Issue link: https://maltatoday.uberflip.com/i/668635
maltatoday, WEDNESDAY, 20 APRIL 2016 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Commission sets out path to digitise European industry The European Commission has pro- posed concrete measures to speed up the development of common standards in priority areas, such as 5G communication networks or cy- bersecurity, and to modernise public services. As part of the plans, the Commission will set up a European cloud that, as a first objective, will give Europe's 1.7 million researchers and 70 million science and technology professionals a virtual environment to store, manage, analyse and re-use a big amount of research data. Andrus Ansip, vice-president for the Digital Single Market, said: "The industrial revolution of our time is digital. We need the right scale for technologies such as cloud computing, data-driven science and the internet of things to reach their full potential. As companies aim to scale up across the Single Market, public e-services should also meet today's needs: be digital, open and cross-border by design. The EU is the right scale for the digital times." While many parts of the economy have been quick to take up digital technologies and processes, European industry across sectors and regardless of a company's size must fully use digital opportunities if it is to be globally competitive. Traditional sectors (like construction, agro-food, textiles or steel) and SMEs are particularly lagging behind in their digital transformation. Recent studies estimate that digitisation of products and services will add more than €110 billion of revenue for industry per year in Europe in the next five years. Several EU Member States have already launched strategies to support the digitisation of industry. But a comprehensive approach at European level is needed to avoid fragmented markets and to reap the benefits of digital evolutions such as the internet of things. As part of this approach, the Commission will: • help coordinate national and regional initiatives on digitising industry by maintaining a continuous EU-wide dialogue with all actors involved. A governance framework will be set up with Member States and industry. • focus investments in EU public-private partnerships and strongly encourage the use of the opportunities offered by the EU Investment Plan and European Structural and Investment Funds. • invest €500 million in a pan-EU network of digital innovation hubs (centres of excellence in technology) where businesses can obtain advice and test digital innovations. • set up large-scale pilot projects to strengthen internet of things, advanced manufacturing and technologies in smart cities and homes, connected cars or mobile health services. • adopt future-proof legislation that will support the free flow of data and clarify ownership of data generated by sensors and smart devices. The Commission will also review rules on safety and liability of autonomous systems. • present an EU skills agenda that will help give people the skills needed for jobs in the digital age. The European cloud initiative also forms part of this package and will help Europe lead in the data-driven economy. Overall, the plans should mobilise over €50 billion of public and private investments in support of the digitisation of industry. Heritage welcomes MFSA's framework for notifi ed AIFs The new framework for Alternative Investment Funds (AIFs) proposed by the Malta Financial Services Authority (MFSA) will introduce greater effi ciencies and fl exibility for those seeking to domicile funds in Malta, according to Heritage In- ternational Fund Services (Malta) Limited. Under the proposals published by the MFSA on 1 April, 2016, full responsibility for the management of the Notified AIF will fall on the authorised and regulated Alternative Investment Fund Manager (AIFM). The AIFM will be required to carry out all necessary due diligence on any service providers to the AIF and its governing body, and will be responsible for the AIF's compliance with the AIFMD. By streamlining the process in this way, an AIF marketed to professional and qualifying investors will be included on a list of Notified AIFs considered by the MFSA to be 'in good standing' within 10 business days from the receipt of a completed notification pack. The Notified AIF will not be subject to prudential regulation and supervision by the MFSA. Neville Carabott, managing director, Heritage International Fund Services (Malta) Limited, said, "The launch of this new framework is a very positive development for Malta and demonstrates the MFSA's willingness to react to the funds industry's need to significantly reduce time to market. In an increasingly competitive, global market any step that expands the options available to those considering potential domiciles can only provide greater stimulation and increase a jurisdiction's appeal. "Such strong reliance on the AIFM's judgment and due diligence procedures, means that the need for strict adherence to this new set of requirements will be essential. We look forward to offering our clients the benefit of our extensive experience of the funds industry in Malta to ensure the requirements of this new framework are met." Chamber wants to see further changes to billboard rules The Chamber of Commerce has taken note of the government's rethink not to let new rules on permitting billboards affect shop signage. "This is not enough," the Chamber said. "It is clear in the Chamber's mind that the fee of €1,500 on billboards will only serve to increase costs to businesses without necessarily improving the environmental considerations and standards relating to billboards." The fee refers to new licence fees for roadside billboards. "The Chamber believes that the country has the necessary institutions and laws in place that can regulate amply well, in favour of every law-abiding business and citizen. Therefore, billboards that are compliant and have all the paperwork to show for it, should remain, while the authorities should properly enforce to clamp down on illegally placed structures once and for all. This will certainly improve the visual impact in our streets as the government declared its intentions to be." The Chamber said it had taken the matter very seriously when it informed the same parliamentary secretariat of its position that the legal notice was not acceptable. An urgent meeting was held with parliamentary secretary Deborah Schembri. The Chamber yesterday met its interested members from a variety of sectors which are directly affected by this legal notice and is in the process of finalizing a set of recommendations about the rules. "The Chamber sees the latest development as a step in the right direction, but certainly the problem is not yet entirely solved. Unfortunately, the complete mismanagement of the matter has resulted in a waste of valuable resources and confusion for all parties concerned. This would have best been avoided by approaching the matter appropriately from the start."