Financial services sector registers further growth

The financial services sector in Malta continued to register growth in 2017 with the issuance of various licences and authorisations predominantly in the areas of insurance business, investment services, investment funds and trusts.

The number of insurance undertakings authorised to conduct insurance activities under the Insurance Business Act reached 63 at the end of 2017, representing an increase of three net licences when compared with the previous year. In 2017, the Authority granted registration certificates to five new retirement schemes.

Investment services also continued to register growth in the year under review with 162 investment services companies licensed with the Authority at the end of 2017. This represents a net increase of six licences when compared with year 2016. 

The Authority licensed 97 investment funds (including sub-funds) in 2017, of which nine were licensed as Alternative Investment Funds, 58 Professional Investor Funds and 30 UCITS funds. These include three Incorporated Cells, all licensed as PIFs, of Recognised Incorporated Cell Companies. During the year, 18 Professional Investor Funds had their licences converted to Alternative Investment Funds while one Professional Investor fund and two non-UCITS funds converted to UCITS funds.

Source: MFSA Newsletter

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