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25.07.19 2 APS Bank supporting students through Youth Specialisation Studies Scheme LAST week, APS Bank host- ed the presentation of award letters to students who have been selected for the Youth Specialisation Studies Scheme 2019. For the past years, Aġenzija Żgħażagħ has sup- ported students who apply successfully for this scheme by offering subsidised interest rates on students loans related to studies abroad or by dis- tance learning. rough this collaborative arrangement between APS Bank and Aġenzija Żgħażagħ, a number of students benefit annually from a subsidised study loan with favourable terms. e awards were presented to 18 students by Clifton Gri- ma, Parliamentary Secretary for Youth, Sports and Volun- tary Organisations, Anthony Buttigieg, Chief Banking Of- ficer at APS Bank and Mir- iam Teuma, CEO Aġenzija Żgħażagħ. Buttigieg said this was anoth- er step in APS Bank's journey of community commitment. "We wish every success for the students on the YSSS and reiterate the Bank's continued support in this respect." he said. Grima said it was important that students further their studies, allowing them to eventually give back to society. "Maltese students have achieved great success abroad with initiatives such as the YSSS," he said. More information about the scheme is available at www. apsbank.com.mt/ysss THE Malta Financial Services Authority has published a Consultation Document on the provision of Inde- pendent Compliant Audits, with the aim of strength- ening its supervisory engagement, better achieving its statutory objectives, as well as safeguarding the interest of consumers and the reputation of Malta as a jurisdiction of choice for financial services. e Consultation Document provides details about the MFSA's intention to introduce a new supervisory tool that is meant to strengthen further its supervi- sory approach. is tool will empower the MFSA to appoint, or require licence holders or any other per- son, to appoint a qualified person to undertake inde- pendent compliance audits, in relation to one or more areas of focus of a firm's activities, as indicated by the Authority. With the publication of the Consultation Document on this framework, the MFSA is inviting all stake- holders to comment, make suggestions and submit other contributions to the proposal. MFSA Chief Executive Officer Joseph Cuschieri, noted that: "e MFSA is well aware of the need that the financial services industry is safeguarded against any potential threats that could affect the stability and safety of this dynamic sector. For this purpose, and as part of its commitment in ensuring more effective supervision, the MFSA intends to implement a frame- work to strengthen further its supervisory approach by introducing a regime focused on the appointment of qualified persons." e consultation is open to the public until 30 Au- gust 2019. Industry participants are invited to send their responses in writing to complianceaudits@mfsa. com.mt by not later than the said date. MFSA publishes consultation document on the provision of independent compliance audits FROM PAGE 1 e MHRA, he said, had held a number of talks with government regarding the matter, with Zahra stressing that all that was neces- sary was for authorities to ensure proper enforcement. "Enforcement is the issue. Sta- tistics clearly show that while ar- rivals have increased by some 5%, hotel occupancy has decreased, so these people must have stayed somewhere," Zahra said. e share of tourists staying in collective accommodation – de- fined by the NSO as hotels, guest- houses, hostels, and other similar types of residences - has remained relatively constant, decreasing by roughly 4% between 2013 and 2018, with Zahra insisting that the issue was not simply about the hotel industry. "e law is clear. For you to rent out an apartment you need a licence. Without a licence you can't rent and to rent you must pay eco-tax, you must pay tax on the income and so on. ese are all things you need to do," Zahra insisted. He said that ultimately, those who were not registered were akin to business owners who were being allowed to operate with an unfair advantage when compared to others who were registered. e 2019 annual Hotel Per- formance Survey conducted by Deloitte found that hotel occu- pancy levels had registered a de- cline for the first time in a number of years. Deloitte financial adviser Rapha- el Aloisio, who conducted the sur- vey pointed out that the quality of holiday apartments available on Airbnb had increased to the point that the platform was challenging 4-star hotels more than any other sector. Speaking at the launch of the results, Tourism Minister Konrad Mizzi revealed that an agreement had been reached with booking. com - one of the largest platforms for booking holiday accommoda- tion – where anyone offering this type of self-service accommoda- tion would need to input an MTA license number to be allowed to sign up. He said the MTA was also in dis- cussions with the popular review site TripAdvisor in order to im- plement a similar system, insist- ing that this would help regularize the situation and ensure there is a level playing field. Hotelier calls for stricter enforcement of holiday accomodation rules

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