The Malta Funds Industry Association in collaboration with Finance Malta and Hedge Funds Review recently held a business breakfast event at the Corinthia Hotel in London. The event, attended by over 70 financial services professionals, focused on ‘The Implementation of the AIFMD’ and the speakers present discussed their recent experiences with the Directive, the challenges which this brought about as well as the opportunities which the AIFMD has created for the industry.
Following the introductory remarks by the MFIA Chairman and a detailed presentation delivered by Keynote Speaker Mr Joseph J Agius from the MFSA, an interesting panel discussion ensued. Mr. Michael Galea, Head of Fund Services at Calamatta Cuschieri, and a member of the Executive Committee of the Malta Funds Industry Association was one of the panellists tasked with shedding some light on the matter at hand whilst at the same time promoting Malta and what it can offer as a jurisdiction.
Mr. Galea explained that “The event was indeed a great success. We are very happy with the turnout for the event and the feedback we received from participants was indeed encouraging. Whilst Malta is increasingly being accepted as a jurisdiction of choice for Fund Managers to set up their fund structures, and in some cases, also their Investment Management Company, there is still a lot of work left to be done. Events such as these are steps in the right direction and we look forward to the possibility of organising more events of this type in the near future.”
He continued “The AIFMD has indeed brought about significant challenges to the funds industry. Notwithstanding, as a Fund Administrator we sought to focus on the opportunities that such changes necessarily bring about. One of these is without a doubt the Annex IV Reporting. Given the central role that an Administrator fulfils, it came to no surprise to us that an overwhelming majority of our clients were happy to delegate this task to us. Naturally this brought about a significant workload within a relatively short time frame since the exact format of the reports was only made available a few weeks prior to the end of January deadline. However today we look back and are satisfied with the way things have panned out and now feel even more confident that we will be able to embrace the challenges ahead.”
Mr. Galea also reiterated that “One of the biggest positives that Malta has to offer is without doubt its Regulator. As many people might know, the MFSA is pro-business, adopts a flexible approach and is accessible. To this end, we always encourage our clients to meet with the MFSA prior to submitting an application for any project necessitating licensing. This we feel is of paramount importance as it allows a promoter to discuss the proposed business plan with the Regulator in advance of filing, thereby setting out the basic parameters within which it intends to operate. The MFSA on the other hand will be able to guide prospectives on whether this is indeed achievable. At the end of the day, this will also ensure that the licensing phase is more efficient and licensing timeframes respected.”
Calamatta Cuschieri Fund Services Limited is a recognised Fund Administrator by the Malta Financial Services Authority. For more information, please contact Mr. Michael Galea on 99 444 098 or via email on [email protected].