CSB Group’s Take on the MFSA’s Annual ReportMEDIA ROOM
As the financial services industry continues to expand, Malta continues to see new business flowing into itself on a steady, regular basis.
CSB Group CEO Michael J. Zammit says that the significant growth in the number of new licences issued in all areas of financial activities continues to give more impetus to financial services firms and corporate service providers to do more vis-a-vis putting Malta on the financial services map.
Doing business the smarter way has resulted in Malta rapidly gaining international recognition, evidenced by the number of reputable international financial services operators recognising opportunities Malta has to offer.
Needless to say, FinanceMalta is also being very proactive in as far as strategically putting Malta on the financial services map goes. This zealous approach, paired with a string of strategic events held in other European countries, continues to strategically brand Malta and communicating its strengths.
The recently-published MFSA quarterly report states that, as at the end of 2010, the Registry of Companies had registered 51,575, 1,305 partnerships – ‘‘En Nom Collectif’’ and 100 partnerships.
Last year also saw the highest number ever recorder of companies registered in the Companies Registry – 3,061 with 69 new commercial partnerships also registered, bringing the total to 3,130 new registrations and 452 more new registrations than the previous year.
This is also excellent news if one is too see it from a career seeker’s perspective as it makes careers and job prospects even more accessible to the job seeker based locally. Especially in the financial sector, employment continued to increase during the year. The number of full-time gainfully occupied in direct financial intermediation services stood at 5,871 in October 2010 or about three per cent more than October 2009.
‘‘CSB Group’s recruitment arm is also seeing an ever-increasing interest from career-seekers in financial services sector roles’’, said Mr Zammit. In this regard, programmes offered by the MFSA together with training institutes were a strategic endeavour to sustain the developments taking place in the finance sector.
It is also very encouraging to see that financial services have become the most determining sector for Malta’s Foreign Direct Investment – almost 85 per cent of money flows to Malta as a result of companies involved in financial intermediation. Such financial services companies continue to lead Malta’s foreign direct investment.
Encouraging high standards of compliance, the authority, is responsible for the supervision of all financial services providers and consumer protection resulting in a consistent approach to regulation linked to the legitimate aspirations of consumers.
The stratagem reviews the importance of the financial services sector in the Maltese economy. Despite the recent economic crisis, supervisory authorities raised the capital adequacy levels of financial institutions and created colleges of supervisors for cross border institutions. Such policy requirements aim at strengthening resources of branches and subsidiaries. It continues to strengthen the vision for the authority and the financial services sector it supervises. It has set a number of objectives and goals that it intends to implement during the period of the plan.
Malta continues to develop as an international financial centre and this is reflected by the range of financial services Malta offers, leading to it to be positively ranked for its performance in the financial sector in The World Economic Forum’s Global Competitiveness Index 2010 – 2011, which ranked Malta 11th out of 139 countries for its financial market development.
Looking forward, one is keen to see what the progress will be in light of the MFSA’s recently published 2011-2014 Strategic Plan. This takes the MFSA to a higher level of activity with the important parameters being training, legislative reviews and the expansion of contacts with other regulatory authorities worldwide.
‘‘These are very interesting times for the financial services sector in Malta and CSB Group prides itself with being a leader in representing Malta in the financial services industry, said Mr. Zammit. Established in 1987, CSB Group offers its clients a spectrum of specialised Business & Commercial Services, offering a complete turnkey solution to clients wishing to set-up or relocate their business to Malta, among which Corporate, Trust, Business Advisory, Tax, Accounting, Recruitment, HR, Credit Risk, Relocation and Real Estate.