Malta set to establish itself as leading financial services jurisdiction



While addressing the 4th Annual Malta Fund Two-Day Conference 2014, AIFMD One Year After: Implications for Funds, Managers & Service Providers, held at St Julians on Thursday 18th September 2014, the Minister for Finance Prof. Edward Scicluna said, “I see the next ten years as the pivotal period during which Malta will establish itself as the leading jurisdiction in terms of sound regulation and cutting edge legislation.”



During his address, Prof. Scicluna underlined that over recent years, “Malta has established itself among more dynamic financial services and hedge fund jurisdictions in Europe.”




He noted that these years have been used wisely to introduce an excellent regulatory model, adding that the number of Malta-based fund managers has been increasing steadily in recent years.



“Seventy seven fund managers based in Malta now manage over €22 billion in fund assets alone. The industry is supported by 28 fund administrators and scores of other investment and professional service providers. This is a clear indication of the general acceptance of our model within the industry,” said Prof. Scicluna.

“With regards to the quality of regulation, it is pertinent to point out that the soundness of Malta’s banking system has placed 10th in the World Economic Forum global rankings, and that the strength of auditing and reporting standards has featured among the top 15 nations on the list,” added Prof. Scicluna.


He also underlined that Malta has reached a point where the country can aim higher, adding that the coming decade will serve as the pivotal period during which Malta will establish itself as the leading jurisdiction in terms of sound regulation and cutting edge legislation. “We have hit the homestretch in good shape and I am confident that we are now inching towards a steady lead,” emphasised Prof. Scicluna.

Prof. Scicluna noted that Malta has successfully implemented the Alternative Investment Fund Managers Directive (AIFMD) in a timely and effective manner thanks to constant liaison between the ESMA, the Commission, and the MFSA, which led to the implementation of the correct solutions to issues which arose during implementation.


“Among other things Malta has retained its highly successful Professional Investor Funds regime which allows fund managers to provide MIFID-type services while retaining an element of proportionality in its approach where appropriate,” noted Prof. Scicluna.

Prof. Scicluna further remarked that Malta is also taking a strong position when it comes to discussions related to the future development of the Directive. “We firmly believe that there is still scope for more cross-border integration within the European alternative investment market.”


 Thursday, 18 September 2014


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