Friday, 2nd February 2024
The Xara Lodge, Rabat
This event has already passed and registrations are closed.
The ongoing stability, soundness and growth of the asset management sector continues to be a strategic priority for the Authority. This is ensured through effective regulation and processes and by facilitating business by means of streamlined, pragmatic and dynamic policy-making.
This event seeks to provide an overview and an update to selected market participants involved in the asset management sector with a focus on strategic regulatory policy initiatives undertaken by the MFSA together with key process enhancements. Furthermore, the event is aimed at providing information about the supervisory priorities relevant to the sector, as well as other regulatory and strategic insights.
Who Should Attend
This event should be of interest to asset management practitioners and operators.
|Registration & Welcome Coffee
Kenneth Farrugia - Chief Executive Officer, MFSA
|MFSAC National Strategy for Financial Services - Asset Management Update
Joseph Zammit Tabona - Chairperson of the Malta Financial Services Advisory Council (MFSAC)
|MFSA Strategic Policy Initiatives on Asset Management
Clare Farrugia - Head of Strategy, Policy, and Innovation, MFSA
|AML/CFT Updates for Funds
Jonathan Phyall – Head of Legal Affairs, FIAU
|Updates Related to Authorisation – The Delegation Framework
Doreen Balzan - Head of Investment Services Supervision, MFSA
|Supervisory Priorities for the Asset Management Sector
Ian Meli - Deputy Head, Investment Services Supervision, MFSA
|Panel Discussion: Malta as a Fund Management Jurisdiction | Way Forward
Michael Xuereb - Chief Officer Strategy, Policy and Innovation, MFSA (Moderator)
Christopher P. Buttigieg - Chief Officer Supervision, MFSA
The Authority encourages interested participants to register by filling in the form below by not later than Wednesday 31 January 2024.
Registration is on a first come, first served basis.
Chief Executive Officer, MFSA
Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector. Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees. For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations. Mr Farrugia is currently also the Chairman of the FIAU.
Chief Officer Supervision, MFSA
Dr Christopher P. Buttigieg was appointed as Chief Officer Supervision in March 2020 following his appointment as Chief Officer Strategy, Policy and Innovation in 2019. During his tenure as Head of Securities and Markets Supervision before 2019, which stretched over four years, Dr Buttigieg was responsible for work in the field of policy, regulation and supervision of securities, markets and FinTech. He joined the Authority in 2000 as Manager in the Investment Services Unit and has gained professional experience in various areas of financial regulation, supervision, the investigation of market misconduct and the enforcement of sanctions. Dr Buttigieg was responsible for implementing various pieces of EU legislation in the field of securities and markets and has led different regulatory and supervisory teams within the Authority. He sits on the Authority’s Supervisory Council and represents the MFSA at various European Fora on financial regulation and supervision. He is the MFSA’s alternate member on the ESMA Board of Supervisors and is the Chair of the ESMA Data Standing Committee. Dr Buttigieg is a lecturer in the Banking and Finance Department of the University of Malta and has published various papers on financial regulation and supervision in academic and professional journals. For a period of two years, up to April 2015, Dr Buttigieg was a director on the board of the Malta Resources Authority, Malta’s energy regulator. In 2015, the President of Malta appointed Dr Buttigieg as a member on the board of the Fund for Voluntary Organisations. Dr Buttigieg is also a member of the Board of Trustees of the Academy of European Law (Trier).
Chief Officer Strategy, Policy & Innovation, MFSA
Michael Xuereb was appointed as Chief Officer Strategy, Policy and Innovation in March 2020. He joined the MFSA in 2000, heading a number of functions throughout his years at the Authority, more recently occupying the post of Director – Regulatory Development and Financial Stability. Throughout his career he has held senior posts within various public institutions and served on the Board of several entities. He holds a master’s degree in financial services and Doctor of Laws degree from the University of Malta.
Head, Investment Services Supervision
Doreen Balzan was appointed Head of Investment Services Supervision in May 2020. She is responsible for overseeing investment services licence holders, trading venues, central securities depositaries, recognised private collective investment schemes, regulation and oversight of activities in capital markets. This includes the processing of applications for admissibility to listing on regulated markets and the prevention of financial market abuse. With a career spanning over 38 years, Doreen worked in multiple Operations and Transformation roles within the domain of Banking and Insurance. She has held various senior positions within HSBC Bank Malta p.l.c. and occupied the role of Chief Operating Officer for HSBC Life Assurance (Malta) Ltd prior to joining the MFSA. Doreen is specialised in Operations Management, Technology Projects, Portfolio Transfers, Sustainability, Regulatory and Risk Management. She also holds a Bachelor of Arts degree in Youth & Community Studies from the University of Malta.
Head, Strategy, Policy and Innovation, MFSA
Clare Farrugia joined the Malta Financial Services Authority in 2008 and has held various positions within the organisation, gaining considerable experience in the regulation and supervision of financial services. She currently heads the MFSA’s Strategy, Policy and Innovation Function, which contributes towards the Authority’s strategic direction and the policy-making process, in relation to key priority areas. The Function provides advice and analyses on identified current and prospective, regulatory policy work, with respect to the sectors falling within the MFSA’s remit. Furthermore, the Function contributes to the development and implementation of the Authority’s strategic planning and implementation cycle and is critical in developing and supporting the Authority’s engagement with external stakeholders, to ensure the adoption of optimal policy decisions. Clare has a B.Com (Hons.) Banking and Finance degree from the University of Malta and an M.Sc in Finance and Financial Law from the University of London.
Deputy Head, Investment Services Supervision
Ian Meli is a Deputy Head within the Investment Services Supervision Function. Ian started his career working in fund administration and has been working at the MFSA for ten years. Ian has been working in the area of supervision of collective investment schemes, fund managers and related service providers during his tenure at the MFSA and his main responsibility at the MFSA is the prudential supervision of Licence Holders in the investment services sector. Ian has also contributed to policy work and was also involved in high profile investigations leading to the issuance of regulatory sanctions.
Deputy Head, Strategy, Policy and Innovation, MFSA
Gerd Sapiano is the Deputy Head within the Strategy, Policy, and Innovation function of the Malta Financial Services Authority. Throughout his time at the Authority, Gerd has been heavily involved in the drafting of various legislative instruments, supervision of investment firms, as well as the investigation of a number of firm specific issues. He is currently focusing his efforts on strategy and policy initiatives. Gerd has a law degree (LL.D.) and a Masters in financial services (M.A. Fin Ser.) from the University of Malta.
Senior Manager, Strategy, Policy & Innovation, MFSA
Giulia Gaddari joined the MFSA in 2018 as part of the Authorisations function, where she was involved in the authorisation process for investment funds, asset managers and investment firms. She currently is a Senior Manager in the MFSA’s Strategy, Policy & Innovation Function, contributing towards the Authority’s strategic direction and the policy-making process in relation to key priority areas, actively participating inter alia in the formulation and implementation of policy initiatives impacting the local regulatory frameworks relating to asset management. Giulia holds an MSc in Economics from Università Cattolica del Sacro Cuore, Milan.
Head, Legal Affairs, FIAU
Jonathan Phyall is the current Head of the FIAU’s Legal Affairs Section. He has been involved in the drafting of both local legislation in the area of AML/CFT, including as part of transposition exercises, and of guidance addressed to subject persons on how AML/CFT requirements are to be applied. Jonathan regularly attends for, and participates in, meetings of the Egmont Group of FIUs, the FIU-Platform, the Expert Group on Money Laundering and Terrorist Financing and of the European Banking Authority’s Anti-Money Laundering Standing Committee. In addition, he has participated in a number of Working Parties at Council level focusing on European AML/CFT legislation, including a number of Working Parties focusing on the AML Package. Jonathan also forms part of the Maltese delegation attending for the Conference of the Parties of the Warsaw Convention. He is also a MONEYVAL assessor. A lawyer by profession, prior to joining the FIAU, Jonathan held a number of compliance and AML/CFT-related positions with local financial institutions.
Chief Strategy Officer, FinanceMalta
Bernice held the role of secretary general at the Institute of Financial Services Practitioners (IFSP) and the Malta Branch of the International Fiscal Association before being entrusted with supporting the setting up of STEP (Malta) and later FinanceMalta. She was also a director of the Accountancy Board and is a visiting lecturer with the University of Malta, teaching Masters students on financial services-related topics within the Faculty of Laws.
Chairperson Regulated Business SP, IFSP
Heading the regulatory and compliance function within Grant Thornton and also leading the financial services, tax and regulatory team, together with my team we deal with a wide range of asset protection and cross-border regulatory and tax planning engagements for clients ranging from private clients, including family offices and high-net-worth individuals, to NASDAQ listed companies. Dr Pisani is the President of the Malta Institute of Financial Services Practitioners and a Governor of FinanceMalta, as well as a published author and an active thought leader in the financial technology space.
Chairperson, Malta Asset Servicing Association (MASA)
Anabel joined Fexserv Fund Services in 2008 and today occupies the position of Managing Director. She started her career in audit and assurance with PwC where she was involved within different industries and worked in offices including Malta and London. Subsequently she took up accountancy and finance positions with leading entities operating out of Malta including an appointment within the Finance Department of HSBC Securities Services (Malta) Limited. She holds a Bachelor of Commerce degree, an Honours degree in Accountancy and a Masters degree in Financial Services from the University of Malta. Anabel is an EFAMA Board member, the appointed Chairperson of the Malta Asset Servicing Association (MASA) is an appointed Governor on the Board of Finance Malta. She is also actively involved in various industry discussions and is a visiting lecturer at the University of Malta.
Chairperson, Wealth/Asset Management Pillar, MFSAC
Andre Zerafa is the managing partner of the firm and also co-heads the firm’s investment services and funds practice. André regularly advises promoters on various corporate, regulatory and other legal issues involved in the setting up of asset management firms, administrators, custodians, prime brokers and securitisation vehicles. He also specialises in the structuring and establishment of alternative investment funds, UCITS funds and other retail funds. André was involved in the setting up of the first segregated patrimony umbrella fund in Malta. His team also advises one of Malta’s largest banks on their range of retail funds. André is particularly knowledgeable on the structuring of Maltese limited partnerships and contractual funds. André also acts as an external examiner and tutor at the University of Malta (Faculty of Laws). He is also a council member of the Maltese Institute of Financial Services Practitioners. He is also an ACAMS Certified Anti-Money Laundering Specialist.
Chairperson, Malta Financial Services Advisory Council (MFSAC)
Joseph Zammit Tabona
Mr Joseph Zammit Tabona FCA,CPA,FIA,FMIT,MOM,KM. was educated at St. Edward’s College. He was articled with Turquand Youngs & Co and qualified as a Chartered Accountant in England & Wales in 1971. Mr Zammit Tabona became a partner of the Malta local branch of Turquand Youngs & Co in 1972 and was a senior partner of PricewaterhouseCoopers (PwC) until his retirement from active practice in March 2000. On the 12th of January 2021, Mr Zammit Tabona was appointed Chairman of the Malta Financial Services Advisory Council a post which he still holds to date. On the 1st of August 2013 Mr Zammit Tabona was appointed as a Director of the Klesch Group Limited and It’s subsidiary Klesch Petroleum Holdings Limited with the responsibility of being Head of Government Affairs for the Group. Mr Zammit Tabona still holds these positions within the Klesch Group Limited. On the same day he was appointed Chairman of Valletta Cruise Port plc. Mr Zammit Tabona retains these positions to this very day. He has also been Chairman of Tigne Mall plc since the 27th of March 2015 and still retains this position to date. Prior to these appointments Mr Zammit Tabona was appointed by the Government of Malta as High Commissioner to the Courts of St. James’s in the United Kingdom. He held this position between the 20th of April 2009 to the 31st of July 2013. Mr Zammit Tabona also served as Chairman of the Malta Stock Exchange from 11th January 2006 to the March 2009 ; FinanceMalta from May 2007 to March 2009 and Malta Enterprise from 11th August 2003 until January 2006.