Issue link: https://maltatoday.uberflip.com/i/1071614
maltatoday | WEDNESDAY • 16 JANUARY 2019 13 BUSINESS AS part of a series of efforts aimed at enhancing the finan- cial jurisdiction and strengthen the fight against money laun- dering and terrorist financ- ing, Malta has implemented a number of regulations aimed at implementing the relevant pro- visions on beneficial ownership information. The regulations set out the parties who have access to beneficial ownership infor- mation, the extent of such access, as well as the provi- sion for a register of ben- eficial owners for trusts and trustees. All licensed trustees who are appointed as such for any trust which generates tax consequences in Malta are required to submit to the MFSA a declaration of benefi- cial ownership for every such trust. Through this declara- tion trustees provide details about the trustee, settlor, pro- tector, and all beneficiaries or persons exercising control over a trust. In order to improve the effi- ciency of this process, the MF- SA has developed an online platform for the Trusts Ulti- mate Beneficial Ownership Register which facilitates the electronic submission of ben- eficial ownership information of trusts as well as provides online access to this informa- tion to the entitled parties. As per the above-mentioned regulations, various national competent authorities such as the FIAU and national tax au- thorities, the Police, the Asset Recovery Bureau, the Comp- troller of Customs and the Sanctions Monitoring Board are entitled to unrestricted access to this register. With the launch of this new online platform, the MFSA has organised a number of information sessions to ad- equately brief the relevant stakeholders. Over 200 representatives from national competent au- thorities and trustees, as well as subject persons attended the sessions. These were held as a follow-up to the publish- ing of FAQs on the MFSA's website last June, which were intended to assist trustees in completing and submitting the relevant declarations of beneficial ownership. In the coming weeks, the MFSA will also be upload- ing explanatory videos on its website www.mfsa.com.mt, to further assist relevant par- ties with the use of the online platform. MFSA develops online platform for Trusts Register and holds information sessions MALTESE Banker Daphne Ciantar is the recipient of an international prestigious Scholar Prize awarded by the London Institute of Banking and Finance. This was given in recognition of her academic achievement while complet- ing the BSc (Hons) in Bank- ing Practice and Management, which had a particular focus on financial crime, risk and compliance. Ciantar received the highest mark in the Advanced Based Work Learning module of the degree course, which entitled her to receive this honour. Rob Thompson, Relation- ship Director at the London Institute of Banking and Fi- nance, congratulated Ciantar and commended her for her achievement, while wishing her further success in her ca- reer and future studies. President of IFS Malta, Ken- neth B. Micallef, said; "I con- gratulate Daphne on receiv- ing this award which she truly deserves. This positively re- flects her commitment, dili- gence and professionalism in which she pursued her stud- ies. It is also greatly satisfying to mention that IFS Malta as- sisted Daphne in her reward- ing academic journey." The London Institute of Banking and Finance has a long-standing relationship with the Institute of Financial Services – Malta (IFS Malta), through which its qualifica- tions are offered locally. Ciantar has been working in the financial services sec- tor since 2007 and is cur- rently a Senior Credit Officer within Lending Services at HSBC Bank Malta. She also holds a Foundation degree in Banking and Finance from the University of Kent and a Diploma in Management Studies from the University of Malta. Prestigious award for Maltese banker Daphne Ciantar IFS Malta President, Kenneth B. Micallef (second right) presenting a commemorative gift to Daphne Ciantar, in the presence of Peter Calleya, IFS Malta Vice President (first left) and Rob Thompson, Relationship Director at the London Institute of Banking and Finance THE importance of the pros- pects market in raising capital for small and medium sized enterprises and the increas- ing need for investor educa- tion in this sector were some of the topics of a presenta- tion delivered by Jordan Por- telli, Investment Manager at Calamatta Cuschieri, during an educational seminar held recently by the Malta Stock Exchange. "Prospects MTF: what in- vestors need to know" was the title of Portelli's presen- tation. He explained that the prospects market is a multi- lateral-trading facility (MTF) operated by the Malta Stock Exchange which provides fi- nancing for small and medi- um sized enterprises (SMEs). Through this vehicle, such companies can raise capital by issuing bonds or shares. He explained that the ma- jority of the current admitted issuers have raised a maxi- mum of five million euro and that the companies admitted on the prospects market are traded on a multilateral trad- ing facility. In total, there are 14 companies currently listed on the MSE prospects market. Companies considering ad- mission to prospects MTF require the services of a cor- porate advisor prior to and following the admission pro- cess. "As with the main market, the prospects market gives strong importance to the gov- ernance aspect. The role of the corporate advisor is key to advise the issuer on a number of matters such as the draft- ing and submission of all re- quired documents, ensuring that the applicant has full cor- porate governance in place and advising on the financial sustainability forecasts," Por- telli said. In the second part of the presentation, he emphasised on important aspects that in- vestors need to be aware of when investing in such a mar- ket, with primary focus on the admission document, known also as the indenture - a trust deed between the issuer and the investors. "The admission document is a very important document that provides all the neces- sary information that inves- tors need to know about the company, such as the use of proceeds, the coupon, inter- est payment dates and secu- rity," he said. Finally, Portelli spoke about the investor safeguards in the prospects market, such as un- derstanding whether the bond is secured to a tangible asset such as property, as well as having a proper understand- ing of the company's corpo- rate structure so as to identify the movement of cash flows. Other aspects, which are new to local investors, such as covenants were also discussed with Portelli highlighting the fact that these are being in- troduced in new admissions, including those issues, which Calamatta Cuschieri is acting as their Corporate Advisor. Calamatta Cuschieri addresses prospects market in MSE seminar Jordan Portelli, Investment Manager at Calamatta Cuschieri, delivering his presentation at the MSE Educational Seminar