Financial services in Malta continue to experience steady growth with a noticeable increase in licences and authorizations carried out for various types of activities. The Malta Financial Services Authority (MFSA) through the publication of their Annual Report 2016 commented on such changes and the individual activities which seemed to have attracted the greatest amount of growth.
Investment services increased at a steady rate, at the closing of 2016 there was a net increase of seven licences from the previous year. The greatest increase observed was in the issuing of Category 2 licences where the closing of 2016 saw the issuing of eight new Category 2 licences. Not only was growth observed in the area of investment services but further an additional 113 investment funds were licensed by the Authority during 2016.
Another significant area of continued growth observed in 2016 was in relation to financial services surrounding pensions. The replacement of the Special Funds (Regulation) Act with the Retirement Pensions Act in early 2015, which had to be fully complied with by 31 December 2015, gave way to even more growth in financial services in 2016. As of the end of 2016, 10 new retirement schemes were registered under the Retirement Pensions Act. Further growth due to pensions was also seen through the registration of three new companies to act as Retirement Scheme Administrators under the new act.
The closing of 2016 saw financial services as a whole experience overall growth in many areas. Insurance business sectors experienced further growth with three new undertakings given authorisation by the Authority to carry on business in terms of the Insurance Business Act. In other sectors under the Company Service Providers Act there was a further 74 new registration certificates issued by the Authority.
Throughout the course of 2016 the Register of Companies registered 5,166 new companies and 103 partnerships.