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06.02.2020 6 NEWS MFSA publishes revised corporate governance framework Newly appointed MLRO for Jesmond Mizzi Financial Advisors Limited THE Malta Financial Services Authority has today launched a stakeholder consultation set- ting out several proposals for the promulgation of a compre- hensive principles-based Cor- porate Governance Code which is applicable to all entities au- thorised by the MFSA and List- ed Companies, which would then be supplemented by sec- tor-specific rules and comple- menting guidance notes. e Authority is proposing that entities will be expected to 'apply and explain' the high-lev- el principles-based code, and to 'comply or explain' how they are following the applica- ble rules and guidelines. e consultation also puts forward principles, for inclusion in the proposed Corporate Govern- ance Code, on the Board of Directors, the responsibilities of functionaries and officials, engagement with stakeholders, committees, corporate culture, ethics framework, risk manage- ment, as well as other topics. MFSA Chief Executive Officer, Joseph Cuschieri, commented that "We believe that the pro- posals set out in today's publi- cation will significantly raise the bar with respect to standards of Corporate Governance and set the tone in so far as the Author- ity's expectations. We have put forward these proposals be- cause we believe that the focus on Corporate Governance will have a positive effect on the fi- nancial services industry and will raise compliance standards across the board". e Consultation Document is publicly available on the MFSA website and will remain open until Wednesday 26 Feb- ruary 2020. Interested parties are invited to send their feed- back on CorporateGovern- ance@mfsa.mt by this date. JESMOND Mizzi Financial Advisors Limited (JMFA) recently ap- pointed Alexandra Scicluna as its Money Laundering Reporting Officer (MLRO). Her primary role is to ensure that the Company adheres to reg- ulations and that staff are familiar with Know Your Customer (KYC) procedures and also current with anti-money laundering regulations. Alexandra has been working in Anti-Money Laundering and the Combating of Financing Terrorism (AML/CFT) since 2014. She has also worked with the Financial Intelligence Analysis Unit (FIAU) as a Compliance Officer where her main role was that of carrying out on-site and off-site AML/CFT examinations, from which she gained a deep understanding of the AML/CFT legis- lation. Alexandra holds a B. Com Management & Public Policy degree from the University of Malta and also obtained an ICA Interna- tional Diploma in Anti-Money Laundering. Referring to this new appointment Jesmond Mizzi, Managing Director at Jesmond Mizzi Financial Advisors said 'We contin- ue to invest in experienced and technically trained staff to ensure that regulations are adequately adhered to, in order to build on our business operation and retain our Company's good reputa- tion.' 1923 Investments plc, a com- pany of Hili Ventures, the Malta-headquartered mul- ti-disciplinary group, has en- tered into a share purchase agreement with Teekay Tank- ers Ltd to acquire a portion of its oil and gas ship-to-ship transfer support services business. is activity also provides LNG terminal man- agement and LNG consulting services. 1923 Investments is looking to finalise the acquisition by early in the second quarter of the year. As part of the group, the business will trade under a new name which will be an- nounced following the com- pletion of the sale transfer. "is acquisition is in keep- ing with our strategy to grow in areas in which we are al- ready active and to broaden our horizons," 1923 Invest- ments Chief Executive Officer Melo Hili said. "Our anchor company Carmelo Caruana has been running a ship-to- ship operation in the Medi- terranean for many years. is additional business presents an important opportunity for us to venture further into this field and significantly bolster our revenues and profitability." From its office in Sunder- land, UK, the business over- sees global ship-to-ship op- erations, excluding North America and the Caribbean, and services major oil com- panies and their fleets. It has a staff complement exceeding 60 people based in Sunder- land, Jordan, and the United Arab Emirates. More than 800 support operations and 112 LNG operations were carried out in 2019. At Jordan's first LNG import terminal, the business is con- ducting double-banked ship- to-ship transfer operations and maintenance. Additional- ly, two workboats and a team of six mooring masters and 10 support personnel are based in West Africa. 1923 Investments to acquire oil and gas ship-to-ship company 1923 Investments is soon to complete the acquisition of a new business that oversees international ship-to-ship operations and services major oil companies and their fleets

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