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5.12.19 4 NEWS FINANCEMALTA'S last BlockFinance event for 2019 focused on Security To- ken Offerings (STOs) and featured a wide range of expert speakers on the matter, as well as an interesting debate on opportunities, challenges and solu- tions for adopting STOs. e event, held on 26 November 2019, was organised in collaboration with the Malta Blockchain Association and was sponsored by Gonzi & Associates, Ad- vocates. An STO is a process similar to an In- itial Coin Offering (ICO) whereby an investor exchanges money for coins or tokens representing their investment. However, unlike ICOs, STOs take this a step further and distribute tokens that fall under the status of securities. ey are linked to an underlying in- vestment asset in a way like stocks, bonds, real estate investment trusts (REIT) or other funds. In his introductory speech, Kenneth Farrugia, FinanceMalta's outgoing chairman and Governor on the Board, welcomed everyone and spoke about the speed with which the Fintech sec- tor is progressing, and the importance of stakeholders being aware of and re- maining up to date with the significant changes taking place. David Gonzi, Partner at Gonzi & As- sociates, Advocates, focused his pres- entation on the definition of an STO, and provided answers to the question of whether security tokens are the securi- ties of the future. Following that presentation, Hagen Weiss, Senior Advisor at BaFin provid- ed a comparative analysis of the German STO framework to other jurisdictions. Andre Zerafa, Partner at GANADO Advocates, spoke about the need for legislation and regulation to catch up with technology, and also questioned the role of intermediaries in such a new transactional environment. e second part of the BlockFinance event started off with a very interest- ing panel discussion chaired by Nathan Fenech, Senior Manager Securities & Markets Supervision at the MFSA. e panel members were Malcolm Falzon, Partner at Camilleri Prezio- si Advocates; Omar Zerafa, Advocate at Zerafa Advocates; Jonathan Galea, Managing Director of Blockchain Advi- sory; and Hagen Weiss, Senior Advisor at BaFin. e discussion centred on various in- terconnected themes including STOs' policy, legal and regulatory compliance regulation. e risks and rewards associated with STOs was debated at length, alongside the need to ascertain the operational aspects of executing such transactions. 33he last part of the event consisted of a presentation by Lorraine Vella, Depu- ty Head, Securities and Markets Super- vision at the MFSA, who focused on the local regulator's consultation exercise on STOs earlier this year. She highlight- ed some of the challenges and the way forward proposed by the MFSA. e closing presentation was delivered by Davide Benaglia, Strategic Partner- ships Director of Korporatio Inc. who outlined the advantages of Blockchain technology applied to corporate gov- ernance, and how this could attract companies to Malta. Patrick L. Young, Chairman of the Malta Blockchain Association chaired the event and delivered the closing re- marks. FinanceMalta's final BlockFinance event for 2019 delves into STOs A number of BOV employees have re- cently graduated from the BOV Acade- my after successfully completing Train- ing and Development courses. In 2019, 112 staff members have graduated in 4 programmes covering Fundamentals of Risk Management and Regulation for Financial Institutions, Management and Leadership, Train the Trainer and Investments. Also during this year, the Bank distrib- uted financial grants to another 36 em- ployees who completed further studies outside Bank of Valletta and who ob- tained certification in Awards, Diplo- mas, Degrees and Masters Levels. Most of the training programmes of- fered through the BOV Academy are recognised by the National Council for Further and Higher Education. BOV is licensed as a "Higher Education Institu- tion" and offers its employees, qualifica- tions at MQF Level 5. Apart from the above, during 2019 the Bank offered its employees 312 in- tensive programmes related to class- room training on the new core banking IT system which will be introduced in the coming months. 3620 participants attended such training which was fol- lowed up with 'elearning' modules. In total, a record figure of 5300 par- ticipants completed learning and devel- opment programmes organised by the Bank during this year - an average of 3 courses attended by each employee. Speaking during the Graduation Cer- emony, Bank of Valletta Chairman, Deo Scerri praised the commitment of the employees who seek to further en- hance their careers through personal development. "e strength of the Bank lies within the continuous training and development of our staff members. e Bank is proud to offer such opportuni- ties and is grateful for the commitment of our trainers" said Mr Scerri. Bank of Valletta CEO, Mario Mallia and Chief Officer Ethics and Employee Development, Anthony Scicluna pre- sented Certificates to all the graduates. Employee personal development rewarded and encouraged by Bank of Valletta

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