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09.05.19 6 INNOVATION THE government's decision to set up the Registry of Compa- nies as an independent agen- cy is expected to bolster and strengthen the Malta Financial Services Authority's role as the country's financial watchdog, Parliamentary Secretary Silvio Schembri has said. Speaking to BusinessToday, Schembri said Malta's recent economic success meant it was no longer viable to keep the Registry of Companies under the MFSA's purvew. However, he said, before committing to the decision the government researched had and studied established European models. "Ultimately, this proposed model was the most feasible," he said. According to figures re- vealed by the Parliamentary Secretary, the number of reg- istered companies in Malta has increased by 55% in the past six years alone. In 2012 the number of reg- istered companies stood at 58,000. By April 2019, this number had risen 190,600. "This rapid increase has brought about new challenges and obligations to the registry of companies," said Schembri. Moreover, he said the cur- rent premises of the registry were no longer suitable. The new premises on the other hand, will also follow the government's policies of introducing family-friendly measures in the workplace. The technological infra- structure of the new Regis- try of Companies service will work using aspects of block- chain technology and artifi- cial intelligence. Schembri described this as further testament of the gov- ernment's commitment to- wards embracing emerging technologies. Paradigm shift Schembri said this project will also act as a philosophical paradigm shift. "In previous years, we used to look at the private sector and emulate it. The govern- ment is committed to fun- damentally changing this practice and making the civil service the best running sec- tor. The employees will be amongst the best on the is- land, state employees will no longer be regarded as second class citizens," he said. Earlier this year the par- liament was in consensus over separating the Reg- istry of Companies Agen- cy into an autonomous entity with new premises in Żejtun. Schembri said the move should be fully complet- ed and operational by October. He said the government's decision to transfer the registry of companies to Żejtun was in line with the government's vow of bringing investment to the south of the island. The same premises will also house other state-re- lated agencies, including Tech MT. 'Registry of Companies' autonomy key to e government's decision to pull the Registry of Companies from the MFSA's remit was aimed at strengtening the financial regulator's supervisory role LIAM CARTER The new premises of the Registry of Companies agency in Zejtun

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