An Independent Registry of Companies.
Parliamentary Secretary Silvio Schembri recently announced that the Registry of Companies will become a separate entity and no longer fall under the auspices and direction of the MFSA [Malta Financial Services Authority]. The official reason quoted was in order to help the Authority focus solely on its regulatory functions. Will the Registry become another Government department? Or will it retain some degree of autonomy? This remains to be seen….
MFSA to have new CEO
During the annual IFSP conference themed, ‘Efficiency and Innovation, the way forward for Malta’s Financial Services Industry’, Mr Schembri stressed on the importance strengthening the internal management structure of the authority to make it more proactive in exploring non-conventional segments of the financial market.
“This will primarily be spearheaded by the creation of a new role, that of a CEO”, said the Parliamentary Secretary, citing that this is the result of a public consultation launched a couple of months ago that asked for the views of the industry and the public on how they see the Malta Financial Services Authority evolving in the coming months.
Amendment to the MFSA Act.
Since MFSA legislation [specifically Chapter 330 of the Laws of Malta] does not envisage the role of a CEO, Parliament is currently amending the Act accordingly to cater for this innovative key position. The new CEO will henceforth be Mr. Joseph Cuschieri (who was previously employed by the Malta Gaming Authority).
Current incumbent Chairman Mr. Joe Bannister will be stepping down from the MFSA on the 31st of March and will be directly replaced by Professor John Mamo [founder of John Mamo and Associates – which today is known as Mamo TCV], an appointment which was surprisingly also met with approval by the leader of the opposition Dr. Adrian Delia.
Concluding thoughts.
Whether the separation between the Registry of Companies and the MFSA will ensure greater efficiency remains to be seen. What is certain is that the Authority is entering unchartered waters. With the eyes of Europe always glancing towards Malta, it comes as no surprise that the Government has decided to establish changes set towards making Malta one of the major financial hubs in the world.
