularly in light of the latest developments on Solvency II and other European legislation. The event will be hosted by Adrian Ladbury, Editor of Commercial Risk Europe, who has covered this market for 20 years and has considerable experience in hosting events. He will ensure that delegates derive maximum benefit from the event through full participation in a lively, challenging and highly interactive series of speeches and discussions that will leave delegates better informed and better prepared for their core business challenges. There will also be excellent opportunities to engage in networking with fellow risk professionals and the local Maltese market during the event, and in the exhibition that will comprise about 15 leading service providers to the market. Who will attend this Congress? -Risk and insurance managers -Insurance and reinsurance company executives -Brokers -Captive managers -Professional service providers such as lawyers, accountants and actuaries from around Europe and the local Maltese market In previous years this established event has attracted about 150 delegates. This year we expect a larger number of delegates from a wider range of European countries. This is because of the high profile nature of the speakers and news-based nature of the topics to be debated, plus the fact that it is being organised through a partnership between the Malta Financial Services Authority (MFSA), Commercial Risk Europe newspaper and Euromoney's lead insurance title Reactions. Confirmed headline speakers include -Gabriel Bernardino, Chairman, CEIOPS and the man responsible for delivering Solvency II to the European Commission -Peter den Dekker, President, FERMA -Axel Theis, CEO, Allianz Global Corporate & Specialty We also have confirmed participation from leading technical experts in core fields such as captive management, global programme design and risk modelling. These will include: -Jonathan Groves, UK Captive Consulting Leader, Marsh -Evander Borg, Chairman, Malta Insurance Management Association -Praveen Sharma, Head of the Insurance Regulatory & Tax Consulting Practice, Marsh Click here to download the full programme

Fund Forum Middle East 2010 - 03.10.2010 - 07.10.2010

Event

Fund Forum Middle East 2010

Date

03.10.2010 - 07.10.2010

Time

A New Conference For A New World For The Middle Eastern Investment & Wealth Management Industry

With changes afoot in the Middle Eastern investment management industry, it was time to re-think the content and format of the FundForum Middle East conference. We are introducing a more stimulating, topic-driven & interactive programme to ensure that you return to the office with new ideas and new contacts for 2011. Here are a few ways in which we aim to achieve this:

Hear from leading economists for a 2010 recap and predictions for 2011:
*Pippa Malmgren, President & CEO, CANONBURY GROUP
*Simon Williams, Chief Economist Middle East & North Africa, HSBC

Get to grips with different asset allocation strategies for the new investment climate with:
*Alan Durant, CIO Asset Management, NATIONAL BANK OF ABU DHABI
*Raphael Kassim, Head of Emerging Market Debt, REYL ASSET MANAGEMENT

Get a better understanding of what the client wants with leading fund buyers:
*Omar Asghar, Head of Wealth Management, MASHREQ BANK
*Gary Dugan, CIO Priavte Banking, EMIRATES NBD PRIVATE BANKING

Get the latest fund flow data and business trends with leading research analysts:
*Shiv Teneja, Managing Director, CERULLI ASSOCIATES
*Suzanne Duncan, Financial Markets Leaders, IBM INSTITUTE FOR BUSINESS VALUE

The Middle Eastern Investment & Wealth management industry has experienced some challenging times recently and there is a consensus that the time is right to re-think the business in the light of this volatility and uncertainty. FundForum Middle East 2010 is therefore a unique opportunity to learn the lessons of the past and equip your business with the skills needed to build a winning proposition for 2011 and beyond...

The Largest Ever Speaker Faculty - Over 80+ Speakers Including Leading CEOs:

Majid Al-SayedBader Al-Refai, CEO, UNICORN INVESTMENT BAN
NEW: Ziad Makkawi, Chairman & CEO, ALGEBRA CAPITAL
NEW: Haissam Arabi, Chairman, GULFMENA ALTERNATIVE INVESTMENTS
NEW: Ahmed Nashaat, Executive Director, ABRAAJ
Eric Swats, Head of Asset Management, RASMALA INVESTMENT BANK LTD
NEW: Mark Hartigan, CEO, Middle East & Africa, ZURICH INTERNATIONAL LIFE
NEW: Mohammed Ali Juma, CEO, VISION INVESTMENT SERVICES
Farah Foustok, CEO, ING INVESTMENT MANAGEMENT MIDDLE EAST
Anthony Mallis, CEO, SECURITIES & INVESTMENT COMPANY (SICO)
Mark Hansen, Executive Director, AREF INVESTMENT GROUP

Plus Hear From CIOs, Portfolio Managers & Strategists For An In-Depth Examination Of Asset Allocation In The Region:

Fadi Tabbara, CIO & Head of Asset Management, JADWA INVESTMENTS
NEW: Alan Durant, CIO Asset Management, NATIONAL BANK OF ABU DHABI
Mohammed Aljasim, CIO, CAPITAL MANAGEMENT HOUSE
NEW: Raphael Kassin, Head of Emerging Market Debt, REYL ASSET MANAGEMENT
NEW: Michael Power, Strategist, INVESTEC ASSET MANAGEMENT

More Fund Buyers On The Programme Will Provide You With A Better Understanding Of What Clients Want In This New Environment including:

NEW: Sarah Quinlan, Former CIO Hedge Funds, SAAD GROUP
Gary Dugan, CIO Private Banking, EMIRATES NDB PRIVATE BANKING
NEW: Omar Asghar, Head of Wealth Management, MASHREQ BANK
Nabil Hamadeh, CEO, CAPITAL GROUP MANAGEMENT
NEW: Krishnan Ramachandran, CEO, BARJEEL GEOJIT SECURITIES

The speakers, attendees, sponsors and exhibitors look forward to welcoming you in Bahrain this October.

Kind regards,
Nicola Lynch, FUNDFORUM MIDDLE EAST 2010

PwC Academy event: VAT: Back to Basics (Repeat session) - 02/09/10 - 03/09/10

Event	PwC Academy event: VAT: Back to Basics (Repeat session)
Date	02/09/10 - 03/09/10
Time	08.45 - 12.00
Category	Local Event
Contact Person	Lisa Pullicino
E-mail	pwc.academy.malta@mt.pwc.com
Website	www.pcwacademy.com.mt
Following the success of the PwC Academy technical session entitled "VAT: Back to basics" held last month coupled with a general request for a repeat session, we are holding another training event on the topic. VAT is a transaction-based tax and therefore it is not possible to attribute a particular VAT treatment to a particular entity or business. Rather, that VAT treatment must be determined on a transaction-by-transaction basis. Spanning over two modules, this course offers a primer on Maltese VAT legislation and seeks to examine the basic VAT rules that cover the majority of transactions. Participants may choose to attend one or both sessions Session: ''VAT : Back to basics'' Venue: PwC Academy, PricewaterhouseCoopers, Mill Street, Qormi Category: Technical Competency: Core - Taxation Qualifying CPE hrs: 5 (2.5 hours per session) A brochure of the event, including further detail, agenda and registration links, is available below for downloading. VAT: Back to Basics Brochure Registrations for the event can also be made directly through the PwC Academy website (www.pwcacademy.com.mt). More details (and registration) relating to other events to be organised by PwC Academy in 2010 are also available on the same website.

Malta Week in Brussels - 04/10/2010 - 07/10/2010

Event	Malta Week in Brussels
Date	04/10/2010 - 07/10/2010
Time
Category	FinanceMalta Endorsed Event
Contact Person	Ms Faye Mallia
E-mail	FMallia@sbusuttilmep.eu
Website
A large-scale Malta week is being held at the European Parliament between October 4 and 7. For the first time, all five Maltese MEPs are teaming up to organise the week with the objective of providing a platform to promote Malta in the EU institutions. The aim of this event is to present a contemporary image of Malta reflecting its rich culture, history and aspirations and the overall goal is to formulate a programme which will enhance Malta's name and image. All events will take place in tents purposely set up in the square in front of the EP building next to Place du Luxembourg, a popular square where people transit in and out of the parliamentary building. The intention is to recreate a typical Maltese scene within the European context, taking the Maltese Pjazza and transporting it virtually into a global cyber piazza. Malta will be portrayed as a young nation built on solid foundations yet forward-looking, ready and assertive enough to contribute to the future. The Global Pjazza symbolises the hub of activity that projects Malta as an active participant in realising the European vision. FinanceMalta will also be exhibiting at this event together with some of its members to maintain Malta's image as a financial services centre. A panel session is also being organized as part of the programme of events. Should you be interested in exhibiting at this event, kindly contact Ms Faye Mallia on FMallia@sbusuttilmep.eu

European Captive Forum 2010 - 19/10/2010 - 20/10/2010

Event	European Captive Forum 2010
Date	19/10/2010 - 20/10/2010
Time
Category	International Event
Contact Person	Dr Bernice Buttigieg
E-mail	contact@financemalta.org
Website	www.europeancaptiveforum.com
FinanceMalta will be participating at the European Captive Forum 2010, a unique two-day Captive Insurance event designed by the captive owners group ECIROA. ECIROA's 70+ captive owner members will descend on the city of Luxembourg on 19th-20th October to debate and shape the future of the industry. Providing premium networking opportunities is a key objective of ECF 2010, and with 500+ delegates made up of Captive Owners - 150, Re/Insurers, Captive Managers, Brokers, Regulators and Consultants the prospects will be broad. ECF 2010 offers delegates a superb opportunity to meet and network with 150 existing and prospective captive owners. See the CAPTIVE OWNERS REGISTERED section for a full list of owners registered to date. Meet owners and insurance regulators from 12 different countries, all at no more than the cost of a flight and hotel room. Captive Owners from ECIROA have shaped and developed the conference agenda ranging from complex tax and solvency II issues, employee benefits and pension discussions through to an educational introduction to captives.

Asia-Europe Business Forum - 04/10/2010

Event	Asia-Europe Business Forum
Date	04/10/2010
Time
Category	FinanceMalta Endorsed Event
Contact Person
E-mail
Website	http://aebf.summitsfeb.be/about-aebf/presentation/
FinanceMalta will be participating at the Asia-Europe Business Forum (AEBF), which brings together business leaders who share the goal of strengthening trade and investment relations between Asia and Europe. The AEBF traditionally convenes in parallel with the ASEM Summit and develops recommendations that are addressed to the Asian and European Leaders. The 12th AEBF on the margins of the ASEM 8 Summit in Brussels is coordinated by the Federation of Enterprises in Belgium (VBO-FEB). Its core theme will be the expansion of economic ties between Asia and Europe in view of the present economic and financial circumstances. The working title "Financial Services Industry: Opportunities and Challenges for Asia and Europe" has been defined in recognition of the role that the financial sector has to play in the restoration of the credit and investment flows between the two regions and in the financing of the innovation of traded products and services. The recommendations of the AEBF 2010 will be discussed with the ASEM leaders during a breakfast meeting early on the second day of the ASEM 8 Summit. Expected participation: Business Executives and Government Officials, by invitation only

NeMa Asia (Network Management Asia) - 10/11/2010 - 11/11/2010

Event	NeMa Asia (Network Management Asia)
Date	10/11/2010 - 11/11/2010
Time	09.00 - 17.40
Category	FinanceMalta Endorsed Event
Contact Person	Bruno L'ecuyer
E-mail	contact@financemalta.org
Website
NeMa Asia (Network Management Asia) - the definitive agent bank forum comes to Asia in Hong Kong on November 10-11 at the Excelsior Hotel. FinanceMalta's Head of Business Development Mr. Bruno L'ecuyer will be at the event to meet with delegates, and a FinanceMalta information stand will be manned throughout the event. What Will Be Discussed? NeMa Asia brings a great collection of leading industry players together in one location for 2 days of top level industry insight, and off-the-record networking. Just some of they key areas covered include: New capabilities in developing markets and an assessment of the key drivers behind services and competition What does the Network Manager expect from his sub-custodian in differing markets? Value added services- are they really required by the client in emerging markets of Asia? And what is fundamental vs. value added? Regulatory developments - hindrances or opportunity knocks? Innovation and product development Securities processing and clearing & settlement challenges Price vs. service delivery debate - what next? How are the markets evolving? Audience: Agent Banks, Global & Sub-Custodians, Correspondent Bankers, Brokers, CSDs and CCPs, Exchanges, Central Banks/Regulators FinanceMalta members can avail themselves of a discount on delegate passes of 25% (terms and conditions apply as per brochure). Event Brochure Speakers List

Malta Islamic Finance Conference: A New Beginning 2010 - 27/10/2010 -28/11/2010

Event	Malta Islamic Finance Conference: A New Beginning 2010
Date	27/10/2010 -28/11/2010
Time	08.30 - 17.30
Category	Local Event
Contact Person	Tonia Zahra
E-mail	tzahra@maltamanagement.com
Website
Event Programme Sponsorship Packages More information will be provided shortly!

FHRD National Annual Conference - HR & Training Fair - 08/10/2010

Event	FHRD National Annual Conference - HR & Training Fair
Date	08/10/2010
Time	08.30 - 16.00
Category	FinanceMalta endorsed event
Contact Person	Ms Nancy Vella
E-mail	nvella@fhrd.org
Website	http://www.fhrd.org/confregform.html
These are testing times for People Managers and CEOs and while our economy is showing tentative signs of recovery, delivering a first class service and retaining high staff motivation, while at the same time managing cost reduction are just some of the challenges we face every day. FHRD are organising this conference which will be looking into how to attract the best talent, retain and engage employees in a post recession world where companies will not be measured by how big they are, but how fast they are able to reach the market with innovative products and services. FinanceMalta will be exhibiting at this conference. Download the Conference Programme

MEBA (Middle East Business Aviation) 2010 - 07/12/2010 - 09/12/2010

Event	MEBA (Middle East Business Aviation) 2010
Date	07/12/2010 - 09/12/2010
Time
Category	International Event
Contact Person
E-mail	internationalisation@maltaenterprise.com
Website	www.maltaenterprise.com or www.meba.aero
Malta Enterprise is calling for expressions of interest from companies to participate at one of the leading business aviation exhibitions held in Dubai, UAE. Malta Enterprise will organise a national pavilion under the theme of 'Malta Aviation Cluster'. The Malta Business Aviation Association is also supporting this participation. MEBA 2010 is the Middle East's premier business aviation show and provides the ideal platform to build new relationships and increase your presence in the Middle East. In addition to the main exhibition, the event features a static aircraft display of all the latest business jets on the market; as well as workshops focusing on the latest trends and issues in business aviation. MEBA 2008 firmly demonstrated the importance of business aviation to the Gulf region with more than 5.500 trade visitors in attendance and a total of more than $ 1.5bn worth of deals announced. Your Business Opportunity If your business services are involved in the following activities: Air Charter Aircraft Brokers and Interiors Airframe Manufacturers Aviation Sales and Marketing Civil Aviation Education and Training Finance and Insurance Flight planning and Navigation Parts/Accessories Potential Owner/Operator Leasing and Sales IT related services Services for Aircraft Registration this event may present you with the opportunity to establish the right business contacts. Closing date for applications: 27th August 2010 For further details please contact the Internationalisation Unit on 2542 3293 or 2542 3294.

Showcasing event at the Institute of Chartered Accountants England & Wales (ICAEW) - 25/11/2010

Event	Showcasing event at the Institute of Chartered Accountants England & Wales (ICAEW)
Date	25/11/2010
Time	TBA
Category	FinanceMalta co-organised event
Contact Person	Mr Bruno L'ecuyer
E-mail	bruno.lecuyer@financemalta.org
Website	www.financemalta.org
In collaboration with the Institute of Chartered Accountants, England & Wales, FinanceMalta will deliver an informative working session for accounting, tax and auditing practitioners. Whilst the programme is yet to be confirmed, topics may include: Malta as a center of excellence in financial services, overview of services available in Malta, overview of the regulatory framework, streamlining operations to reduce costs and increase competitiveness, a case study: outsourcing back office operations the reality, and recruitment in the financial services industry. We encourage our members to keep checking this page for updates.

Credit Management Workshop Malta - 10/09/2010

Event	Credit Management Workshop Malta
Date	10/09/2010
Time	13.30 - 17.30
Venue	Innovaxin premises, B'Kara
Category	Local Event
Contact Person	Nadette Azzopardi
E-mail	nadette@creditinfo.com.mt
Website
Creditinfo and Innovaxin are organising another in workshop in the popular workshops about credit management. The workshop will provide attendees with: Insight into the working of a professional credit management unit Insight into more efficient and effective credit management Debt collection strategies for the Maltese market Debt collection legalities The workshop will be run and managed by Innovaxin International Ltd and will be held on Friday 10th September at Innovaxin premises in B'Kara between 13:30-17:30hrs. Subjects covered are: Credit Management strategy - implications on Cash flow, Sales and Business Development Knowing your client - Credit controller's role in Sales, Business Development and Treasury Management Chasing your debtors - how to chase your debtors profitably Credit references - How to use a Credit Reference Agency The price for Creditinfo members is EUR101.69 ex VAT and EUR139 ex VAT for non Creditinfo attendees. To book a place we would need the: Name of the company on whom to issue the invoice Address VAT number Number of attendees. Attendees are limited to eight persons due to the intensive nature of the workshop where quality of content and individual attention and participation is critical. Innovaxin also support this training with a 30 day no fee support via phone or email.

Hedge Funds World Africa 2010 - 01/11/2010 - 04/11/2010

Event	Hedge Funds World Africa 2010
Date	01/11/2010 - 04/11/2010
Time	07.30 -17.30
Venue	Cape Town International, Convention Centre, South Africa
Category	FinanceMalta Endorsed Event
Contact Person	Dr Bernice Buttigieg
E-mail	contact@financemalta.org
Website	http://www.terrapinn.com/2010/hfwza/index.stm
FinanceMalta will be sponsoring the ultimate networking event of the year. This is your opportunity to meet and network with directors and managers from top financial institutions in South Africa and Africa. You can meet with key hedge funds, institutional investors, fund of funds and service providers. The African revival Africa is an emerging market with much potential and, as a region with great prospects and challenges specific to it, Hedge Funds World Africa is the place to be in order to gain insight from your peers already tapping into this marketplace. Hot issues: Investment themes for 2011 Has the Hedge Fund ETF strategy been working? Market neutral vs. fixed income investing Multi-strategy investing in Africa The big debate - managed accounts vs. fund of funds Uncovering the changing role of FOHFs Where are fund of funds allocating in 2011 Exploring the proposed regulation changes and much much more ... Programme of event FinanceMalta members are being offered a 10% discount on the full delegate price. Should you wish to avail of this offer, kindly contact FinanceMalta.

FinanceMalta 4th Annual Conference - 20.05.2011

Event	FinanceMalta 4th Annual Conference
Date	20.05.2011
Time	09.00 - 17.00
Category	FinanceMalta organised event
Contact Person	Dr Bernice Buttigieg
E-mail	contact@financemalta.org
Website	www.financemalta.org
More information will be provided shortly.

PWC Academy - Getting assurance from IT controls - 02/09/10 - 03/09/10

Event	PWC Academy - Getting assurance from IT controls
Date	02/09/10 - 03/09/10
Time	09.00 - 12.00
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fee for this event is EUR 30 per session.

PWC Academy - Internal audit today & Dealing with the Audit Committee - 28/09/10 & 05/10/10

Event	PWC Academy - Internal audit today & Dealing with the Audit Committee
Date	28/09/10 & 05/10/10
Time	14.00 - 17.30
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademymalta@mt.pwc.com
The fee for this event is EUR 80 for both sessions.

PWC Academy - Investment fund management: basic regulatory & accounting principles - 01/10/10

Event	PWC Academy - Investment fund management: basic regulatory & accounting principles
Date	01/10/10
Time	09.00 - 17.00
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fee for this event is EUR 110 (including lunch).

PWC Academy - Influencing styles: your personal power - 14/10/10

Event	PWC Academy - Influencing styles: your personal power
Date	14/10/10
Time	14.00 - 18.30
Category	Local Event
Contact Person	Ms Lisa Puliccino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pcwacademy.com.mt
The fee for this event is EUR 50.

PWC Academy - Clarity ISAs - What do practitioners need to do? - 21/10/10, 28/10/10 & 04/11/10

Event	PWC Academy - Clarity ISAs - What do practitioners need to do?
Date	21/10/10, 28/10/10 & 04/11/10
Time	14.00 - 17.30
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fee of this event is EUR 40 per session (Discounts applicable to participants attending these 3 sessions and the session held on 12 November).

PWC Academy Event: How well are you project managing your business initiatives? - 27/10/10

Event	PWC Academy Event: How well are you project managing your business initiatives?
Date	27/10/10
Time	09.00 - 18.00
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fee for this event is EUR 100 (including lunch).

PWC Academy Event: What does IFRS 9 'Financial instruments' mean to you? - 08/11/10

Event	PWC Academy Event: What does IFRS 9 'Financial instruments' mean to you?
Date	08/11/10
Time	14.00 - 17.30
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fee for this event is EUR 40.

PWC Academy - Transfers of immovable property: what are the tax implications? - 16/11/2010 - 18/11/2010, 23/11/2010

Event	PWC Academy - Transfers of immovable property: what are the tax implications?
Date	16/11/2010 - 18/11/2010, 23/11/2010
Time	14.00 - 17.00
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fees for this event are as follows: EUR 50 (for the sessions held on 16 & 18 November) EUR 75 (for participants attending all 3 modules)

PWC Academy - To impair or not to impair? What is your value? - 03/12/2010

Event	PWC Academy - To impair or not to impair? What is your value?
Date	03/12/2010
Time	14.00 - 18.30
Category	Local Event
Contact Person	Ms Lisa Pullicino
E-mail	pwcacademymalta@mt.pwc.com
Website	www.pwcacademy.com.mt
The fee for this event is EUR 50.

The Middle East Family Office & Investment Workshop - 05/12/10 - 06/12/10

Event	The Middle East Family Office & Investment Workshop
Date	05/12/10 - 06/12/10
Time	TBA
Venue	Beach Rotana, Abu Dhabi
Category	FinanceMalta co-organised event
Contact Person	Dr Bernice Buttigieg
E-mail	contact@financemalta.org
Website	www.financemalta.org
Further information will be provided shortly.

FinanceMalta Christmas Networking Drinks - 16/12/2010

Event	FinanceMalta Christmas Networking Drinks
Date	16/12/2010
Time	18.00 - 20.00
Venue	TBC
Category	FinanceMalta Event
Contact Person	Ms Lizianne Gauci/Ms Lindsey Piccinino
E-mail	contact@financemalta.org
Website	www.financemalta.org
Further information will be provided in due course, in the meantime simply save the date. * This event is open exclusively for FinanceMalta Members & Affiliate Members.

FinanceMalta launches student membership

Driven by the belief today’s students are tomorrow’s professionals FinanceMalta has entered into a collaboration agreement with the Ghaqda Studenti Universitarja tal-Ligi (Ghsl) and European Law Students' Association (ELSA).

Through this initiative, FinanceMalta’s objective is to impart knowledge on the various sectors of the financial services industry and in the process increase the visibility of the various employment opportunities that these sectors offer. An important benefit through these agreements is one wherein both Ghsl and ELSA members may enrol free of charge as members of FinanceMalta up until they graduate.

Membership benefits will amongst others include access to FinanceMalta's information portal, the opportunity to participate in the various events organized by FinanceMalta at a subsidized fee as well as networking opportunities with the various members of FinanceMalta.

Malta Business Forum held in Vienna

The Malta Business Forum, co-organized by the Embassy of Malta in Vienna and Malta Enterprise, was held in Vienna on 28th January 2010. The Business Forum provided an opportunity to promote Malta as an ideal location for business and investment.

During the Forum, Maltese businessmen had the possibility of networking with numerous Austrian entrepreneurs participating in the one-day event. A series of one-to-one meetings were organized during the networking session between the Maltese and Austrian participants which served to increase business contacts and investment possibilities for both sides. Over 120 Austrian participants from approximately 70 companies and banks attended the Malta Business Forum while a 30-strong delegation from Malta was led by the Executive Chairman of Malta Enterprise, Mr. Alan Camilleri. The Malta Business Forum brought together participants involved in different sectors including in energy efficient technology, financial services, pharmaceuticals and banking.

A number of presentations were made during the morning session. In his address, Malta's Ambassador to Austria, Mr. Christopher Grima focused on the strong potential that exists for developing Malta and Austria as regional gateways for business and investment to the Mediterranean/North Africa and the Middle East and to East and South East Europe respectively. The Ambassador remarked that much had changed since the last Malta/Austria business event and new opportunities have followed for increased Malta-Austrian business cooperation, not least through membership in the European Union. Ambassador Grima noted that as members of the EU, Malta and Austria today share a common currency, form part of the single market and the Schengen area and also have access to EU funds for business and investment purposes.

In his presentation, the Executive Chairman of Malta Enterprise, Mr. Alan Camilleri highlighted the Economic Vision 2015 to develop Malta into a centre of excellence in a number of areas and the shift that has been made to services. He also set out the different reasons why Malta is ideally positioned for trade and investment, including its incentive regime, the market access it provides, its highly skilled and well-educated workforce and its superior lifestyle.

The President of the Malta Chamber of Commerce, Enterprise and Industry, Ms. Helga Ellul provided an overview on the Chamber and described the positive experience of Playmobil in Malta. Other speakers at the Forum were Mr. Michael Berger, Austrian trade representative for Malta, Ms. Karin Zipperer, Chairperson of Malta International Airport and Dr. Bernice Buttigieg, Head of Administration at FinanceMalta.

The Malta Business Forum, which was also supported by Malta's Consular Network in Austria, formed part of the efforts of the Vienna Embassy to improve trade relations between Malta and Austria and to attract new investment to Malta.

Source: DOI

Malta and China Strengthen Relations in Financial Services Regulation

The Malta Financial Services Authority (the "MFSA") and the China Securities Regulation Commission (the "CSRC") have signed a Memorandum of Understanding ("MoU") to protect and promote the development of the securities markets by providing a framework for co-operation, increased mutual understanding and the exchange of information, to the extent permitted by the laws and regulations in force in Malta and the People's Republic of China.

MFSA Media Release

FinanceMalta's First Live Webinar on 5 March 2010

FinanceMalta is organising a Live Webinar on the 5^th March between 16h00 - 17h30 CET the event is entitled Malta - Europe's Strategic Platform for Financial Services, International Business and Tourism.

Panelists include The Minister of Finance, the Economy and Investment, The Chairman of FinanceMalta, The Executive Chairman of Malta Enterprise, and the CEO of the Malta Tourism Authority. The event (a first for the jurisdiction) promises to be informative, and lively, reaching out to a diverse audience.

For more information kindly contact Mr. Bruno L'ecuyer - Head of Business Development at FinanceMalta on info@financemalta.org

Central Bank of Malta Quarterly Review – Fourth Issue 2009

The Central Bank of Malta has published the fourth issue of its Quarterly Review for 2009, which analyses economic and financial developments in Malta and abroad during the third quarter of 2009 and into the fourth.

The Review commences its analysis with a focus on the monetary policy stance in the euro area, noting that the ECB left the interest rate on the Main Refinancing Operations (MROs) unchanged at 1.00% over the third and fourth quarters, as price developments were expected to remain subdued over the policy-relevant horizon. Additionally, over the same period, the ECB implemented enhanced credit support measures to ease conditions in the financial system. These included, in particular, the provision of liquidity at fixed interest rates with full allotment across a range of maturities. In December, the Governing Council decided to continue conducting its MROs as fixed rate tender procedures with full allotment for as long as needed, and at least until 13 April 2010. However, the ECB also signalled the beginning of a gradual withdrawal of its emergency liquidity support.

The Review then comments on international economic conditions and observes that in the third quarter of 2009 the global economy showed increased signs of recovery. Annual output in the major industrial economies contracted at a slower rate, while the recovery in emerging economies seemed to be more advanced. Moreover, inflationary pressures worldwide remained subdued. Meanwhile, in the euro area, there were growing signs that the significant contraction in economic activity had come to an end in the third quarter. Annual real GDP growth rose to -4.0% from -4.8% in the previous quarter, although unemployment continued to increase. The annual rate of inflation, as measured by the Harmonised Index of Consumer Prices (HICP), was negative throughout the third quarter, but turned positive in November, and ended the year at 0.9%. Looking ahead, the Review observes that the December 2009 Eurosystem Staff Projections for the euro area pointed to annual real GDP growth between 0.1% and 1.5% in 2010, while inflation was expected to range between 0.9% and 1.7%.

Turning to the Maltese economy, the Review notes that the contraction of economic activity appeared to be bottoming out. Real GDP fell by 2.1% on an annual basis, less than the decline recorded in the June quarter. Both private and public consumption recovered, as did investment. However, inventories and net exports contributed negatively to growth. This notwithstanding, surveys among firms in the manufacturing and services sectors showed further signs of stabilisation during the last three months of the year.

With regard to price developments, the Review notes that annual HICP inflation fell considerably during the quarter, from 2.8% in June to 0.8% in September. This reflected a substantial slowdown in the rate of increase in prices of food and services. The annual inflation rate fell further in the following quarter, turning negative in October, and ending the year at -0.4%.

In the labour market, conditions remained weak during the September quarter, with employment declining moderately on a year-on-year basis, while unemployment remained broadly stable during the quarter, after having risen in the first half of the year.

Commenting on developments in the external account, the Review observes that the current account swung into deficit over the three month period to end-September. This was due to a negative outturn on transfers and higher net outflows on the income account, together with a sharp decline in the surplus on services. These movements outweighed a smaller deficit on merchandise trade.

On Malta's external competitiveness, the Review notes that this remained under pressure as the appreciation of the euro offset the effect of the decline in Malta's relative inflation rate. Unit labour costs continued to rise, albeit at a slower rate, driven by higher compensation of employees and lower labour productivity. Towards the end of the year, Malta's competitive position benefited from a combination of a weaker euro and a fall in domestic inflation.

The Review's analysis of fiscal developments shows that during the first nine months of 2009 the general government deficit widened slightly compared to the same period in 2008, as revenue fell faster than expenditure. In particular, indirect tax receipts declined as a result of weak consumer spending and the slowdown in the property market. The general government debt continued to increase.

In analysing monetary trends, the Review notes that the contribution of Maltese MFIs to the euro area broad money stock declined during the third quarter, as residents' deposits contracted. At the same time, however, credit to residents continued to expand, albeit more moderately, while net claims on non-residents of the euro area rose. Although official interest rates remained unchanged during the second half of 2009, domestic money market rates and government bond yields declined. On the other hand, equity prices continued to recover.

The Bank's latest estimates show that the Maltese economy contracted by 2.2% in 2009, as a drop in domestic demand outweighed a positive contribution from net exports. The economy is expected to recover during 2010, with real GDP set to grow by 1.1%. The Bank foresees a further easing in HICP inflation, to 1.7%, in 2010. The Review emphasizes that these forecasts are subject to a high degree of uncertainty, with downside risks to the GDP projections as the global economic situation continues to be volatile.

From a policy perspective the Review states that as the recovery gathers pace attention should turn towards fiscal consolidation, to reduce the deficit in line with the EU's fiscal rules. At the same time, the Government has an important role in supporting the economy through the provision of an adequate physical infrastructure and further measures to improve the quality of the labour force. The Review stresses that the pursuit of structural reforms also remains necessary to strengthen competitiveness.

The fourth issue of the Quarterly Review for 2009 is available on the website of the Central Bank of Malta at www.centralbankmalta.org

Source: Central Bank of Malta Press Release - 18 February 2010

Malta – overall best performer in transposing EU legislation

It is the first time ever that the EU average transposition deficit is better than the interim target set by Heads of State and Government. At 0.7% the EU average transposition deficit is well below the interim target of 1% to be achieved by 2009. This is a welcome improvement on the previous position. In total, 16 Member States achieved or equalled their best result ever: Belgium, the Czech Republic, Estonia, Spain, France, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Portugal, Romania, Slovakia, Finland and the United Kingdom. Lithuania and Malta are the overall best performers with 3 directives away from a perfect score.

The report states that ‘Malta deserves praise for its ranking in first position for the third consecutive time'.

The full report may be downloaded on http://ec.europa.eu/internal_market/score/docs/score20_en.pdf

Malta promoted in the US through FinanceMalta Webinar

FinanceMalta organised a Live Webinar on the 5^th March entitled 'Malta - Europe's Strategic Platform for Financial Services, International Business and Tourism'.

Panelists included The Minister of Finance, the Economy and Investment Hon. Tonio Fenech, The Chairman of FinanceMalta Mr. Kenneth Farrugia, The Executive Chairman of Malta Enterprise Mr. Alan Camilleri, and the Director of Communication and Public Relations of the Malta Tourism Authority Mr. Kevin Drake. The panel was moderated by Dr. Gerog Sapiano.

The panel addressed the Maltese Ambassador in the US HE. Mark Miceli Farrugia and around twenty Maltese Consuls in the United States of America, who participated in the Webinar transmitted live from Studio 7 to Miami.

Click here to access the presentations

Click here to access the press release

Click here to view the photos

Deutsche Bank receives Maltese banking licence

German banking giant Deutsche Bank has been granted a Maltese banking licence by the Malta Financial and Services Authority, Finance Minister Tonio Fenech revealed on Wednesday afternoon.

The announcement was made during a press conference reviewing the Finance Ministry's activities during the second year of the current legislature.

Deutsche Bank already offers a number of financial services in Malta, and Mr Fenech said that its application for a banking licence was a clear sign of confidence in the Maltese economy.

He said that it was up to the bank to decide on what banking sectors it will be operating.

The Frankfurt-based Deutsche bank employs over 77,000 people worldwide, and its revenues for 2009 amounted to €27.95 billion.

Source: www.di-ve.com

New Real Economy Indicators

New 'Real Economy Indicators' have been posted on the Central Bank of Malta's website.

Click to download the respective information

Source: Central Bank of Malta

A guidance note for shariah compliant funds has been issued by the Malta Financial Services Authority

The note explains how the legal and regulatory framework established under the Investment Services Act would apply to shariah-compliant funds established under Maltese law.

The MFSA stated that Malta's principles-based regulatory regime lays emphasis on the disclosure of all information that the investor needed to know before taking the investment decision and on the transparency of investment management process itself.

This allowed a high degree of freedom on the choice of investment strategies and asset allocation policies adopted by investment funds, subject to conditions that varied according to the level of experience and investment expertise of the target investor.

On this basis, the note establishes that, whether set up as professional investor funds, undertakings for collective investment in transferable securities (Ucits) or non-Ucits retail funds, shariah funds may be regulated in the same manner as non-shariah funds.

The level of disclosure and the applicable conditions would be the same as those that were applicable to the respective category of retail or professional funds.

The guidance note requires that funds presenting themselves as shariah compliant were required to disclose all the relevant details in this respect in the fund prospectus or offering document as well as in their financial statements as part of their ongoing obligations.

The note explains the role of the shariah Advisory Board in relation to that of the fund manager to ensure that the financial soundness of the manager's decisions was not conditioned by non-financial considerations.

It was, however, also the manager's responsibility to ensure that the fund satisfied the relevant shariah principles and requirements as disclosed in the offering document.

The note may be downloaded from the MFSA website under securities/guide to regulation.

Source: Malta Financial Services Authority

European Parliament approves Prof. Edward Scicluna's report on ECB

A report by Maltese Labour MEP Edward Scicluna on the performance of the European Central Bank was today unanimously adopted by the European Parliament in Brussels.

Prof Scicluna said: "I am delighted to secure support from all-sides of the European Parliament for my first report as an MEP. The cross-party support for my report shows that a good balance has been found."

Prof. Scicluna's report deals with the ECB's response to the financial crisis which has been the stiffest test for the ECB since its establishment. It also focused on 'exit strategy' proposals, reforms to the EU's financial framework and the governance and accountability of the ECB. The report on the ECB is Prof. Scicluna's first rapporteurship since his election as an MEP last June.

He said that the core principles of his report were to restore public confidence in financial institutions through greater transparency, better risk management and appropriate regulation.

"We need to ensure that a financial crisis of this magnitude does not repeat itself again."

During this morning's Parliament debate on the ECB and the Eurozone, Prof. Scicluna's report was commended by ECB President Jean-Claude Trichet and EU Commissioner Olli Rehn. Prof. Scicluna focused his remarks on his own report but also on the fiscal imbalances faced by many member states, calling for "timely and decisive action".

He said: "As Europeans we all look up to the Euro and we want it to succeed. We can make it succeed, so let's get all member states, Parliament and Commission to put heads together and find a successful path forward."

Source: Times of Malta

Monetary, Banking, Investment Funds and Financial Markets

Latest statistics from the Central Bank of Malta on Monetary, Banking, Investment Funds and Financial Markets are now available.

Click to download the respective information

Source: Central Bank of Malta

Liongate, University in talks over hedge fund centre

Liongate Capital Management, a hedge fund company which manages over $2.5 billion, is having discussions with the University of Malta in creating a hedge fund research centre, according to Ben Funk, a partner at the company who was in Malta for the official opening of Liongate's local office.

"This is something which is in the pipeline and we have been working on for the past six months. The university is very interested in developing a programme which promotes hedge funds," Dr Funk told The Times Business in an interview.

Liongate set up its Malta operation 18 months ago and Dr Funk praised the country for what it has to offer the financial services sector.

Besides being a low tax jurisdiction, he says, there are many advantages of setting up an office in Malta. "One is the very high quality of the regulation at the MFSA. We were able to meet individually and specifically with MFSA chairman Joseph Bannister before deciding which way we wanted to go, and I think he really made us feel comfortable. Having English as the business language makes a huge difference. The short distance to London is helpful, the time change is also helpful, and Malta's European Union membership gives it an advantage over other jurisdictions."

Liongate's work in Malta revolves mainly around finance and research. Dr Funk says he is fortunate to find very competent local employees, most of whom are University of Malta graduates.

Dr Funk said Liongate's official opening in Malta on Monday was very well attended by people from the university, the MFSA, the government, including the Prime Minister, accountancy firms and legal firms.

"It's nice to be so warmly welcomed into the community this way. We believe Malta will continue to grow as an important finance centre," he said.

Dr Funk said that in a recent survey in the City of London, Malta was identified as one of the jurisdictions which is most likely to grow as a finance centre and where most investment companies considered opening an office in the next two to three years.

Source: Times of Malta

Malta, Bahrain, sign double taxation agreement

Malta and Bahrain signed a double taxation avoidance agreement this morning during the Prime Minister's tour of Gulf states.

The agreement is aimed at facilitating trade exchanges and investment between the two countries. It was signed for Malta by Finance Minister Tonio Fenech, who is accompanying the Prime Minister, along with Foreign Minister Tonio Borg.

The Prime Minister's Gulf states tour started at Abu Dhabi, where a business seminar was held yesterday and an agreement was signed with Mubadala Aerospace and SR Technics for the building of a hangar at Malta Aviation Park for aircraft maintenance firm SR Technics. It was also announced that 40 Maltese are to shortly start training in Switzerland to work with SR Technics.

Trade between Malta and the main countries of the Gulf region doubled between 2004 and 2009 to over €45.7 million.

Trade mainly related to preparation of foodstuffs, plastics, machinery and mechanical appliances and printed books and newspapers.

During remarks yesterday, Mr Fenech also confirmed Malta's backing for an EU-Gulf trade agreement.

He referred to ongoing negotiations between the Gulf Cooperation Council and the European Union to strengthen trade relations and ultimately sign a free tade agreement, and said that while the process has been lengthy and there were still issues that need to be resolved, some progress had been made including the GCC Customs Union coming into force in 2003 and GCC countries benefiting from preferential access to the EU market under the EU's eneralised System of Preferences (GSP).

"Malta has always favoured an EU agreement with the GCC, especially because of the potential of increased trade and investment which may also lead to cooperation in other areas," Mr Fenech said.

The Prime Minister's delegation also includes 30 businessmen who are seeking joint ventures with Gulf partners.

Source: Times of Malta

FinanceMalta 3rd Annual Conference Highlights Changes and Opportunities

The FinanceMalta Third Annual Conference held on the 30th April 2010, remains the most important annual event on the financial services sector's calendar as this brings the industry, government and regulators to discuss, network and gain insight into developments taking place in the international financial services industry, the opportunities for Malta's practitioners.

Click here to read the press release

The Central Bank of Malta’s Annual Report 2009

The Central Bank of Malta's Annual Report 2009 carries an introductory statement by the Governor, an analysis of economic and financial developments in Malta and abroad, a review of the Bank's policies and operations, and detailed financial statements.

In 2009 the Bank's operating profit amounted to EUR58.6 million, as against EUR48.6 million in 2008.

The Annual Report 2009 is available on the Central Bank of Malta's website at http://www.centralbankmalta.org/updates/downloads/pdfs/AR-2009.pdf

New Real Economy Indicators

New 'Real Economy Indicators' have been posted on the Central Bank of Malta's website.

Click to download the respective information

Source: Central Bank of Malta

New Real Economy Indicators

New 'Real Economy Indicators' have been posted on the Central Bank of Malta's website.

Click to download the respective information

Source: Central Bank of Malta

Britain faces EU squeeze on hedge fund rules - Financial Times

Britain's new government faces a major test on EU regulation of hedge funds as France and Germany press for a vote on the issue next week, the Financial Times reported yesterday.

Britain opposes the new rules on hedge funds, mostly based in London and widely blamed for at least contributing to the global financial crisis, and wanted the vote delayed, it said.

However, France and Germany have refused and aim to push through the plans next week, setting up an early confrontation with David Cameron's new government, the newspaper added.

Elena Salgado, Finance Minister of Spain which holds the rotating EU Presidency, said other EU finance ministers would also not agree to a delay. "We have a sufficient qualified majority," Mr Salgado told the FT.

"There is a very clear majority of countries that want to approve it. After that, there still has to be the dialogue with the European Parliament but our intention is to approve it," she said.

The newspaper quoted a senior, unnamed German official as saying: "We want this put to a vote next week."

It said Britain looks certain to lose out in any vote and so could be forced to accept rules requiring greater transparency from hedge funds and private equity groups.

Some 80 per cent of the global hedge fund industry is based in London where it is seen as contributing to the city's standing as one of the world's most important financial centres.

The rules are seen there as being overdone, crimping the industry to such an extent that it may decamp offshore.

The proposed EU directive has also caused concern in the United States, with US Treasury Secretary Tim Geithner warning in March that it could trigger a major dispute by unfairly locking US funds out of European markets.

Under the new rules, hedge fund managers and private equity firms could be forced to curtail the amount of leverage they use, make regular disclosures about their portfolios and be forced to hold their assets with European banks.

Non-EU hedge funds would face similar requirements.

Source: Times of Malta

Malta and China commence Double Taxation Agreement (DTA) discussions

Following meetings held last month in Beijing, by the Deputy Prime Minister and Minister of Foreign Affairs, the Hon. Tonio Borg, Malta and China today commenced discussions to update the current agreement for the avoidance of double taxation (DTA). In this regard, a Maltese delegation of experts is visiting China for technical discussions.

Prior to the commencement of talks, Malta's Ambassador to China, Mr Karl Xuereb stated: "I am delighted that we have started talks on the DTA. The revision of this agreement is essential to the further expansion of trade and investment between the two sides."

Twelve bilateral agreements were signed during 2009 in the various fields of education, health, judicial matters, culture, trade and investment. In respect of commerce, a number of agreements were signed including the bilateral guarantee of investments and Memorandums of Understandings (MoUs) between the MFSA and Chinese counterparts in the regulation, banking and securities business regulation, in the fields of banking and financial services. In the last 4 years bilateral trade has increased by 140%.

During the past 22 months, the Government of Malta has already signed 19 Double Taxation Agreements, a concrete example of the efforts being undertaken by the Government to attract foreign direct investment to Malta and to boost further commercial activities by the Maltese business community.

"Strengthening the Malta brand as a financial jurisdiction" by Vanya Walker-Leigh

"I found strong interest in Malta's finance sector during my trip to China last week," Kenneth Farrugia, chairman of FinanceMalta's Board of Governors told this paper in an interview.

"I was part of a large business delegation organised by Malta Enterprise and was on the panel of speakers at a seminar organised in Beijing entitled ‘Malta China Investment Environment Seminar'. The main thrust of our presentation was Malta's proximity to, and business track record in, the North African region, as well as our EU membership. Around 70 senior operators from various sectors attended and during the seminar and in subsequent meetings I found a very entrepreneurial spirit, a strong wish to do business, to internationalise.

"Our first bilingual publication in Chinese and English - a Country Profiler issue entitled ‘Doing Business in Malta' - was very well received and continues to be available at Malta's pavilion at the World Expo 2010 in Shanghai."

"We intend to follow up with a major showcasing event in Shanghai and perhaps Hong Kong as well - either in the last quarter of this year, or the first quarter of the next," added Mr Farrugia.

While the current Malta-China Double Taxation agreement will be updated in the coming months, two key building blocks to facilitate financial exchanges between the two countries were put in place earlier this year.

In January, the Malta Financial Services Authority signed a Memorandum of Understanding (MoU) with the China Securities Regulatory Commission. As result of the signing of the MoU, Chinese Qualified Domestic Institutional Investors (QDII) can invest, on behalf of Chinese investors, in Malta domiciled investment funds (Professional Investor Funds and UCITS funds) regulated by the MFSA, thereby opening up MFSA regulated funds to one of the world's largest pools of private capital. The QDII scheme permits Chinese domiciled investors to invest in foreign securities markets via certain fund management institutions, insurance companies, securities companies and other asset management institutions approved by the CSRC as QDIIs. The QDII scheme, introduced in June 2006, allows Chinese domiciled institutions and residents to invest with Chinese commercial banks and these entities then invest in overseas financial products.

The stocks or investment funds in which a QDII invests must be listed on a stock exchange or regulated by a regulatory authority that has signed a MoU with the CSRC.

Companies licensed by the MFSA will also be able to access the Chinese Qualified Foreign Institutional Investor status and invest directly in China. The QFII scheme permits qualified foreign investors to invest in the China A share market under certain foreign exchange flow and disclosure requirements. The major institutions permitted to apply to be a QFII include fund management companies, insurance companies, securities firms and commercial banks with qualifications prescribed by the CSRC and the other relevant regulators. Upon the approval by the CSRC, a QFII is granted an investment quota by the State Administration of Foreign Exchange and, after selecting a Chinese custodian bank and one or more local brokers, can place orders to buy and sell stock in the China A share market. The investment scope of a QFII extends to treasury bonds, convertible bonds, corporate bonds, warrants and other financial products approved by the CSRC.

A companion agreement was signed between the MFSA and the China Banking Regulatory Commission in February. The MoU establishes an arrangement for the sharing of supervisory information and enhances co-operation in the area of banking supervision to the extent permitted by the laws and regulations in force in Malta and the People's Republic of China. The agreement was signed by Prof. Joe V. Bannister, chairman of the MFSA, and Liu Minkang, chairman of the CBRC.

"FinanceMalta was set up three years ago to market Malta's finance sector," Mr Farrugia explained. "FinanceMalta members now comprises 130 practitioners, lawyers, banks, fund administrators, audit and consultancy firms. Membership with FinanceMalta is based on the number of employees of each member with a maximum of Eur500 applying. FinanceMalta also enjoys the support of the industry through sponsorships as well as a subsidy from the government. It is also to important to point out that all the contributions of the Board of Directors, as well as the support of the industry through panel speaker appointments, though leadership articles and participation in various initiatives is pro bono.

"Our remit is not only to strengthen the Maltese brand abroad as a financial jurisdiction, but create networking opportunities for our members, who regularly represent FM at business events abroad. The mindset of Maltese practitioners and operators has changed considerably over the last 10 years - due to the ‘internationalisation' evolution of our economy which has accelerated its pace as a result of EU membership.

"FinanceMalta sees its market in three segments: financial and credit institutions, family offices and business plus ‘gatekeepers', those institutions having a significant influence on decision-makers considering where to locate operations such as audit, legal and consultancy firms."

"Of course, Malta is just one of around 88 financial services jurisdictions competing for custom - and compared to most a rather late entrant," Mr Farrugia emphasised. "Notwithstanding, we have reason to be optimistic in terms of recent ratings and developments - we score well."

The World Economic Forum Global Competitiveness Report 2009/2010 ranks Malta 52nd among 133 economies but 13th (up from 34th last year) in financial market sophistication, 15th in strength of regulation of securities exchanges, 13th for soundness of the banking system, and 12th for reporting and auditing standards.

The European Commission's Internal Market Scoreboard in 2009 ranked Malta and Denmark joint first for implementing internal market directives, and Malta as one of the top five EU performers in terms of per capita Foreign Direct Investment.

"While the world recession hit both our manufacturing exports and tourism arrivals," Mr Farrugia continued, "Malta's financial services sector grew 22 per cent in 2009 - 105 new funds, 28 insurance intermediaries and eight new trustee and fiduciary companies were authorised, 20 investment services licences issued. The total value of locally registered investment funds reached €6.5bn while the Malta Stock Exchange market capitalisation topped €7.3bn. By last December, banking assets had grown 10 per cent to €42bn.

"However, despite our healthy growth and good image, we have to find innovative ways of marketing Malta's unique selling points. Our current tools are conferences, press releases and interviews, advertisements, features, an investment guide, a bi-monthly newsletter, banner advertising and our website. We have teamed up with Financial Times conferences for three very successful events held last autumn in London and Frankfurt and last month in Bahrain."

"Our third annual conference on 30 April (reported in TMBW of 6 May) was also very successful, blending a broad mix of both topics and participants, local and foreign."

FM has also co-sponsored special Malta supplements in leading publications - just recently in The Banker and HFM Week.

In March, a webinar was organised for Malta's consuls in the United States, which included addresses by the Minister of Finance, the Economy and Investment, Tonio Fenech, representatives of Malta Enterprise, Malta Tourism Authority and FinanceMalta. Starting next month, a series of podcasts will be uploaded on to the website covering funds, banking, insurance trusts and a general ‘Merits of Malta as an International Financial centre'. More podcasts are foreseen later this year.

The MFSA will also be hosting a major event next month, Network Management 2010, between 9 and 10 June, that will bring together global finance industry leaders. In addition to a galaxy of top speakers, the meeting will be addressed by Minister for Finance Tonio Fenech, as well as by veteran explorer Sir Ranulph Fiennes Bt on ‘Personal Motivation and Determination'. This will be preceded on 8 June by a one-day Africa Securities Summit.

The following week, FinanceMalta will be represented at the GAIM Hedge Fund Conference in Monaco and at the Transcontinental Trust conference in Geneva at the end of June.

In addition to sustained and imaginative marketing in a fiercely competitive environment, Malta's finance sector faces two other key challenges - the on-going EU ‘regulatory upheaval' and the need for sufficient qualified personnel to keep up with growing staffing demands.

"The European Commission's proposed Alternative Investment Fund Managers (AFIM) directive is currently being reviewed by the European Parliament - along with 1,700 amendments," Mr Farrugia pointed out. "If the proposed protectionist features remain, this may have negative impacts on our sector because of the ruling that the fund depositary has to be in the same jurisdiction as the fund itself, albeit this matter stills needs to be discussed at European Parliament level."

"On the other hand, the UCITS IV directive on collective investment in transferable securities which Member States must translate into national law by July 2011 could be broadly beneficial to Malta. The Solvency II directive coming into effect in late 2012 on regulatory requirements for insurance firms operating in the EU will involve more stringent capital requirements for operators."

The forthcoming establishment of the European System of Financial Supervisors and the European System Risk Council ushers in a new era for EU operators, but Malta's tightly regulated finance sector and its prudent banks are already well-prepared, and MFSA recently restructured its organisation to respond to coming changes.

"As regards human resources, I am optimistic," Mr Farrugia indicated. "While the presentation of Angelou Economics to our annual conference forecast another 1,600 jobs being generated in the financial services sector by 2015, I think this could be much more - but I also think that we will be able to fill forthcoming vacancies. Some of them will be taken up by Maltese returning home after several years of relevant work experience abroad, others by non-Maltese."

"However, the bulk of new entrants must come from within the country. The MFSA's Education Consultative Council and FinanceMalta are holding discussions to launch a series of talks delivered by practitioners to secondary school students as from next autumn, while also giving guidance to parents and teachers," he said.

"Malta has the lowest female participation rate in the work force in Europe. We must tap into this resource by generalising family-friendly working hours, job sharing teleworking and so on.

"We must also work to align university courses with skill sets needed, on a continuous basis. FinanceMalta is discussing with Prof. Joseph Falzon, Head of the University of Malta's Department of Banking and Finance, the introduction of credits on specialised finance sectors, such as Fund Administration, in the current degree programme."

"We have also ran and plan to run courses of varying length in various financial management topics with UK universities, while in Malta the Institute of Financial Services Practitioners has organised short courses on trusts and taxation."

Confident of Malta's bright financial future, Mr Farrugia concluded that "Malta's small size is no drawback, but a key advantage enabling the kind of listening, accessibility and rapid decision-making impossible in larger nations. And, more importantly, our business class has the culture of getting things done."

Source: The Malta Business Weekly

Vanya Walker-Leigh - 25.05.2010

Speciality Finance applies for Credit Institution License

The financial services industry in Malta is set to welcome another name in its fold as American company Specialty Finance Limited has applied for a credit institution licence from the Malta Financial Services Authority (MFSA). This was announced yesterday evening at an event attended by the Minister of Finance, the Economy and Investment Tonio Fenech.

Specialty Finance is a financial broker to private finance companies, introducing them to major financial institutions that would provide them with equity, subordinated debt and senior credit facilities using the capital Market.

Addressing representatives from the company and a number of stakeholders from the financial services industry Minister Tonio Fenech highlighted the resilience of this sector that managed to exhibit strong growth, even during the crisis-stricken 2009. Growth in 2009 reached 22%. He remarked that during 2009, MFSA issued new licences in all areas of financial services activity.

The Maltese banking sector now consists of 23 credit institutions, 20 of which are foreign owned. The fund services infrastructure also continued to consolidate and expand with new international service providers registering in Malta, as 20 new investment licences were authorised in 2009 bringing the total to 88. Moreover, during the same twelve months MFSA issued 105 new Collective Investment Schemes licences bringing the total of funds to 392.

Referring to the critical success factors that have allowed Malta to achieve such results, the Minister highlighted the solid regulatory foundation based on international best practices, EU membership and euro adoption, the presence of modern telecommunications infrastructure and also the strategic geographical position. Finally, he highlighted the importance of being able to provide a supply of experienced, English-speaking professionals resulting from the continuous investment in education throughout the years which has ensured that Malta has one of the most complete finance education and training infrastructures to be found in any small economy finance location.

Looking at the future in this sector, Tonio Fenech remarked that all the ingredients are in place for this sector to continue expanding into the future. "It is a key area in our Vision 2015 which sets the main sectors in which Malta has potential to excel in and become a centre of excellence. The results registered till now and prospects show that we are well on track in this goal".

Source: Department of Information - Malta

The net international investment position (IIP) of Malta.

The IIP statement is a summary balance sheet showing the stock of external assets and liabilities of Malta vis-à-vis the rest of the world as at the end of a particular period. The compilation of the IIP is in line with international statistical standards.

The IIP reflects the net foreign assets, in other words the balance of foreign assets less foreign liabilities. The drop in foreign assets from year-end 2008 to year-end 2009 was estimated at €1,361.7 million, while the drop in foreign liabilities amounted to €2,079.9 million. This resulted in an improvement of €718.2 million in the IIP when comparing end-2009 with end-2008. The drop in foreign assets from year-end 2008 to year-end 2009 was mainly due to the net repayment and exchange rate difference of loans, amounting to €4,276.1 million. However, this was in part offset by an increase in the value of long-term portfolio investment assets, amounting to €2,246.5 million in the same period. Foreign direct investment abroad also increased by €272.5 million during the twelve-month period being compared.

Those parties interested in receiving the full report by email attachment should contact FinanceMalta by email on info@financemalta.org.

Source: National Statistics Office - Malta

Monetary, Investment Funds and Markets statistical information

New 'Monetary, Investment Funds and Markets' statistical information has been posted on the Central Bank of Malta's website.

Click here to download the respective information

Latest Government Finance Statistics

New 'Government Finance Statistics' have been posted on the Central Bank of Malta's website.

Click here to download the respective information

Fenech & Fenech Advocates win Intellectual Property Advisory Excellence award

Fenech & Fenech Advocates has won the Intellectual Property Advisory Excellence In Malta award as part of Corporate International Magazine's Global Awards 2010.

Corporate INTL is a business publication with international distribution which provides its readers with a unique insight into the financial and legal world where key issues of the day are discussed as well as featured in up-to-date commentaries on a host of practice areas.

Every year, the publication organises legal awards for law firms all over the world, divided by category. Its research department conducts extensive reviews, draws insight from business leaders throughout the world and receives recommendations over the year with a view to produce a shortlist of firms per category.

Over the last decade, Fenech & Fenech Advocates has focused energy and momentum into building an Intellectual Property Department consisting of lawyers specialised in the field who have a firm grasp of the different legislative regimes and of the risks and benefits associated to each sector. The department is complemented by other specialist departments such as tax advisory, ICT, data protection and litigation.

The Intellectual Property Department at Fenech & Fenech Advocates is manned by partners Nicolai Vella Falzon and Antonio Ghio and associate Jeanine Rizzo.

Source: Times of Malta

PricewaterhouseCoopers issues an AIFMD briefing note

PricewaterhouseCoopers has issued a briefing note, the purpose of which is to provide an update on recent events around the AIFMD and to outline our views on what is most likely to happen over the next few months.

Click here to download the full document

Double taxation agreements reached with Uruguay & China

Talks have been concluded on new double taxation agreements with Uruguay and with China, the government said today.

The agreement with Uruguay is the first with a South American country.

"This agreement with Uruguay signals the government's intention to strengthen economic relations with South American countries and, hopefully, will lead the way to the conclusion of a number of double taxation agreements with other South American countries," Finance Minister Tonio Fenech said.

"South America is a region with a number of very important emerging markets that are experiencing significant growth rates and in the context of widening our horizons in terms of attracting trade and investment, such agreements assume paramount importance."

The agreement with China replaces an older double taxation treaty signed in 1993.

Mr Fenech said the new agreement would help Chinese investors to tap the European market in a more efficient way and it offered significant investment potential.

Source: Times of Malta

Strong interest by investors to expand their business in Malta is a vote of confidence to the Maltese economy

75% of those surveyed in the Ernst and Young “Investment Attractiveness survey” were considering developing or expanding their activities. A similar proportion of companies did expand or develop their presence in Malta in the past three years. The Minister responsible for Finance, the Economy and Investment, the Hon. Tonio Fenech said that this vote of confidence is very important in terms of our continuous efforts to attract FDI, because “at the end of the day no one can provide a better endorsement and sense of confidence than past, current and potential future investors”.

Minister Tonio Fenech remarked that even if for most of the stakeholders, fiscal policies, incentives and aspects related to human resources are deemed as key investment criteria, stakeholders’ confidence is a crucial factor in the retention and growth of FDI. He emphasized the role of stakeholders in the team which is helping Malta winning the investment game. “Together we have shaped what Malta’s economy is like today”, he added stressing the way the country moved forward in the current global economic mood.

Minister Tonio Fenech referred to the fact that to be able to win and be competitive, societies should set long-term goals and anticipate future needs. The Lisbon Strategy, the EU 2020 strategy and Vision 2015 strategy are all aimed at stimulating growth and create more opportunities for more and better jobs. He emphasized the need to build further our capacity to meet increasing demands for our resources.

Minister Fenech also highlighted the ability with which our economy has changed over the past years, and thus in a way the continuous evolution of our skill set and skill base has led to a creation of a flexible workforce which proved itself ready to change, when faced by change.

“I emphasize on the need of education, skills and retraining because ultimately, even if we had to provide the most lucrative fiscal incentives and benefits, unless investors will find the required HR and skills-set we won’t be able to retain our attractiveness”, said Minister Fenech.

Addressing one of the issues which the investors highlighted as crucial, Minister Fenech also noted that Government has committed to invest over €300 million on two major projects aimed at the necessary requirement of energy for our country.

At the same time, he added that every single investment in this sector, the incentives to assist the growth of our enterprises, the investment required in education and all other investment required to maintain our competitiveness are coming from the public finances. He also explained the enviable position that “while others are announcing major austerity measures, we are here planning and mapping our future and discussing how to invest further and assist those who need assistance”.

The Minister concluded his message by saying that government is committed towards the creation of the right environment for more investment and growth. “We have to look at things from a holistic perspective. We need to work together and prepare ourselves for the needs of our economy, retaining your and our confidence that yes, we can win the game.”

The Parliamentary Assistant in the Ministry of Finance, the Economy and Investment, the Hon. Robert Arrigo delivered the speech on behalf of the Minister Tonio Fenech at this year’s Ernst and Young conference.

Source: DOI – 14.07.2010

Updated: US Senate approves new Malta tax treaty

The US Senate has approved a new tax treaty with Malta in what Finance Minister Tonio Fenech said was 'a critical step in deepening Malta's relationship with the USA, not only at the political and social levels, but also in trade and investment.'

The treaty is based on the internationally recognised Organisation for Economic Cooperation and Development (OECD) Model Tax Convention..

"The potential created through this treaty is excellent for all industry sectors of Malta. Malta already has a good base of quality and substantial US organisations operating in Malta, providing the evidence required to show potential investors that Malta offers a quality environment to operate," the Finance Ministry said.

Mr Fenech thanked US Senators Kerry and Lugar, respectively Chairman and Ranking Member of the US Senate Committee on Foreign Relations, as well as their teams for the support they had always shown in the ratification process. He also thanked the US Treasury and the US Embassy in Malta, Malta's International Tax team, and Ambassador Miceli and his people in Washington for their professional support throughout.

The ministry said that potential US investors had been seeking this treaty to clear the way for fresh investment here.

US Ambassador Douglas Kmiec in a statement thanked Republican Senator Dick Lugar of Indiana for his central role in securing the Senate ratification.

"Sometimes it helps to have friends in both political parties," said Ambassador Kmiec, who backed the Democratic candidate Barrack Obama in the last US election.

"Dick Lugar is known and revered throughout America as the Dean of foreign policy in the U.S. Senate, and his assistance in ensuring the final ratification by unanimous consent of the U.S. - Malta avoidance of double taxation treaty was invaluable and consistent," said the ambassador.

However, Professor Kmiec and Senator Lugar go back a long way - to Lugar's home state of Indiana, where Ambassador Kmiec taught and directed the University of Notre Dame Centre on Law and Government for nearly 20 years.

"Sen. Lugar is the gold standard of public servants," said Amb. Kmiec. "His very demeanour and analysis of issues quickly reveals that merit, not partisanship, is his lodestar. This is why it was important to have Sen. Lugar on Malta's side during the tax treaty consideration.

"There was some worrisome opposition at several points in the process, including some competing foreign nations that tried to defeat Malta's tax treaty by painting an older picture of Malta as a "tax haven" for monies can be hidden.

"These misstatements didn't have a chance with Dick Lugar, who studied the matter and saw the importance of the treaty to economic growth."

Neil Roberts, a member of Lugar's foreign relations staff praised the ambassador for his own efforts and said that avoiding double taxation was both equitable and good economic policy.

Sen. Lugar said that as the United States considered how to create jobs and maintain economic growth, "tax treaties lowered effective tax rates for American companies selling American goods overseas while ensuring that foreign companies paid their fair share of taxes when operating in the United States.

Source: timesofmalta.com

Bank of Valletta passes EU stress test

The Committee of European Banking Supervisors (CEBS) has just released the results of a stress test which it carried out on 91 leading European banks, in collaboration with the European Central Bank (ECB) and local authorities. Bank of Valletta plc, as the largest local banking group, was selected to participate in this test.

The results show that Bank of Valletta Group enjoys strong capital buffers. When the Bank's consolidated balance sheet and income statement were stressed in accordance with the parameters set by CEBS and the ECB, its Tier 1 ratio, which is an international indicator of balance sheet strength, decreased by 1.2 percentage points, reaching 9.3%. This is one-and-a-half times higher than the 6% "pass mark" set for this exercise and more than double the statutory minimum ratio of 4%.

BOV Chairman Roderick Chalmers stated that "these results confirm that BOV is a well-capitalised bank by all international standards, and that the capital buffers we hold are more than enough to see us through situations of stress. The strength of the Group's regulatory capital position is the direct result of the quality of our assets, and our prudent dividend policy, whereby over the years we have sought to balance capital conservation with an attractive dividend return for our shareholders".

Mr Chalmers explained that the Bank carries out internal stress tests on a regular basis as part of its risk management process, and that capital buffers are monitored continuously by the Board and by executive management. "Capital," said Mr Chalmers, "is the motor which drives the Bank's business, and the prudent and efficient management of capital is one of our top priorities."

The results for Bank of Valletta plc can be viewed in the attached pdf files:

Detailed stress tests results for Bank of Valletta Group

Exposure to central and local governments

Summarised stress test results for Bank of Valletta Group

Further information on the EU wide stress-test exercise is available on the websites of CEBS and ECB.

Source: Bank of Valletta

Italy removes Malta from taxation black list

Italy has removed Malta from its list of tax haven jurisdictions following talks between the two countries going back two years.

The aim behind the 'black list' of the Italian Controlled Foreign Companies (CFC) law is to tax subsidiaries of Italian companies located in so called low tax jurisdictions even if the profits of the relative subsidiaries are not distributed to the Italian parent company.

Malta featured on the black list prior to its EU membership and although pursuant to its EU membership not all types of Maltese companies were blacklisted, all Maltese companies were construed to be de facto blacklisted due to the uncertainty resulting from the lack of clarity of the wording on the legislation.

The Maltese Foreign Ministry had insisted that Malta should be removed from the list after Maltese tax legislation was given the green light by the EU Code of Conduct (Business Taxation) Group.

In March last year Malta and Italy reached a new double taxation avoidance agreement which further clarified the situation.

The Italian Minister of Finance signed the relative decree removing Malta from the black list on Tuesday 27^th July.

Italy Hedge Fund Stars, Chefs Lured by Malta Climate

When money manager Simone Chelini left his Milan job last year to seek a hedge fund-friendly country, he rejected some obvious locations. "Luxembourg? Grey, flights are expensive. Ireland? Always rains."

Instead, Chelini and his colleague Pietropaolo Rinaldi followed scores of Italians who've moved to Malta, lured by lower taxes, less bureaucracy and a Mediterranean climate. The number of Italian residents in Malta rose 30 percent in the five years through 2009 to 1,539. That doesn't count temporary workers on the island, located about 80 kilometers (51 miles) from Sicily, or Italians without resident registrations.

"It's close to Italy, it's business friendly, we have a sea view from our office," said Chelini. He and his colleague joined a unit of Swiss wealth management firm GWM in March 2009 and, in June, opened the 7H Absolute hedge fund from an office in Malta's tallest building, the Portomaso tower.

Malta, the smallest economy in the European Union, is enticing Italians from fund managers to tile dealers. The country's annual economic growth rate averaged 2.3 percent in the last five years, compared with an average contraction of 0.4 percent for its bigger neighbor. The jobless rate is 6.7 percent, less than half the level in southern Italian regions such as Sicily, a 90-minute ferry ride away. Italy's government forecasts the unemployment rate in Europe's fourth-largest economy will climb to a nine-year high of 8.7 percent this year.

‘Cheaper Way'

"It's easy for Italians to get jobs in Malta," said Vito Calianno, 39, who deals in marble and stone tiles and first visited Malta from his home in Italy's Puglia region 19 months ago. He plans to move next month after finding "a cheaper way of doing business." Calianno will open an Internet dealership in Malta for his company, where he says the start-up costs of 1,500 euros ($2,000) are about 10 times cheaper than at home.

Tourist arrivals to Malta from Italy have doubled to 160,000 a year since Malta joined the European Union in 2004 and they surged 28 percent during the first six months of this year. A Facebook group called "Italians who want to move to Malta," has attracted 155 members in two years.

Malta, with a population of 413,000, is about the size of Florence, Italy's eighth-largest city and its gross domestic product is less than 1 percent of Italy's. The island's main trading partners are Italy, Germany and the U.K. The market capitalization of the Malta Stock Exchange index is the equivalent of about 3.6 billion dollars, compared with 320 billion dollars at the Milan exchange's FTSE MIB index.

Maltese

Italian was one of the two official languages in Malta until 1934. The Maltese language is a mix of ancient Arabic and Sicilian, with 40 percent of its words having Latin origin. About two thirds of Maltese speak some Italian, while 54 percent speak it fluently. About 2 percent of Malta's residents call Italian their mother tongue.

The country, which adopted the euro in 2008, is attracting investment funds, gaming and import-export companies because of lower taxes, wages and rents. "Our legislation is transparent and we have a quicker authorization process," Joe Bannister, chairman of the Malta Financial Services Authority, said in an interview.

Malta offers rebates that can trim its fixed corporate- income tax rate to as low as 5 percent from 35 percent, while investment funds are exempt from the levy. The number of registered mutual funds in the country rose by one-third last year to 400.

Long-Short

"The fiscal regime has been one of the main drivers in creating an attractive environment for foreign investors," Alan Camilleri, head of Malta Enterprise, which advises foreign investors to Malta, said in an interview. Labor costs are 40 percent lower in Malta than Italy, he said. An office in a business center can be rented for 600 euros ($784) a month, according to instantoffices.com. That compares with Milan costs of at least 1,000 euros a month.

"Malta is the perfect location in terms of set-up costs and bureaucracy and the local regulator is much quicker," said Chelini, who managed Unifortune Asset Management SGR's Albatross fund with Rinaldi in Milan until January 2009. Albatross won the award of best-performing long-short Italian hedge fund in 2007 from Italian investment magazine Mondo Hedge.

Inquiries from Italian companies about moving to Malta have increased, said Reuben Buttigieg, a director of the Malta Institute of Management. Of the 51 companies that moved their headquarters to Malta last year, 16 were Italian, data from Malta's Financial Services Commission show.

Casinos

The global financial crisis "has not affected the Maltese economy," said Tiziana Carboni, 31, who came to Malta in May to work with the Maltese Italian Chamber of Commerce and may extend her stay. She handles at least three requests per day from Italian companies wanting to do business in Malta.

About one fourth of Italians working in Malta find jobs at restaurants, hotels or casinos, according to Malta employment data. Casinos such as the Portomaso and the Dragonara and online gaming companies are currently recruiting Italian staff. About a third of Portomaso Casino's 200 employees are Italian, General Manager Gianfranco Scordato said. The company increased its personnel by 10 percent last year, with half of them Italian nationals and the rest Italian speakers.

Gianluca Lorefice, 37, owner and chef at the Tana del Lupo restaurant in Paceville, Malta, has seven Italians on his staff of 10. He moved with his family from Sicily to Malta after a holiday in 1996.

"Malta is much smaller in size than Sicily, but much bigger in opportunity," Lorefice said. "It's easier to do business here. Compared to Italy, you pay fewer taxes and credit is more easily available. In Italy there is so much bureaucracy, it stifles you."

New Real Economy Indicators

New 'Real Economy Indicators' have been posted on the Central Bank of Malta's website.

Click to download the respective information

Source: Central Bank of Malta

Moody's confirms Malta's A1 rating

Ratings agency Moody's has confirmed Malta's A1 rating.

"The rating reflects high levels of economic and institutional strength, high government financial strength and very low susceptibility to event risk," the agency said.

"The assessment of high economic strength is based on Malta's progress towards real convergence with the rest of the eurozone.

"While competitiveness in some traditional export industries is decreasing as a result of real income convergence (textiles, electronics), market liberalization and EU/EMU membership are boosting new export-oriented activities such as pharmaceuticals, e-gaming, engineering, and financial and business services."

The agency, however, said that some However, somerating concerns remain due to the still relatively low diversification of the economy

It said that the country had clearly benefited from its accession to the EU in May 2004 and to the EMU in January 2008 through the related improvement of its economic and social institutions.

"The government made significant progress towards fiscal consolidation in the years prior to EMU accession, but the fiscal situation has deteriorated since then, and the country missed the Maastricht deficit criterion of 3% of GDP in 2008 and 2009 by considerable margins."

Still, it said, Malta's susceptibility to event risk is very low, mainly because its adoption of the euro has effectively eliminated the risk of a balance of payments crisis. Malta's banks also weathered the global financial crisis relatively unscathed.

"However, concentration risk is considerable, and banks are highly exposed to the local real estate sector."

Moody's said the rating outlook is stable.

"Malta's rating is one of the lowest among eurozone members, hence its A1 rating would likely tolerate some deterioration of the debt metrics or a gradual loss of competitiveness, provided that any such development be in line with peers and relatively short-lived," it said.

The rating would move upward should fiscal restraint meaningfully reduce the deficit and result in a strengthening of debt affordability. Moreover, implementation of measures that mitigate the impact of rising pension and health care costs for public finances would also exert upward pressure on the rating.

The rating would likely go down should prolonged fiscal slippage re-emerge, leading to a substantial accumulation of additional government debt.

It noted that the government expects the deficit to fall to 2.9% in 2011, largely due to reduced personnel costs and intermediate consumption by ministries; it plans to reduce staff numbers by not replacing all workers who retire or resign from the civil service and is also trying to strengthen the link between public-sector compensation and productivity.

"Achieving the deficit reduction targets will in part be determined by the speed of Malta's economic recovery, which we think could be somewhat slower than the government anticipates given the fiscal austerity measures being undertaken in some of Malta's key export markets."

Source: Times of Malta

Malta proposes Taxpayers’ Charter

On 27 July 2010 Finance Minister Tonio Fenech launched a draft Taxpayers' which is open to consultation procedures. The draft has been published together with the Pre-Budget 2011 document and is in booklet form.

The proposed Charter seeks to establish and clarify as well as make accessible to the public the taxpayers' rights and obligations in relation to service delivery levels, transparency, privacy, awareness, compliance, cooperation and honesty.

According to the proposed Charter taxpayers will benefit from the following rights:

Fairness and Impartiality

All taxpayers are to be treated with fairness and impartiality. Tax authorities pledge to behave with integrity and honesty, to act impartially and professionally as well as to make fair and equitable decisions in accordance with the law. Tax authorities are also bound to resolve tax payers concerns and complaints as rapidly as possible.

Honest unless proven to the contrary

The Charter spells out the right to be treated as honest and tax compliant and binds authorities to act with integrity and ensure that only legally tax due is paid and all deductions and entitlements are properly allowed.

Right to information

Tax authorities will endeavour to help taxpayers understand their legal rights, tax obligations and benefits as well as to provide updated information in clear and plain language.

Right to minimise compliance costs

Tax authorities will strive to make it cheaper for the tax payer to comply with his obligations by reducing the workload, time and effort required to meet these obligations.

Right to representation

A taxpayer may either represent himself or be represented by any person of his choice.

Right to appeal

The proposed charter also stresses the taxpayers' right to appeal. When the taxpayer does not agree to a decision about his tax affairs he has the right to request a review in accordance with our tax laws. In such circumstances, the authorities after clarifying the basis of their decision, will explain the taxpayer's rights to appeal and will review the case if they believe they have misinterpreted facts, applied the law incorrectly or not handled the case properly. The authorities promise to review the case comprehensively, professionally, impartially and in a timely manner.

Right to privacy

Privacy and confidentiality of information held by the authorities will be safeguarded and all measures are to be taken to verify identities when necessary.

Right to licit arrangement of tax affairs

While stipulating that tax payers have the right to the lawful arrangement of their tax affairs the document clearly states that this is to be distinguished from unlawful tax avoidance and evasion which will be referred to the police for further investigation.

Right to complain

Tax payers are given the right to complain about the authorities' service by virtue of a complaint mechanism which will be set up for this purpose.

The Taxpayers' Obligations

The proposed Charter places a similar onus on taxpayers to be cooperative, truthful, correct and punctual. They are expected to prepare and keep proper, sufficient and updated records, and to issue tax invoices and fiscal receipts as required by law in order to prepare accurate returns, meet reporting requirements, keep track of financial affairs and be able to supply complete information on request.

The Taxpayer's Charter is available on:

http://www.finance.gov.mt/image.aspx?site=MFIN&ref=2011_taxpayers%20charter

Source: Ganado Sammut Advocates - Legal Brief: July 2007

Latest Government Statistics

New 'Government Finance Statistics' have been posted on the Central Bank of Malta's website.

Click here to download the respective information

Strong showing for Financial Services in Global Competitiveness Report

Malta has moved into 11th position in financial market development according to the World Economic Forum's ompetitiveness Index 2010-2011. Key performance indicators for the financial services sector also confirm the sector's standing as a leading innovator in the Maltese economy.

This ranking is two notches up from the previous year. The soundness of Maltese banks has been ranked in 10th position (up from 13th). This also means that Malta has effectively retained its joint 5th position in this area if it is considered that there are eight countries tying in the top 10 segment. Malta also moved up from 13th to 12th position (joint 6th) in the assessment carried out on the regulation of securities exchanges and from 12th to 8th position on the strength of auditing and reporting standards.

This year's edition of the WEF Index is based on an assessment of 139 countries. According to the same Report, the Maltese economy has also moved into 50th position worldwide, up from 52nd last year. Malta also featured strongly on the positive impact of rules on foreign direct investment (7th); the quality of the educational system (20th) and country credit rating (28th). The rankings also confirm that the country is a very safe place to do business in.

The figures for financial services underscore recent performance figures published by the National Statistics Office showing that the financial sector's gross value added in the first 6 months of 2010 has increased by 75% over the same period last year.

The Report may be found on the WEF website:
http://www.weforum.org/en/initiatives/gcp/Global%20Competitiveness%20Report/index.htm

Source: MFSA
9th September 2010

FinanceMalta

Transcontinental Trust 2010 - 30/06/2010 - 01/07/2010

16th GAIM International 2010 - 14/06/2010 - 17/06/2010

Network Management 2010 - NEMA - 08/06/2010 - 10/06/2010

FinanceMalta's 3rd Annual Conference - 30/04/2010

Hedge fund Re-domiciliation for Managers - Luxembourg - 15/04/2010

FinanceMalta Website & Investment Guide and Business Directory 2010 Launch - 26/03/2010

Hedge fund Re-domiciliation for Managers - Geneva - 18/03/2010

FinanceMalta's First Live Webinar - 05/03/2010

ITAS 2010 - 23/02/2010 - 26/02/2010

Financial Services in Malta: Where Opportunities become realities - Bahrain - 12/04/2010

Ernst & Young Breakfast Meeting

MIM's ‘Public Sector Efficiency 4 Private Sector Effectiveness’ Breakfast Seminar

Global Financial Services Centres Conference 2010 - 27/04/2010 - 28/04/2010

PwC Academy - What lies ahead? An update on Maltese tax legislation - 04/05/2010

Managing Brand Value for the Board - 28.04.2010

Time to domicile in Malta? - 25.05.2010

Hedge Fund Breakfast Briefing - 22.09.2010

EU Direct Tax Law: Seminars - 24.06.2010 - 25.06.2010

*GROUP DISCOUNTS APPLY

The role of the Non-Executive Director and evaluation of Non-Executive Directors in current times -20.05.2010

Euro Finance Week - 15.11.2010 - 19.11.2010

City Week - The UK International Financial Services Forum - 20/09/2010 - 22/09/2010

PKF Malta - EU urging a Pension Reform - 19/07/2010

Hedge 2010 - 09/11/2010 - 11/11/2010

HFMWeek Subscriber Club breakfast - 15/07/2010

FinanceMalta Affiliate Programme launch - 24/09/2010

The Malta International Risk and Insurance Congress - 25.11.2010 - 26.11.2010

Who will attend this Congress?

Confirmed headline speakers include

Fund Forum Middle East 2010 - 03.10.2010 - 07.10.2010

A New Conference For A New World For The Middle Eastern Investment & Wealth Management Industry

PwC Academy event: VAT: Back to Basics (Repeat session) - 02/09/10 - 03/09/10

Malta Week in Brussels - 04/10/2010 - 07/10/2010

European Captive Forum 2010 - 19/10/2010 - 20/10/2010

Asia-Europe Business Forum - 04/10/2010

Expected participation:

NeMa Asia (Network Management Asia) - 10/11/2010 - 11/11/2010

Malta Islamic Finance Conference: A New Beginning 2010 - 27/10/2010 -28/11/2010

FHRD National Annual Conference - HR & Training Fair - 08/10/2010

MEBA (Middle East Business Aviation) 2010 - 07/12/2010 - 09/12/2010

Showcasing event at the Institute of Chartered Accountants England & Wales (ICAEW) - 25/11/2010

Credit Management Workshop Malta - 10/09/2010

Hedge Funds World Africa 2010 - 01/11/2010 - 04/11/2010

FinanceMalta 4th Annual Conference - 20.05.2011

PWC Academy - Getting assurance from IT controls - 02/09/10 - 03/09/10

PWC Academy - Internal audit today & Dealing with the Audit Committee - 28/09/10 & 05/10/10

PWC Academy - Investment fund management: basic regulatory & accounting principles - 01/10/10

PWC Academy - Influencing styles: your personal power - 14/10/10

PWC Academy - Clarity ISAs - What do practitioners need to do? - 21/10/10, 28/10/10 & 04/11/10

PWC Academy Event: How well are you project managing your business initiatives? - 27/10/10

PWC Academy Event: What does IFRS 9 'Financial instruments' mean to you? - 08/11/10

PWC Academy - Transfers of immovable property: what are the tax implications? - 16/11/2010 - 18/11/2010, 23/11/2010

PWC Academy - To impair or not to impair? What is your value? - 03/12/2010

The Middle East Family Office & Investment Workshop - 05/12/10 - 06/12/10

FinanceMalta Christmas Networking Drinks - 16/12/2010

FinanceMalta launches student membership

Malta Business Forum held in Vienna

Malta and China Strengthen Relations in Financial Services Regulation

FinanceMalta's First Live Webinar on 5 March 2010

Central Bank of Malta Quarterly Review – Fourth Issue 2009

Malta – overall best performer in transposing EU legislation

Malta promoted in the US through FinanceMalta Webinar

Deutsche Bank receives Maltese banking licence

New Real Economy Indicators

A guidance note for shariah compliant funds has been issued by the Malta Financial Services Authority

European Parliament approves Prof. Edward Scicluna's report on ECB

Monetary, Banking, Investment Funds and Financial Markets

Liongate, University in talks over hedge fund centre

Malta, Bahrain, sign double taxation agreement

FinanceMalta 3rd Annual Conference Highlights Changes and Opportunities

The Central Bank of Malta’s Annual Report 2009

New Real Economy Indicators

New Real Economy Indicators

Britain faces EU squeeze on hedge fund rules - Financial Times

Malta and China commence Double Taxation Agreement (DTA) discussions

"Strengthening the Malta brand as a financial jurisdiction" by Vanya Walker-Leigh

Speciality Finance applies for Credit Institution License

The net international investment position (IIP) of Malta.

Monetary, Investment Funds and Markets statistical information