Finance Minister praises Maltese financial services

Malta will establish itself as the leading financial services jurisdiction within the next ten years, Finance Minister Edward Scicluna said.

“Malta has established itself among more dynamic financial services and hedge fund jurisdictions in Europe,” Scicluna said.

He was speaking at the 4th Annual Malta Fund Two-Day Conference 2014, ‘AIFMD One Year After: Implications for Funds, Managers and Service Providers’ on 18 September.

He said that Malta has introduced an excellent regulatory model in recent years and that the number of Malta-based fund managers is rising.

“77 fund managers based in Malta now manage over €22 billion in fund assets alone,” Scicluna said. “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.”

“Malta’s banks have ranked 10th in the World Economic Forum global rankings for soundness and Malta’s auditing and reporting standards has ranked within the top 15 nations on the list,” Scicluna added.  

Scicluna said that Malta has successfully introduced the Alternative Investment Fund Managers Directive thanks to constant liaison with the ESMA, the Commission, and the MFSA.

“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,” Scicluna said.

“We firmly believe that there is still scope for more cross-border integration within the European alternative investment market,” Scicluna said.