Issue link: https://maltatoday.uberflip.com/i/1384247
4 NEWS 10.6.2021 THE Malta Financial Services Author- ity yesterday published its Annual Re- port and audited Financial Statements for the year 2020. e report provides an overview of the Authority's activ- ities during the year under review - a year which was inevitably shaped by the spread of the COVID-19 pandemic. Despite the challenges which this brought about, the Authority remained on course to achieve its targets as set out in its Strategic Plan, as its workforce moved to work remotely, embracing virtual meetings, outreach and inspec- tions. e Maltese financial services sector in general also weathered the shocks stemming from the onset of COVID-19 well, generating an increase in aggregate gross value which amount- ed to Eur1.028 billion, with employment in the sector growing by 7.6% over 2019. Highlights from the year under review include: • A higher number of supervisory inspections totalling 419, marking an 84% increase from 2019 and a 149% increase over 2018 figures. • e integration of Anti-money laundering (AML) and Combat- ting the Funding of Terrorism (CFT) at the core of the Author- ity's risk assessment and super- visory frameworks. e MFSA conducted 81 supervisory inspec- tions on behalf of the FIAU, both as full-scope (comprehensive) and focused (targeted) inspections. • e processing of 265 applica- tions for authorisation, 25% of which were withdrawn or refused. • Ongoing monitoring of the effect of COVID-19 and Brexit on the sector including its effects on fi- nancial stability. • Significant enhancements and in- vestment in the human resource of the Authority, with a total of 16,383 hours of training provid- ed to MFSA staff. In 2020, the Authority also set up the Finan- cial Supervisors Academy which provides training programmes to employees, as well as to other reg- ulators, supervisors, policymak- ers and academics outside of the MFSA. • e continued implementation of the Authority's Technology Strat- egy whilst reaping the results of recent investments. • A focus on ensuring stability, con- tinuity, and growth for both the Authority and the sector. • Continued focus on investor pro- tection and consumer education. • 52 enforcement actions taken, with the Authority issuing a total of €975,462 in administrative pen- alties, as opposed to the combined total of €1.2M issued in the three years between 2017 and 2019. • A tenfold increase in the number of registered beneficial owners of trusts with more than 3000 decla- rations being registered. Professor John Mamo, Chairman of the MFSA said: "Despite the adverse cir- cumstances generated by the pandemic, we are pleased to note that the Maltese financial services sector continued to grow and generate employment oppor- tunities over the past year. We remain determined to steer the sector to a high- er threshold of long-term sustainability, also through the integration of new are- as of supervision and potential growth." Dr Christopher P. Buttigieg, CEO ad interim and Chief Officer Supervision at the MFSA said that in 2020, the MFSA continued to augment its capacity and capabilities, producing supervisory per- formance results. "e Authority delivered on commit- ments made with international stand- ard setters and on projects which had been mapped out in our strategic plan. We are encouraged by the fact that as eventful as 2020 was, and as ambitious as our strategic targets are, the Author- ity and the sector have remained steady on course," he said. "Looking ahead, the Authority shall be focusing on bringing stability for the long-term benefit of the financial ser- vices sector, providing continuity, and fostering the sustainable growth of the sector. By focusing on these three pil- lars, we shall continue achieving posi- tive results." e 2020 Annual Report also features a chapter on the History of financial services regulation in Malta, penned by Dr John A. Consiglio, a former member on the MFSA Board of Governors. Amid the COVID-19 pandemic, the Maltese financial services sector saw an increase of 5.5% in real Gross Value-Added rate which grew to €1.028 billion in 2020 MFSA publishes its Annual Report and Financial Statements for 2020 New directors at Focal Maritime Services and Delta Container Services IN line with the companies' philosophy of corporate governance and following the nomination of two general manag- ers, earlier this year, the shareholders have now consolidated the directorship level through the nomination of three professionals to the board of directors of Focal Maritime Services and Delta Container Services. Judith Cilia, Jonathan Xerri and Dr Matthew Xerri (pictured) have been appointed as directors to the board of directors of the two companies, as well as of the holding company Antinvest as from 1 June 2021. Cilia holds a Bachelor of Commerce degree and a B.A (Hons) Accountancy degree from the University of Malta. She is a certified public accountant and registered auditor and a member of the Malta Institute of Accountants. She started her career at one of the big audit firms in Malta for three years be- fore going to work as a senior account- ant in a local shipping company. In 2002 she took on the role of financial control- ler at Focal Maritime Services Compa- ny Limited. In 2004, she set up her own practice performing accounting, consultan- cy, taxation and auditing services to a number of clients. In 2005, Cilia was appointed as the company secretary of the Focal Mari- time group and in 2017, when the ex- ecutive management board was set up, Judith was chosen to form part of this team. Jonathan Xerri holds a B.A (Hons) in Social Policy and a Master's degree in Business Administration (M.B.A.) from the University of Malta. He started his career directly with Focal Maritime Services Company Limited as a docu- mentation clerk and gradually worked his way up by working in various de- partments of the company including operations, administration and project management. He is now heavily in- volved within the management team and is the documentation office manag- er. Since 2017, Jonathan sits also on the executive management board. Dr Xerri holds a Doctor of Laws (LL.D) from the University of Malta and a Master of Laws (LL.M.) (Mari- time Law) from the International Mari- time Law Institute of IMO. He has been practicing law since 2010 and has spe- cialized in Maritime and Aviation Law with Ganado Advocates, with particu- lar focus on ship and aviation finance, including the implementation of alter- native financing methods. Xerri regu- larly lectures at the Summer ELSA Law School and in 2020 was awarded the Rising Star Award for Malta by the Eu- romoney Media Legal Group. e three new directors have now joined Godwin Xerri, the founder and Managing Director on the board of di- rectors of the two companies.