The activity of the Malta Financial Services Authority 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 trust. The Authority has given a snapshot of its activities through its Annual Report tabled in Parliament by Parliamentary Secretary Hon. Silvio Schembri.

The MFSA today regulates over 2,180 licence holders, a significant increase of over 360 during the past three years. This increase was paralleled by a significant strengthening of supervision and compliance, with the latter being carried out through both off-site and on-site inspections.

The year 2017 was also an important year for the Authority in connection with Malta’s role as the Presidency of the Council of the European Union for the first six months of the year. The Presidency came at an important juncture for the financial services sector, particularly in view of technical discussions on the completion of the Banking Union and upcoming negotiations on key legislative proposals related to the Capital Markets Union. The MFSA was also involved in drafting various pieces of legislation and regulation throughout the year.

Commenting on the publication of the Annual Report, incoming Chief Executive Officer Joseph Cuschieri, described the report as “a detailed snapshot of the extensive work carried out by the Authority. The MFSA is handling an ever growing number of licence holders, and invested significant resources to strengthen its due diligence processes, both prior and post licencing. This is being done to ensure that Malta delivers on the expectations placed on it as a respectable financial services jurisdiction.

However, as an Authority, we are also looking forward at embracing the new opportunities arising from financial technology, blockchain and other means of digital innovation. May I take this opportunity to thank all the management and staff for driving the Authority through another year of growth and for strengthening its place among the foremost worldwide financial services jurisdictions.”

The MFSA Annual Report is available online by clicking here.

Licencing activity

• 6 new investment services licence holders, taking total to 162
• 97 new investment funds
  • Funds domiciled in Malta reported an aggregate net asset value of €10.6 billion in 2017.
  • This represents an increase of 7.8 percent from the previous year.
• Net increase of 3 insurance undertakings, taking the total to 63
• 5 new retirement schemes (Total: 50)
• 6 new financial institutions, taking the total to 48
• 36 new Company Service Providers (Total: 172)
• 5,297 new companies and 109 new partnerships (Total 84,503)
• 106 companies transferred their domicile to Malta

Supervision & Compliance

• 200+ employees dedicated to licencing/supervision
• 100+ regulatory notifications issued
• 23 Administrative Measures and / or Penalties imposed during the year
• 55 Supervisory Council meetings to approve new licences, decide on compliance and other supervisory issues
• 83 circulars issued to the industry

Contact with the public

• 1.9 million visits to portal www.mfsa.mt
• 12 Consultation or Feedback documents
• 1,300 replies to written public queries
• 5 Warnings to the Public