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Opalesque Malta Roundtable: EU or non-EU regulations? The relevance of the larger regulatory domain

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The 2008 financial crisis had no effect on Malta. The banking system is solid and none of the banks required any assistance. In addition, there is political consensus on the importance of its financial industry.

While Professor Bannister, Chairman of the Malta Financial Services Authority, the single regulator for financial services, does not believe anymore in the “marketing of jurisdictions as regulations are standard -- everybody is being controlled, and more or less there is no regulatory arbitration”, firms doing business in Malta like Innocap praise the island's efficiency and time to market, which is offering the company a “real advantage”.

EU or non-EU regulations? The relevance of the larger regulatory domain

The EU is made up of 28 Member States with each national supervisor having different supervisory priorities depending on the nature, scale and complexity of the market for which it is responsible. However today, for many global investors the question of regulations isn't really about specific countries, but rather about the larger regulatory domain -- the decision is really about following an EU or non-EU regulation. However, once a pro-EU decision is made, Malta is a very good place to set up, according to the participants of the Opalesque 2014 Malta Roundtable.

The Malta Financial Services Authority aims to be very proactive and innovative in the field of regulation. Some of the recent innovations the MFSA introduced include Incorporated Cell Companies, sophisticated limited partnership regulations that for example allow to have segregation of assets in partnership structures, retaining the “old” Professional Investor Fund regime as an alternative to AIFMD, and the dis-application of Section 18 of the remuneration, meaning that sub-managers are not included within the scope.

The Opalesque 2014 Malta Roundtable was sponsored by Eurex and Investment Data Services (IDS) and took place at the office of the Malta Financial Services Authority with:

  1. Professor Bannister, Malta Financial Services Authority
  2. Christopher Buttigieg, Malta Financial Services Authority
  3. Xavier Urli, Innocap Global Investment Management
  4. Daniele Cop, MAMO TCV
  5. Bernadine Sciberras, Active Compliance
  6. Ian Hamilton, Investment Data Services
  7. Markus-Alexander Flesch, Eurex
The group also discussed:
  • Are good practices driven by investors or regulations?
  • Is EU regulation putting an end to the multi-prime model the industry adopted after the Lehman and Bear Sterns shocks?
  • With AIFMD, who is responsible for valuations? Are AIFM depositary rules a “political game”?
  • Why is proportionality of regulations important, and how can it be implemented?
  • Does a company responsible for telephone directories have to comply with EMIR reporting?
  • How can smaller managers still make it in today’s environment?
  • How “OTC2CCP” helped OTC derivative market participants to eliminate over $375 trillion in notional principal.

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