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Malta’s Financial Regulatory Bodies: A Hub for Global Finance
Since joining the European Union in 2004 and adopting the Euro as its official currency in 2008, Malta has emerged as a major financial center. The country’s robust regulatory regime, overseen by the Malta Financial Services Authority (MFSA), has earned international recognition for providing a secure and stable framework for prudential supervision, consumer protection, market surveillance, and anti-money laundering measures.
About the MFSA
The MFSA is an autonomous self-funded public institution with a staff of 350 specialists, lawyers, accountants, and support staff. With significant experience gained through training at leading regulatory bodies worldwide, the authority regulates:
- Credit and financial institutions
- Payment services and electronic money institutions
- Securities and investment services companies
- Regulated markets
- Insurance business
- Pension schemes
- Trustees
- Corporate service providers
Malta’s Financial Services Legislation
Malta’s financial services legislation is aligned with EU law, creating a commercially secure environment for international investors. The country pays close attention to designing risk-based regulations that meet objectives without over-regulating or stifling growth and innovation. The MFSA has signed numerous MoUs with EU and non-EU jurisdictions and is a signatory to the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) multilateral agreements.
Success of Malta’s Financial Services Sector
Malta’s financial services sector has achieved remarkable success, with the country ranking among the top jurisdictions globally in terms of provision of financial services. The sector contributes around 12% to Malta’s GDP and employs over 10,000 people, with growth averaging 4% per annum.
MFSA’s Regulatory Framework
The MFSA offers a flexible and proactive regulatory framework that allows promoters to innovate and develop new products to meet changing investor needs. Malta also boasts:
- A highly educated and skilled workforce
- High-quality healthcare services
- Extensive ICT penetration
- International connectivity
- A Mediterranean lifestyle
Tax Regime
Malta’s tax regime is highly competitive, with a corporate tax rate of 35%. The country has a system of taxation based on the imputation system, where companies pay corporate tax and shareholders receive a refund of 6/7 of the corporate tax paid. Malta has also been recognized by the OECD as one of the countries that has substantially implemented the tax standards.
Contact Information
The MFSA is located at Notabile Road, Attard BKR 3000, Malta, and can be contacted on +356 21 44 11 55 or via its website at www.mfsa.com.mt.