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2 NEWS 15.10.2020 Institute of Accountants to investigate cases of misconduct ALLEGED improper behaviour in- volving professional accountants who are members of the Malta Institute of Accountants (MIA) is going to be in- vestigated, the Institute's president has insisted. Fabio Axisa said that the quality stand- ards of the profession remain a funda- mental aspect that must be dealt with now and, as such, "a number of account- ants, former and current members of the Institute, who have been linked, di- rectly or indirectly, to alleged miscon- duct as professional accountants, are going to be investigated." Referring to former members of the Institute who had fallen into disrepute, Axisa said the Institute had immediate- ly stressed the need for a detailed inves- tigation, before instituting disciplinary proceedings, and had summoned the respective individuals and assiduously insisted for these individuals to present the appropriate evidence. "e individuals had refused to collab- orate with the Institute invoking legal advice to the effect that by collaborating they would be prejudicing their case. e Institute continued to maintain its position firmly and because of this con- stant position, these individuals decided to resign from the Institute rather than collaborate. Our unequivocal intentions were to investigate and take the appro- priate disciplinary action," Axisa said. "Now, all current members of the In- stitute who have been involved, directly or indirectly, in the matters referred to, have been or will be shortly summoned to provide evidence as to whether they have upheld the core values of our In- stitute and profession, in line with the requirements of our regulations and bye-laws. Detailed investigations will be carried out with a view to instituting disciplinary proceedings wherever nec- essary. Disciplinary action will be taken against any member who, based on the Institute's proceedings, will be deemed to have brought the Institute and our profession into disrepute." Axisa said that while the Institute was not the regulator - and that disciplinary action can only be taken vis-a-vis mem- bers of the Institute - the MIA would follow up its disciplinary proceedings with the Accountancy Board to ensure that appropriate and determined ac- tions are pursued by the profession's regulator as required. He said that the fact that the Institute has not engaged in open public outright criticism of the Accountancy Board and its members, did not imply that the In- stitute was satisfied with the current regulatory landscape. "e profession's regulatory infra- structure is not sufficiently robust and beyond contestation and the Institute will continue to make representations to Government on key matters as the composition of the Accountancy Board; the mechanism through which its members are appointed, its funding, structure and the overall quality of the legislation regulating the Board's affairs, amongst other issues," Axisa said. "Although we have been in discussions with the Accountancy Board to explain our points of view, we want these mat- ters to be urgently addressed through formal proposals submitted to the Prime Minister and members of Cabi- net and will not rest until our proposals are implemented as a matter of priority." Axisa noted that the Institute's views, as representative of the largest profes- sion in Malta, enjoy the respect of, and are sought by public and professional bodies. Over the past year, it has en- gaged in intense interaction with mem- bers, authorities, and stakeholders to address major issues affecting the pro- fession and the marketplace, including the pandemic and the outcome of the MONEYVAL assessment report. THE European Commission has ap- proved a €2.5 million Maltese scheme to support animal farmers affected by the coronavirus outbreak. e scheme was approved under the State aid Temporary Framework. Un- der the scheme, public support will be provided in the form of a direct grant. e purpose of the scheme is to help animal farmers addressing the liquid- ity shortages they are facing due to the coronavirus outbreak as a result, among others, of the halting of the ca- tering and hospitality sectors. e Commission found that the Mal- tese scheme is in line with the condi- tions set out in the Temporary Frame- work. In particular, the aid will not exceed €100,000 per company active in the primary agriculture sector as pro- vided by the Temporary Framework. e Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious dis- turbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Framework. On this basis, the Commission ap- proved the measure under EU State aid rules. More information on the Temporary Framework and other actions taken by the Commission to address the eco- nomic impact of the coronavirus pan- demic can be found here. e non-confidential version of the decision will be made available under the case number SA.58297 in the State aid register on the Commission's com- petition website once any confidential- ity issues have been resolved. EC approves €2.5m Maltese direct grant scheme to support animal farmers Fabio Axisa

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