Malta’s registry of companies is set to become a standalone entity.
Addressing the annual conference of the Institute of Financial Services Practitioners (IFSP), Parliamentary Secretary for Financial Services Silvio Schembri said the setting-up of the new entity would position the Malta Financial Services Authority to focus solely on its regulatory role.
During the conference, themed ‘Efficiency and Innovation, the way forward for Malta’s Financial Services Industry’, Dr Schembri referred to the need of strengthening the internal management structure of the Authority to reflect the developments over the years that will make it more proactive in exploring non-traditional segments of the market.
“This will primarily be spearheaded by the creation of a new role, that of a CEO”, he said, adding that this was a result of a public consultation exercise to gauge the views of the industry and the public on how they see the regulatory authority evolving in the coming years.
The junior minister said Malta’s competitive edge needed to be reassessed all the time, not just by means of being only cost competitive, but in being able to create value added which could only be achieved through innovation. Closely related to this, he explained, was the government’s initiative to ‘regulate’ the outcomes of DLT and related technology.
“We want our financial services to be ahead of their time,” he said.
Finance Minister Edward Scicluna told the IFSP members that the success Malta was registering in the financial services sector was due to having a well-trained workforce, expertise in place and efficient institutions and businesses.
He referred to the recent OECD International Tax Cooperation Report that showed Malta to be among the world’s most tax-compliant countries. The report based its assessment on the absence of harmful tax practices in relation to base erosion in general, a strong commitment in relation to tax cooperation, and on the automatic exchange of information.
Professor Scicluna said Malta was exchanging information in line with the Common Reporting Standard and has an activated information exchange network in relation to country-by-country reporting for multinational enterprises.
Moreover, Malta is ranked as being largely compliant when it comes to the exchange of information on request.
The Minister said that one should first conclude the Banking Union and the Capital Markets Union before embarking on other ambitious roadmaps.
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