The Malta Financial Services Authority (MFSA) has released figures showing continued growth in the island's financial services sector during 2017, particularly in the areas of insurance business, investment services, investment funds, and trusts.
The number of insurance undertakings authorized to conduct insurance activities under the Insurance Business Act reached 63 at the end of 2017, representing an increase of three net licenses when compared with the previous year, and registration certificates were granted to five new retirement schemes.
Investment services registered growth in 2017, with 162 investment services companies licensed with the Authority at year-end, a net increase of six year-on-year.
The Authority says it licensed 97 investment funds (including sub-funds) in 2017, of which nine were licensed as alternative investment funds, 58 as professional investor funds (PIFs), and 30 as UCITS funds. These figures include three incorporated cells of recognized incorporated cell companies, which were all licensed as PIFs.
During the year, 18 PIFs had their licenses converted to alternative investment funds, while one PIF and two non-UCITS funds converted to UCITS funds.
By Courtesy of Lowtax.net