This afternoon Minister for Finance Edward Scicluna addressed the Federation of European Securities Exchanges (FESE), which is holding its annual convention at the Hilton, St Julian’s.
PRESS RELEASE BY THE MINISTRY FOR FINANCE
Prof Scicluna remarked that as a result of the financial crises, in order to strengthen the sector while protecting the investor, pieces of legislation and regulations were introduced. He acknowledged that this could translate into protracted slower growth in the short term, but over the medium and long term future, such course of action will yield positive results and growth of the financial sector.
Minister Scicluna commended the European Union Commission for taking a leading role in undertaking an extensive review of current legislation aimed at enhancing investment and economic growth.
Whilst stressing the need to focus on enhanced investor education, Prof Scicluna mentioned that locally this issue is being addressed with the help of the Malta Stock Exchange and other market practitioners.
The Finance Minister referred to Commissioner Hill’s comments regarding the Commission’s commitment to legislate less but better. In the local context, where the absolute majority of all companies are by definition SMEs, the Malta Stock Exchange (MSE), earlier this year, launched “Prospects”, the new tool to access the capital markets geared towards the needs of SMEs and start-up companies, fits in well with the Commission’s focus on these economically important entities and is also in line with the MSE’s commitment to open up new capital market opportunities, in order to create economies of scale and to afford businesses more competitiveness and sustainability.
Minister Scicluna concluded his address by stating that “Malta’s financial sector will remain highly regulated and transparent and will be participating in all European and International fora related to Anti-money laundering and Anti Tax Avoidance under the aegis of the EU and the OECD respectively because we believe that the best way forward is by maintaining the country’s treasured reputation. We will strive with our might to maintain the country’s competitiveness, but not by compromising on an agreed set of international standards”.
Thursday 16th June 2016