The Malta Financial Services Authority (MFSA) and Directors Chambers held a continuing professional development course for directors of investment companies and investment funds on February 16 and 17th.
The MFSA sponsors a rotating series of these courses for directors from the funds, banking, and insurance industries. The funds course included three speakers from the MFSA: Chairman Professor Joe Bannister, Director General Ms. Marianne Scicluna, and Director Authorisation Unit, Ms. Angele Grech.
The course was arranged in cooperation with Directors Chambers of Malta, a company promoting proper fund governance and professional standards for independent directors.
The course featured international speakers from the funds industry discussing the latest developments about key topics for directors in 2015. Speakers travelled to Malta from London, Dublin, New York and San Francisco.
Dermot Butler, President of Custom House Global Fund Services, and Simon Osborn, Chief Executive Officer of IFI Global, discussed principles of proper corporate governance. Both talks included reviews of historical challenges and current expectations of investors.
Joe Vittoria, Chief Executive Officer of Mirabella Financial Services and Director of Cordium Malta, and Dr. Bob Swarup, author of Money Mania: Booms, Panics, and Busts from Ancient Rome to the Great Meltdown and principal of Camdor Global, discussed risk management. Risk management is an important issue in the European Union since the Alternative Investment Fund Managers Directive (AIFMD) requires managers to have an independent risk management function.
John Donohoe, Chief Executive Officer of Carne Global Financial Services, Peter Astleford, partner at Dechert, and David Larsen, Managing Director of Duff & Phelps, discussed fund administration, custody/depositary, prime brokerage, and valuation issues, mostly regarding the AIFMD.
Steven Huttler, partner at Sadis Goldberg, and Marie Barber, Managing Director of Kinetic Partners, discussed United States issues relevant to directors in Malta. Mr. Huttler talked about the need for certain United States investors to use foreign domiciles and Ms. Barber explained the Foreign Account Tax Compliance Act (FATCA).
The presentations from all international speakers can be viewed on the MFSA Website.
MFSA Chairman Prof. Joe Bannister commented on the event, "We achieved our goal of keeping the director community in Malta up-to-date on important industry issues. Since all of the speakers and some of the attendees represented influential international firms, Malta could see increased interest from international sponsors seeking a safe and competitive investment management and fund domicile from which they can serve both European and non-European clients."
The MFSA has also published a Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes.
MFSA Newsletter - February 2015
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