Despite a very challenging global economic environment in 2015, financial services in Malta have continued to expand. Significant new business was registered particularly in the banking and other related services, investment services and trust services, with the other sectors experiencing modest growth in the number of new licensed companies.
In the banking sector, one company had its licence upgraded from that of a financial institution to a credit institution to be able to transact the business of banking in terms of the Banking Act. This brings the total number of authorised credit institutions to 28 at the end of 2015, one more than the previous year. Nine companies were granted a financial institution licence in terms of the Financial Institutions Act, of which two institutions were licensed to provide payment services while another institution was granted a licence to issue electronic money. Another three institutions were licensed to provide both payment services and electronic money issuance.
Significant growth was also registered in investment services with 22 licences issued in the various categories. 16 of these were issued at Category 2 level and included a number of UCITS and AIF managers. Three custody licences were also issued, two at Category 4a level and one Category 4b. A number of other licences that were already in force were also revised or extended to provide additional investment services activities. Eight companies across all categories ceased to be licensed during the year.
It was another good year in the funds sector. The Authority licensed 109 new funds (including sub-funds), of which eleven were licensed as Alternative Investment Funds, 78 as Professional Investor Funds and 20 as UCITS funds. The Authority also issued three Private Collective Investment Schemes recognition certificates in terms of the Investment Services Act. A number of funds and sub-funds surrendered their licence during the year while others had their licence revised to reflect their conversion from Professional Investor Fund to Alternative Investment Fund.
The insurance sector continued to perform well despite the increased international economic uncertainties and challenges related to the new Solvency II framework which took effect on 1 January 2016. Four new insurance undertakings, including one life insurance undertaking, one Protected Cell Company, and one reinsurance company, were authorised under the Insurance Business Act. Another two insurance undertakings had their licence revised to cover additional classes of insurance business. Two new cells were approved by the Authority which brings the total number of authorised cells in 2015 at 29 within 12 Protected Cell Companies. Six insurance undertakings ceased to be authorised by the Authority in 2015. There was no significant change in the insurance intermediation sector. One company was enrolled in the Managers List in terms of the Insurance Intermediaries Act while one cell was added to an insurance brokerage PCC. A number of individuals were also added in the various insurance registers.
In the pensions sector, the Authority granted certificates of registration to two retirement schemes and two retirement scheme administrators. The Authority also accepted the surrender of registration of one retirement scheme and one retirement scheme administrator in 2015.
There were nine new authorisations in terms of the Trusts and Trustees Act and three surrenders of authorisations which bring the total number of authorisations to 148 at the end of 2015. In addition, there were 67 registrations in terms of the Company Services Providers Act in 2015, 58 more than the previous year.
There were over 5,500 new registrations in the Registry of Companies in 2015.
The full end of year licences statistics for year 2015 are published on the MFSA website and may be accessed through the following link: https://goo.gl/YXQQZN
Growth Continues To Persist In 2015
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