The Malta Financial Services Authority (MFSA) has today issued two Self-Assessment Questionnaires for already authorised Maltese Fund Managers and Self-Managed Funds (other than UCITS Schemes) in order to assist them in the transition to the new AIFMD regime by 22 July, 2014. In this regard, the MFSA indicates that a completed Self-Assessment Questionnaire should be submitted before 31 March, 2014 in order to meet the deadline for compliance.
In October of last year, the Malta Financial Services Authority (MFSA) published a circular regarding the proposed introduction of a new rule in the MFSA’s Rulebook for Professional Investor Funds (the PIF Rulebook) permitting cross sub-fund investments by Maltese Professional Investor Funds (PIFs) targeting Qualifying Investors (QIFs) or Extraordinary Investors (ExtraIFs). A copy of the original circular can be obtained here to which GANADO Advocates provided its comments. The MFSA has today issued its Feedback Statement setting out its conclusions and the relevant new Rule.
On 3 December, 2012 the Malta Financial Services Authority (MFSA) published its second Consultation Note regarding the proposed implementation of AIFMD including the proposed Standard Licensing Conditions (SLCs) for Alternative Investment Fund Managers (AIFM) and for custodians / depositaries of Alternative Investment Funds (AIFs). Our news item on this and a copy of the relevant Consultation Note can be found here. The MFSA has now published its Feedback Statement on the key issues raised during the consultation and noted that most of the industry’s suggestions were taken on board.
On the 30th of April 2013, the Malta Financial Services Authority (the “MFSA”) issued a report on the 2012 MFSA Standard Formula Exercise for Solvency II. This report summarises the results of the calculation of the standard formula for re/insurance undertakings that participated in the 2012 MFSA standard formula exercise.
The 2013 STEP Geneva Conference on Opportunities for the Wealth Management Industry in Switzerland was held on 29th of April,
A report published by Fitch Ratings and dated 16 April 2013 affirms Malta’s long-term foreign currency and local currency ratings
On 10th April, the European Commission published its In-depth review for Malta under the 2011 Regulation on the prevention and
Malta contributes actively to these institutions’ (ESRB and ESA's) oversight activities which have included the stress-testing of systemically important banks. Furthermore, the national financial regulatory and supervisory system is regularly subject to assessments by international organisations including the EU and the IMF.
On the 27th of March 2013, the European Insurance and Occupational Pensions Authority ("EIOPA") launched a public consultation on the Guidelines issued as part of the preparation of the implementation of Solvency II.
Central Bank Governor Josef Bonnici has dismissed as “misleading” any comparison between Malta’s banking system and that of Cyprus.