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Although it is outside the EU, Malta provides a secure base for financial services

The Maltese Insurance Business Act was published and the Insurance Brokers and Other Intermediaries Act is now in force and will be published shortly. This new legislation complements the financial services legislation package enacted in 1994.

The Act is based on Euro- pean Insurance Directives and is aimed at attracting interna- tional insurance and reinsurance companies and captives to operate in, or from, Malta.

The Insurance Business Act regulates insurance corn- panies, insurance agents and insurance managers. It also provides for the regulation of insurance companies whose head office is in Malta and who are carrying on insurance business outside Malta.

The Insurance Brokers and Other Intermediaries Act regulates the registration and enrolment of insurance brokers and other intermediaries and their activities in, from or outside Malta.

Malta is a politically and economically stable European jurisdiction outside the European Union, with a high stan- dard of laws and regulations. The island provides a secure base for banking, financial services, corporate and pri- vate trust activities.

With an advanced telecom- munications system, frequent flights to most major cities in Europe, the Mediterranean region and the Middle East, a convenient time zone and graduates specialiяing in legal accountancy and financial services and communica-ion skills in English, Italian, French and other languages, Malta offers an excellent climate for banking and invest- ment services.

Administration

Malta's favourable environ- ment for funds administra- tion and other 'back office' activities arises from a number of factors.

These include a strongly developing financial services sector; a ten-year tax holiday for eligible companies with other tax benefits; excellent communications; availability of competent and professionally qualified staff; lower employment and office costs than most other jurisdictions; and English and other languages being widely spoken.

The island represents an excellent location for the registration of investment funds which can be in the form of SICAVS, open and closed-ended, mutual funds, unit trusts, master feeder funds and other structures.

Funds licensed under Malta's Investment Services Act have the flexibility either to operate in a zero-tax environment or to waive their right to exemption from income tax, in which case they can take advantage of Malta's double tax treaty and tax relief arrangements.

Tax treaties

Malta's tax framework and double tax treaties provide opportunities for efficient tax planning through the use of investment holding companies, investment schemes and other vehicles.

The new insurance legisla- tion is aimed at attracting international insurance and reinsurance. The legal frame- work provides for the establishment of captive insurance companies and captive management companies and for protected cell captives.

The present legal frame- work in Malta has evolved from developments in three major areas.

First there is a package of laws establishing sophisti- cated rules appropriate to Malta's development as an financial and business centre. Secondly, the creation of a strong regulatory body and the legislative amendments to Malta's tax laws which encompass domestic and international taxation with the administration and collection of tax.

Finally there are the initia- tives undertaken to develop an integrated set of laws for the financial services sector which have involved into the enactment of totally new laws as well as the enhancement, amendment and consolidation of existing legislation.

Regulator

The legislative framework establishes the Malta Financial Services Centre (MFSC) as the leading financial services regulator in Malta and provides a comprehensive regime for investment services. It also provides for the regulation and supervision of insurance business and conforms Malta's banking law with the best practices of EU banking regulations.

The framework governs the regulation of non-banking financial activities and provides for the setting up and recognition of trusts.

It also brings Maltese com- pany law in line with EU company law, for example by providing for the establishment in Malta of variable capital companies (SICAVs), and new rules for mergers, divisions and the disclosure of financial statements.

It adopts EU standards regarding the prevention of money laundering and insider dealing and consolidates the various provisions in Maltese law on professional secrecy which provide the necessary reassurance for foreign investors without unnecessarily obstructing the supervision of fiscal and regulatory compliance.