NEW FINANCIAL CENTRES & BOUTIQUE EXCHANGES

Transcription

1 Encouraging Capital Flows Tradable Assets Business Opportunities Cooperation Encouraging Capital Flows October rd & Tradable th Assets Business Opportunities & Cooperation 2013 Radisson Blu St. Julian s Bay Malta Welcome Address by: Hon.Professor Edward Scicluna MP Minister of Finance, Malta (to be confirmed) Paul Spiteri FCIB, CDipAF Chairman MALTA STOCK EXCHANGE Plc, Malta With the Participation of: David Curmi Managing Director CURMI & PARTNERS, Malta Eileen v Muscat Chief Executive Officer MALTA STOCK EXCHANGE Plc, Malta Philippe Carrel Executive Vice President THOMSON REUTERS, Geneva Kenneth Farrugia Chairman FINANCE MALTA Ahmet Iplikci Senior Advisor Prime Ministry Investment Support, Turkey Henry Beata Stelmach Undersecretary of State Ministry of Foreign Affairs, PolandThe Brian Healy Director of Traded Markets IRISH STOCK EXCHANGE, Dublin Rafael Plata FEDERATION OF EUROPEAN STOCK EXCHANGES, Brussels Renaud Graas General Counsel ALLEN & OVERY, Luxembourg Henry C. Schmeltzer Director of Commercial Strategy and Head of Legal MEDITERRANEAN BANK, Malta Strategic Partner : Gold Partner : Chris Bond Head of Global Banking & Markets HSBC BANK MALTA P.L.C, Malta Frank Spiteri Head of Retail Distribution Strategy ETF SECURITIES, London Mike Duignan Director, Securities and Markets Supervision Unit MALTA FINANCIAL SERVICES AUTHORITY, Malta Bertrand Rossert Head of Governance, Policy and Coordination EUROPEAN INVESTMENT BANK, Luxembourg Brian A. Taylor Founder BTA CONSULTING, London Marco Caligaris CLEARSTREAM BANKING S.A., Luxembourg Georgi Bylgarski, FRM, CFA, CAIA Director Trading, Listing and Membership BULGARIAN STOCK EXCHANGE, Sofia Dr Robert Vella-Baldacchino Member of the Executive Committee MALTA STOCK EXCHANGE Plc, Malta Alexander Hoeptner Executive Vice President, Marketing & Services IT DEUTSCHE BOERSE, Frankfurt Partners: Silver Partner : Organised by:

2 Dear Executive, July 8th, 2013 Standing as a successful, stable, skilled and reliable financial services economy is on the priority list of many jurisdictions which have recognized that globalization is not an option and do seek building market share to service global capital investors increasingly diversifying from core to local markets. Boutique exchanges are paramount to sustain the economic growth and the development of new financial centres. The conference will address the challenges to overcome and the opportunities to size to get there presentations, case-studies and panel discussions as forming stable new business partnerships is key to foster innovation and development. Conference agenda in a nutshell Improving Capital Markets Efficiency and Market Access in Europe Small is beautiful: Advantages of a boutique exchange over the heavyweights Frontier Emerging Markets - Creating Opportunities to Leverage Capital Market Globalization Emerging Financial Centres & Boutique Exchanges Roundtable Business and Cooperation Opportunities & Challenges How to Take Advantage of the European Venture Capital Fund Label and Regulation Status Passport Fund Raising Social Entrepreneurship Fund Securitization 2:0 - Bring the Credit Crisis to an End Meeting the Needs of International Debt Issuers Listing on Malta Stock Exchange Panel Session: Opportunities & Threats to Foster The New Issue Market - How to Get More Issuers to the Market? Alternatives Go Mainstream - ETP and the Commodities Markets Technical Implementation of EU Directives affecting Malta Stock Exchange An International Update for Ownership Responsibilities, Corporate Rules and Guidelines Technology as a Spring Board for Accessibility 21st Century Market Intelligence This is a must attend event for all concerned by growth prospect; opportunities cooperation amongst new financial centres & boutique exchanges is fostering further business. We therefore look forward to your support and active participation Yours Sincerely, François Golbery Chairman ESAFON, a non-profit private initiative to promote the cooperation between Switzerland and Europe and facilitate the exchanges between professionals in the area of Asset Management & Family Wealth Management. WHO SHOULD ATTEND Institutional & Private Investors Asset Managers Portfolio Managers Small & Medium Stock Exchanges New Financial Centers Market Makers Stock Brokers Fund Promoters & Administrators Risk Managers Financial & Legal Advisors, Lawyers 2

3 What delegates say about the 3 rd Annual MALTA SPRING FUND conference March 14 th & 15 th, Malta? The conference was very well organised and topical issues well discussed Most of the conference topics were very well presented Well organised Good topics Very useful Very good Good facilities Interesting and practical Interpreted a lot of technical details Very interesting choice of subjects Focused on topics well researched Absolutely enlightening Top marks for technical content Good level of presentations content Excellent speakers Experts in the industry, explaining in details Well organised and prepared speakers Some speakers are fantastic Good speakers Excellent level of speakers Competent speakers Very relevant topics Professional speakers Very well presented, very informative and well documented Topical issues were discussed Well attended conference O 3

4 CONFERENCE AGENDA OCTOBER 3 rd, am Welcome Coffee and Registration am Opening Remarks by François Golbery and the Chairman of the Malta Stock Exchange Paul Spiteri FCIB, CDipAF Chairman MALTA STOCK EXCHANGE Plc, Malta am Welcome Keynote Address: Hon.Professor Edward Scicluna MP Minister of Finance, Malta (to be confirmed) am Small is beautiful: Advantages of a boutique exchange over the heavyweights Eileen v Muscat Chief Executive Officer MALTA STOCK EXCHANGE Plc, Malta am Coffee Break hosted by am Frontier Emerging Markets - Creating Opportunities to Leverage Capital Market Globalization Global capital investors increasingly diversify from core to local markets. Challenged by the major financial places' race to technology, local exchange face daunting strategic options, to provide niche investment opportunities to the world. This analysis scans strategies that can turn frontier markets into the next emerging opportunity. Philippe Carrel Executive Vice President THOMSON REUTERS, Geneva 4

5 11.45 am Emerging Financial Centres & Boutique Exchanges Roundtable Business and Cooperation Opportunities & Challenges What are in your view the key ingredients to form a world-class financial centre? Is cooperation to grow capital flows cross-border important to you? How do you go about creating stable new business partnerships? How do you plan to access the euro-zone market? Do you plan moving transactions to exchanges? How are you sharing best practices now and in the future? Moderator: Kenneth Farrugia Chairman FINANCE MALTA Panelists: Ahmet Iplikci Senior Advisor Prime Ministry Investment Support, Turkey Beata Stelmach Undersecretary of State Ministry of Foreign Affairs, Poland Brian Healy, Director of Trade Markets, Development, Operations IRISH STOCK EXCHANGE, Dublin Rafael Plata FESE, FEDERATION OF EUROPEAN STOCK EXCHANGES, Brussels pm Buffet Lunch hosted by: UNLEASHING LONG TERM FINANCING Encouraging VC Growth and VC Managers Passport outside AIFMD 2.00 pm How to Take Advantage of the European Venture Capital Fund Label and Regulation Status Passport Fund Raising Social Entrepreneurship Fund Renaud Graas General Counsel ALLEN & OVERY, Luxembourg 5

6 SECURITIZATION 2: pm Securitization 2:0 - Bring the Credit Crisis to an End The global financial crisis originated from a debt crisis and lack of transparency thereof. Solutions to the subsequent crisis might therefore originate in debt management as well. On the even of launching the first regulated market of secondary debt transactions in Malta, this presentation focuses on the far reaching benefits that this initiative could had on the liquidity and transparency of those transactions and how it will in turn benefits market players and the economy of the debt-struck regions Philippe Carrel Founder YOUNG BANKERS CONNECT, Geneva SECURITIZATION ACT ; MALTA EUROPEAN WHOLESALE CAPITAL MARKET Malta as an emerging financial services location has proved to be successful in the various financial services sectors with responsive communication from the Regulator.The EWSM is a new proposition as part of the expansion of the sector the EWSM is uniquely Mediterranean, all similar Markets are to the North. Wholesale debt issuers looking for competitive, guaranteed turnaround times (from both Listing Agent and Regulator), The EWSM offers potential for development of niche specialties pm Meeting the Needs of International Debt Issuers Listing on Malta Stock Exchange Latest Developments of the Cross-Border EUWCM Brian Healy Director of Traded Markets IRISH STOCK EXCHANGE, Dublin Case Study: Henry C. Schmeltzer Director of Commercial Strategy and Head of Legal MEDITERRANEAN BANK, Malta HOW TO FOSTER BOUTIQUE EXCHANGES LISTING AND TRADING pm Panel Session: Opportunities & Threats to Foster The New Issue Market How to Get More Issuers to the Market? Is the primary market in need of radical revision to turnaround company issuance? What needs to be changed to improve the secondary market, internationally and locally Moderator: David Curmi Managing Director CURMI & PARTNERS, Malta 6

7 Panelists: Chris Bond Head of Global Banking & Markets HSBC BANK MALTA P.L.C, Malta Dr Joseph Ghio (asked) Partner FENECH AND FENECH, Malta Dr Juanita Bencini Partner KPMG, Malta 4.30 pm Coffee-break hosted by ALTERNATIVES GO MAINSTREAM Although institutional investors have spearheaded the growth of alternatives and continue to increase their allocations, the industry is maturing, suggesting that allocations may not grow as rapidly in the future as they have in the past. A new investors segment is emerging driven by family offices and HNWI individuals who are moving to absolute-return investing and embracing alternative strategies for the same reasons institutional investors have that is hedge against major downturns and bridge the gap between actual and targeted returns given actual market conditions pm ETP and the Commodities Markets Frank Spiteri Head of Retail Distribution Strategy ETF SECURITIES LTD (UK), London 5.45 pm Closing Remarks by the Chairman pm Cocktail hosted by : pm End of the first Day 7

8 CONFERENCE AGENDA OCTOBER 4 th, Welcome Coffee and Registration LEGAL AND REGULATORY UPDATE am Technical Implementation of EU Directives affecting Malta Stock Exchange Mike Duignan Director, Securities and Markets Supervision Unit MALTA FINANCIAL SERVICES AUTHORITY, Malta am An International Update for Ownership Responsibilities, Corporate Rules and Guidelines Bertrand Rossert Head of Governance, Policy and Coordination EUROPEAN INVESTMENT BANK, Luxembourg am Coffee break hosted by 8

9 THE FUTURE OF SHARE TRADING THE EXCHANGE OF TOMORROW am Panel Session: Technology as a Spring Board for Accessibility 21 st Century Market Intelligence What new technologies are enabling capital market development in the EU? Are specific new technologies helping smaller markets like Malta to become more attractive? Do technological advances always improve markets? Is there a political backlash to technological development in capital markets Impact of cloud computing and exchange IT strategies on the world of exchanges and asset management Moderator: Brian A. Taylor Founder BTA CONSULTING, London Panellists: Marco Caligaris CLEARSTREAM BANKING S.A., Luxembourg Brian Healy, Director of Trade Markets, Development, Operations IRISH STOCK EXCHANGE, Dublin BLOOMBERG (asked) Georgi Bylgarski, FRM, CFA, CAIA Director Trading, Listing and Membership BULGARIAN STOCK EXCHANGE, Sofia Dr Robert Vella-Baldacchino Member of the Executive Committee MALTA STOCK EXCHANGE Plc, Malta Addressing the Constant Evolving Needs of Issuers, Investors, Intermediaries and Data Vendors Technology From Trading Facilities to Custody and Cloud Computing Services Alexander Hoeptner Executive Vice President, Marketing & Services IT DEUTSCHE BOERSE, Frankfurt pm Closing Remarks by the Chairman pm Closing Cocktail hosted by: pm Close of the Conference 9

10 SPEAKERS Hon.Professor Edward Scicluna MP Minister of Finance, Malta (to be confirmed) Edward Scicluna is Malta s minister for Finance; prior he was an MEP and served as Vice-Chair of the Economic and Monetary Affairs Committee in the European Parliament, Professor and Head of the Department of Economics at the University of Malta, Chairman of the Malta Financial Services Authority, chairman of the Malta Council of Economic and Social Development, and Central bank of Malta Director. Prof Scicluna graduated from the Universities of Oxford, Malta and Toronto. Paul Spiteri FCIB, CDipAF, Chairman, MALTA STOCK EXCHANGE Plc, Malta Eileen v Muscat, Chief Executive Officer, MALTA STOCK EXCHANGE Plc, Malta Eileen Muscat moved in 1991 to the newly-set up Malta Stock Exchange after having been involved in the setting up of the new organization for a number of years. Ms Muscat has held various posts within the Exchange during her career with this organization and has been involved in all the major developments that have taken place, including infrastructural and technological projects. She also held the post of Secretary to the Board and Company Secretary for a number of years. Ms Muscat was also General Manager for a period of 9 years prior to her appointment as Chief Executive last September. Eileen Muscat stated her career at the Central Bank of Malta where she held various positions out her 12-year career there. Ms Muscat represents the Malta Stock Exchange on a number of Committees both locally and overseas including the Management Committee of the Federation of European Stock Exchanges, the Working Committee of the World Federation of Exchanges, is Alternate Director on the Board of Directors of the European Central Securities Depositories Association and also represents the Exchange on the Advisory Group of the Target-2 Securities Project. 10

11 SPEAKERS Philippe Carrel, Executive Vice President, THOMSON REUTERS, Geneva Philippe Carrel is Executive Vice President at Thomson Reuters, specializing in aspects of risk management and regulatory compliance with key financial institutions and regulators around the world, a new concept he identifies as Risk Intelligence. Through an additional assignment in research and development, he supports the development of new data, benchmarks and risk intelligent information for the finance industry. Specialist of financial derivatives, valuations and regulatory compliance, he was previously Head of Alternative Investments Strategies at Reuters in New York, Director of Risk and Trade Management at Reuters in London and Principal Consultant Risk Management at Reuters in Singapore. Until joining Reuters, Philippe directed advisory services on hedging and trading strategies for banks, fund managers and private investors across Asia, which followed a career dealing securities and derivatives in Paris and Singapore. Philippe also advised regulatory authorities, professional associations and exchanges across Asia and directed a financial training institute for many years. A strong advocate of change in risk management methodologies, he had publicly warned about systemic risk since 2005 and authored the Handbook of Risk Management, published in 2010, to lay out a detailed methodology for firms and regulators to redefine risk information workflows. Philippe is member of the Global Association of Risk Professionals (GARP), of which he co-directs the Geneva Chapter in Switzerland. He also contributed to a project of the World Economic Forum on risk management in 2010 and to a panel of the Financial Stability Board in Kenneth Farrugia, Chairman, FINANCE MALTA, Malta Kenneth joined Bank of Valletta Group in October 1985 and has occupied various positions within the Bank. He currently holds the position of Chief Officer at Valletta Fund Services, the Bank's fund servicing arm and sits on the executive committee of the Group. Kenneth was appointed as Chairman of Malta's Funds Industry Association and Chairman of the Board of Governors of Finance Malta. Ahmet Iplikci, Senior Advisor, Prime Ministry Investment Support, Turkey Senior Advisor to Turkish Prime Minister s Office, Investment Support and Promotion Agency in the UK (invest.gov.tr) as well as Vice Chairman and Board Member, TBCCI (Turkish British Chamber of Commerce and Industry - tbcci.org). Recently won the prestigious Most Successful Turk Award (mostsuccessfulturks.org). Long experience as an entrepreneur and investor in startup as well as small-to-medium sized companies, especially in e-commerce, clean tech and automotive sectors. Formerly banker and hedge fund manager. MSc Industrial Engineering, Middle East Technical University, Ankara. 11

12 SPEAKERS Beata Stelmach, Undersecretary of State, Ministry of Foreign Affairs, Poland Beata Stelmach began her career in 1991, just after the economic transformation in Poland had started. She became involved in efforts to create the Polish capital market and was employed in the Enforcement Department of the Polish Securities and Exchange Commission. She was then appointed Secretariat Director of the SEC, while simultaneously holding the position of Commission Spokesperson. Her responsibilities included cooperation in the framework of the International Organization of Securities Commissions (IOSCO), where she was chair of the Working Group on the Enforcement and Exchange of Information. She also participated in negotiations on Poland s accession to the OECD and the EU. As a consultant to the World Bank, she took part in programs aimed at enhancing the capital markets in Ukraine (1996) and Russia (1997). In 1999, she helped bring Pekao/Alliance PTE SA, a newly created pension fund, to the Polish market. In , President of the Management Board of the Warsaw Commodity Board of Trade. In , Board Member of Prokom Software SA, the biggest Polish software company at the time. In , she was a Member of the Management Board of Intrum Justitia Association of Investment Funds and managed one of the first securitization funds on the Polish market. In , Partner and Vice-President at MCI Management SA, a PE/VC management company listed on the Warsaw Stock Exchange. On 1 May 2011, she was appointed Undersecretary of State at the Ministry of Foreign Affairs. Brian Healy, Director of Traded Markets, IRISH STOCK EXCHANGE, Dublin Brian Healy is responsible for the Irish Stock Exchange s markets for traded securities and a member of the ISE Executive Committee. He oversees operations, business development, management of relationshipd with strategic partners and also responsible for the Exchange s IT strategy. He is Company Secretary to the Group and subsidary Boerds. Chairman of the cross-idustry Irish Market Advisory Commettee of Euroclear Group Plc and is non-executive director of the Irish Investor Compensation Company. Rafael Plata, FESE 12

13 SPEAKERS Renaud Graas, General Counsel, ALLEN & OVERY, Luxembourg Renaud specializes in advising clients on the structuring, setting up and registration of regulated funds (UCITS, Part II funds and SIFs) and SICARs, with a particular focus on private equity, real estate and alternative investment structures. Renaud provides ongoing regulatory advice to clients on the Luxembourg investment funds regime and also on a wide range of other areas of law relating to the funds business (ie, finance, corporate, derivatives, etc). In addition, he regularly advises clients on insurance regulatory matters. Renaud is a member of the Association of the Luxembourg Fund Industry (ALFI) and of the Luxembourg Banking Lawyers Association (ALJB). Renaud was seconded to the London office of Allen & Overy from May 2008 to November Henry C. Schmeltzer Director of Commercial Strategy and Head of Legal MEDITERRANEAN BANK, Malta David Curmi, Managing Director, CURMI & PARTNERS Ltd, Malta Curmi & Partners Ltd is a boutique wealth management provider. Our mission is to be the first and obvious port of call as an investment house opearting from Malta. We provide our clients with premium financial thinking, advice and information using a highly committed and qualified workforce, who share the same ethos in delivering tailored investment solutions with integrity, expertise and diligence. In May 2012 we agreed to explore wealth management opportunities in Malta jointly with Morgan Stanley. This gives us the ability to give our clients access to the resources of the world's largest wealth manager. Chris Bond Head of Global Banking & Markets, HSBC BANK MALTA P.L.C, Malta Chris Bond is Head of Global Banking & Markets for HSBC in Malta. He is responsible for the bank's investment portfolio, the treasury function, financial institutions, fund administration and custody. Chris has over 26 years international experience in the global markets and investment banking sectors, having lived and worked in London, Paris, New York and Bermuda. Married with two grown up children, Chris is an avid sports enthusiast. 13

14 SPEAKERS Frank Spiteri,Head of Retail Distribution Strategy, ETF SECURITIES LTD (UK), London Frank Spiteri is Head of Retail Distribution at ETF Securities. In his role Frank is responsible promoting the use of appropriate Exchange Traded Products (ETPs) out the retail m encouraging the inclusion of commodities and currencies as part of a diversified portfolio. F more than 16 years of experience in finance and was most recently at the brokerage, Peel H where he worked on the ETF Sales and Trading desk. Prior to his time at Peel Hunt, Frank worked at KBC Financial Products as an Equity D Trader. Mike Duignan, Director, Securities and Markets Supervision Unit, MALTA FINANCIAL SERVICES AUTHORITY, Malta He advised Ministers at HM Treasury on securities and exchanges policy during The establishment of the FSA in the UK, before joining the FSA as Primary Markets Policy Manager. After leading the work on several EU Directives, he moved to the Irish Stock Exchange as Head of Market Supervision just days before Lehman crashed and Irish banks needed to be bailed out. More recently he joined MFSA as Director of Securities and Markets Supervision Unit responsible for supervision of funds, firms, trustees, markets and the MSE. Bertrand Rossert, Head of Governance, Policy and Coordination, EUROPEAN INVESTMENT BANK, Luxembourg Bertrand Rossert heads the Governance Policy and Coordination division, within the General Secretariat and Legal Affairs Directorate of the European Investment Bank. He has experience in economic analysis, corporate governance, organisational change, policy and procedure design, regulatory and compliance issues, and project assessment. He holds an MSc in Economics from the London School of Economics, and degrees from the Paris Business School (ESCP) and the Paris Institute of Political Sciences (IEP). Brian A. Taylor, Founder, TAYLOR CONSULTING, London 14

15 SPEAKERS Marco Caligaris, CLEARSTREAM BANKING S.A., Luxembourg Georgi Bylgarski, FRM, CFA, CAIA, Director Trading, Listing and Membership, BULGARIAN STOCKEXCHANGE, Sofia Member of the Board of Directors and Director Trading, Listing and Membership Bulgarian Stock Exchange Sofia Mr. Bylgarski holds a BA and MA in International Business from the University of National and World Economy and a graduate certificate in finance from Georgetown University. He is FRM, CFA and CAIA charterholder as well as licensed investment advisor. The financial career of Mr. Bylgarski commenced in the banking sector in 2002 as he worked consecutively in UniCredit Bulbank, Bulgarian national bank and European central bank. In 2007 he joined the management of Beta Corp Investment Company taking responsibility of the asset management. As of April 2010, Georgi Bylgarski has joined the Bulgarian stock exchange as Director Trading, Listing and Membership and as of September the same year he was elected to serve at the Board of Directors of the exchange. Mr. Bylgarski served as a professor in Finance, Investment and Behavioural Investing with City University of Seattle Bulgaria and City College, University of Sheffield. Dr Robert Vella-Baldacchino, Member of the Executive Committee, MALTA STOCK EXCHANGE Plc, Malta Deputy General Manager and Member of the Executive Committee at the Malta Stock Exchange. He is responsible for strategic planning and management among others of the Exchange s CSD, compliance and market operations, including custody services. A lawyer by profession and specialist in EU Law & Economics, he has gained wide experience in the international negotiation of EU Clearing and Settlement Code of Conduct, UNIDROIT s Geneva Securities Convention and consultation on the European Commission s Proposal of a directly applicable CSD Regulation. He has been engaged on a World Bank funded consultancy project for updating rules and procedures of the Dar Es Salaam Stock Exchange. Robert is a Member of the T2S CSDs Steering Group (T2S-CSG), a Fellow of the International Bar Association in London and was duly sworn and admitted to the Bar in Malta to practise as an advocate in Alexander Hoeptner, Executive Vice President, Marketing & Services IT DEUTSCHE BOERSE, Frankfurt 15

16 PARTNERS Strategic Partner : The Malta Stock Exchange became a reality upon enactment of the Malta Stock Exchange Act in 1990, and commenced its trading operations on 8 January Today it is a fully-fledged regulated market which successfully fulfills its role as an effective venue to raise capital finance. The Exchange carries out this role by providing a structure for admission of financial instruments to its recognized lists which may subsequently be traded on a regulated, transparent and orderly market place (secondary market).the main participants in the market are Issuers, Stock Exchange Members (stockbrokers), and the investors in general. Apart from admission and trading, the Exchange offers a comprehensive range of back office services including maintenance of share and bond registers, clearing and settlement and custody services its Central Securities Depository (CSD) which is situated in-house. It also has a link with Clearstream Banking in Frankfurt, Germany and in Luxembourg facilitating international access. The Malta Stock Exchange offers a varied spectrum of products and services: Gold Partner : FinanceMalta is a non-profit public-private initiative set-up to promote Malta s international business & financial centre, both within, as well as outside, Malta s shores. It brings together, and harnesses, the resources of the industry and government, to ensure that Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services sector can continue to grow and prosper. The represented associations on the Board of Governors are: the Malta Funds Industry Association, the college of Stockbrokers, the Malta Banker s Association, the Malta Insurance Association, the Association of Insurance Brokers, the Institute of Financial Services Practitioners and the Malta Insurance Management Association. Silver Partner : Deutsche Börse Group is one of the world s leading service providers for the finiancial sector with a product and service offering for issuers, investors, intermediaries and data vendors. The Group offering covers the entire processing change from trading, clearing, to settlement and securities custody. Moreover, Deutsche Börse's range of offerings comprises market data and indices as well as services for development and operation of IT systems. 16

17 PARTNERS Partners & Exhibitors: HSBC Bank Malta is the island s leading financial institution which draws upon a professional heritage. The Bank provides a comprehensive range of financial services which are all designed to meet the expanding requirements of its large client base of personal and corporate customers. These include retail banking and wealth management, commercial banking and investment banking. Through a number of specialised subsidiary companies the Bank is also active in the areas of life assurance, fund management and stockbroking services. The Bank plays an integral part in the Maltese economy and is committed to investing in state-of-the-art infrastructure and advanced systems and to develop new products and services for the benefit of its customers. HSBC Bank Malta forms part of one of the largest international banking and financial services organisations in the world with an international network of 7,500 offices in 87 countries in Europe, the Asia-Pacific region, Europe, the Americas, the Middle East and Africa. ETF Securities is a leading, independent exchange-traded products provider with expertise in commodities. Our pioneering work in this asset class is complemented by specialist capabilities in currencies, as well as thematic equities such as mining, infrastructure and natural resources. We are dedicated to developing liquid, transparent investment solutions that can be traded on world stock exchanges. The company has a strong history of product innovation and this remains a key tenet of our guiding philosophy. Our management team listed the world s first gold exchange-traded commodity in 2003, and many other market-leading investment solutions have since followed. Today ETF Securities offers what we believe to be the world s most comprehensive range of exchange-traded commodities and is responsible for approximately US$28 billion in global investor assets (as at 29/02/2012). We strive to exceed the expectations of commodity investors worldwide by aiming to deliver best of breed product, insightful investment research and excellent client service. Curmi & Partners Ltd. is one of the leading financial services providers in Malta providing a wide range of services that are tailor made to each client's individual needs independent, wealth management solutions that are customised to their individual investment profiles and their appetite for risk. MGFF, Management Global Family & Fund Advisory Services Ltd is a global independent advisory firm registered in Dublin offering advisory services to Fund Promoters and Asset Managers willing to register and administer their product range in the most appropriate cost-effective European jurisdiction to ensure the distribution of their products in compliance with European regulations. MGFF offers a large range of tailor-made fiduciary services to Family-Owned Businesses & Commercial Companies, Entrepreneurs and Family Offices willing to ensure the tax effectiveness, the protection and the long-term preservation of their assets. Please visit our web site for more information. 17

18 ESAFON ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic Advisers If you are an Asset Manager, a Fund Manager, the Head of a Family Office or a Strategic Adviser, Join ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic Advisers ESAFON is a non-profit Association located in Montreux; the ESAFON objectives are to promote the cooperation between Switzerland and Europe and to facilitate the exchanges between professionals in the area of Asset Management & Family Wealth Management, to allow its members to discuss together and to implement the new regulations and the best management practices, with an objective geared towards harmonisation and transparency. ESAFON members network with major international leaders think tank meeting and social events as private luncheon, dinners, workshops, conferences and forums. - Their details are added to the ESAFON DIRECTORY which is updated on a monthly basis. - They receive a personal ESAFON Membership Card and benefit from a 50% discount on their registration fee for all ESAFON Conferences during one year. - They have access to the ESAFON website: - The Association supports the interests of its members to Regulatory Bodies in Switzerland as well as in various European countries - The Annual Individual Membership Fee 2013 is 500 CHF. - The Annual Institutional Membership Fee 2013 is CHF. It allows each Institution, Member of ESAFON, to register until 5 executives as ESAFON Member. - Please find ESAFON MEMBERSHIP APPLICATION FORM below. For more information or to apply for your Membership to ESAFON, please contact: Dr Anne Golbery, Managing Director, ESAFON a.golbery@esafon.com, direct phone: Please return the Form to our Customer Service by either customer.service@esafon.com, or fax:

19 ESAFON APPLICATION FORM 2013 Name:... Job Title:... Company:... Address:... City & Zip-Code:... Country:... Telephone:... Fax: Yes, I wish to enter the non-profit Association ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic Advisers I am introduced by:. Yes, I send you a short biography by with a colour portrait to be published on the private ESAFON website Individual Subscription 2013 (500 CHF) Institutional Subscription 2013 (1 500CHF) Date: Yes, I will send you the payment upon receipt of your invoice Signature: 19

20 François Golbery, Chairman, ESAFON, Montreux ESAFON TEAM François Golbery is the Chairman of ESAFON, a non-profit independent association registered in the Registrar of the Federal Office in Bern with the objective of promoting and facilitating best practices amongst professionals from the asset, fund and wealth management industries across Switzerland and Europe. ESAFON is committed the set-up of independent expert working committees to make proposals that will help contribute as much as possible over regulation applying to the global finance industry and thus promote workable best practices for industry participants. François, its long-term involvement at MGI in organizing high-level expert driven conferences addressing the strategic consequences of EU principle-led directives within the Lamfalussy procedure in Europe has been at the forefront of interative developments towards the best practices within the financial industry across Europe. Established in Switzerland since 1997, he contributes and helps financial centres to formulate their strategic positioning and train market participants to implement change in day-to-day business practices. He has built up a personal network of high calibre experts that are instrumental to forge the future and do participate in high level think tanks. Prior to MGI, François Golbery has served in various senior positions in Marketing and Finance within multinational companies. In 1988, he started-up and grew the French subsidiary of IIR in Paris as the most profitable entity of the group. He was elected Manager of the Year in 1992 / 1993 and received his prize from Edward de Bono, the originator of the lateral thinking concept. He took over the responsibility of the Portuguese office as well. He holds an MBA in Finance from the University of Hartford (Connecticut), under the patronage of Michel Barnier, currently the Commissioner of the Internal Market Division of the European Commission in Brussels. François Golbery is a member of the Royal Ocean Racing Club in London. Anne Walhain Golbery, Managing Director, ESAFON, Montreux Anne Walhain Golbery is Managing Director and Company Secretary of ESAFON, a non-profit independent association registered by the Trade Register of Canton de Vaud last June 2012, with the objective of promoting and facilitating best practices amongst professionals from the asset, fund and wealth management industries across Switzerland and Europe. At the Association ESAFON, Anne is in charge of the global operations including RP, Partnership, Customer Service, Marketing, IT, Finance, and Human Resources. Prior to ESAFON, Anne Walhain Golbery has been with François Golbery, her partner in life and in business, the cofounder and co-owner of MGI Management Global Information SA, managing the global operations of MGI for 15 years. Previously, as IT Program Manager, Anne has been designing and implementing Technical Information Systems for the Space Electronic Equipments at EADS, France, for 12 years. She holds a Doctorate in Atomic Physics-1979, University of Caen, France. Two from among her five children are running their own Family Business in the 3rd generation. 20

21 ESAFON EVENTS 2013 THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY (C1318) The 12th Annual Global Family Office Conference January 31, 2013 Credit Suisse Forum Geneva In partnership with: MGFF Ltd - Partner OPERATIONAL CHALLENGES FOR MANAGEMENT COMPANIES UNDER UCITS & AIFMD (C1315-L) The 5th Annual Management Company Conference February 6, 2013 Cultural Center Schéiss Central Luxembourg In partnership with: LUXEMBOURG INVESTMENT SOLUTIONS S.A. Silver Partner ACARDA Silver Partner CISA REVISION AIFMD TECHNICAL STANDARDS (C1326CH) The 4th Annual Swiss & Foreign Asset and Fund Manager s Conference PREREQUISITE TO MARKET ACCESS ACROSS EU & SWITZERLAND March 5, 2013 Credit Suisse Forum Geneva In partnership with: MGFF Ltd - Partner UCITS AIFMD MiFID II (C1315-M) The 3rd Annual Malta Fund Spring Conference IMPLICATIONS FOR FUNDS, MANAGERS, SERVICE PROVIDERS March 14 th & 15 th, 2013 The Westin Dragonara Resort St. Julian s Bay - Malta In partnership with: MFSA (Malta Financial Service Authority) Strategic Partner HSBC ABACUS KOGER - Exhibitors REAL ESTATE DEBT FUND (C1300) The 9th Annual Real Estate Fund Servicing Conference STRUCTURING, SERVICING & DISTRIBUTION OPPORTUNITIES May 14 th, 2013 Parc Plaza Hotel Central Luxembourg UCITS & AIFs RISKS & COMPLIANCE (C1302) The 11 th Annual Fund Compliance & Risk Management Conference Eligible Assets EPM Techniques Collateral Management VaR Organisational Substance Delegation AIF Risks AIF Reporting June 18 th, 2013 Parc Plaza Hotel - Central Luxembourg 21

22 PRIVATE EQUITY FUND (C1309) The 10th Annual Real Estate Fund Servicing Conference September 26 th, 2013 Parc Plaza Hotel Central Luxembourg In partnership with: ERNST & YOUNG - Lead Partner ALTERDOMUS - Partner MALTA STOCK EXCHANGE INTERNATIONAL CONFERENCE (C1320) ATTRACTING NEW CAPITAL & INVESTMENT IN MALTA. CAPITAL MARKET UPDATE & ADVANCED EU REGULATIONS. In partnership with: MSE (Malta Stock Exchange) Strategic Partner FINANCE MALTA - Gold Partner & Exhibitor ETF SECURITIES LTD (UK) - Partner & Exhibitor SERVICING GLOBAL PRIVATE WEALTH THROUGH MALTA (C1317) The 3 rd Annual Maltese Wealth Management Conference PRIVATE FUNDS FOUNDATIONS TRUSTS LIFE INSURANCE QROPS SFO CELL COMPANIES YACHT & AIRCRAFT LEASING HNWI RESIDENCE PROGRAM October 17 th, 2013 Radisson Blu St. Julian s Bay Malta In partnership with: CURMI & PARTNERS Partner & Exhibitor AIFMD One Year After (C1415-M) The 4 th Annual Malta Fund Spring Conference IMPLICATIONS FOR FUNDS, MANAGERS, SERVICE PROVIDERS June 2014 The Westin Dragonara Resort Malta In partnership with: MFSA (Malta Financial Service Authority) Strategic Partner 22

23 W If you want to pre-register and receive the programme, participate as a speaker or a partner, Please return the Coupon to our Customer Service by either customer.service@esafon.com, or fax: (ECS ) First Name, Last Name:... Job Title:... Company:... Address:... City & Zip-Code:... Country:... Telephone:... Mobile: Yes, I would like to receive the above programmes (please tick the appropriate programmes) and pre-register Yes, I would like to receive your partnership opportunities Yes, I would like to participate as a speaker on the following topic (be as specific as possible) Topic:

24 To benefit from our Partnership Opportunities, please contact Dr Anne Golbery at ESAFON Partnership Standard Packages 2013 FINANCIAL SUPPORT : Euro 500 donor logo inserted in the conference brochure; free access to the conference EXHIBITOR PARTNER : Euro partner logo inserted in the conference brochure an exhibition space in the conference foyer for the duration of the conference a personalised invitation to send to your contacts with a 50% discount for any registration one coffee-break hosted by your organisation your Corporate Profile inserted on our web site with a link to your web site 3 free conference passes for your colleagues present on your stand the complete mailing list of the conference participants FIRST CLASS PARTNER : Euro a 30 minute non-commercial presentation as a speaker a personalised invitation to send to your contacts with a 50% discount for any registration for your employees or your contacts your Corporate Profile distributed to the participants 3 free conference invitations for your colleagues or clients the complete mailing list of the conference participants SILVER PARTNER : Euro partner logo on front page of the conference brochure a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the conference chairman your Corporate Profile inserted on our web site with a link to your web site and distributed to all the participants a personalised invitation to send to your contacts with a 50% discount for any registration for your employees or your contacts 3 free conference invitations for your colleagues or clients the complete mailing list of the conference participants PLATINUM PARTNER : Euro all the conditions applying to SILVER partnership, plus: lunch or cocktail hosted by the company (luncheon costs included in the total package of Euro 5 900) a partner's logo appears on the schedule in participant folders GOLD PARTNER : Euro all the conditions applying to EXHIBITOR partnership, plus: partner logo on front page of the conference brochure lunch or cocktail offered by the company (lunch included in the total package of Euro a partner's logo appears on the schedule in participant folders a 30 minute presentation with a formal introduction by the Chairman 3 free conference invitations for your colleagues or clients LEAD PARTNER : Euro all the conditions applying to GOLD partnership, plus: exclusivity of partnership to company's market sector The ESAFON Partners take in charge their travel and accommodation expenses A 20% discount is granted on the second Partner Contract signed in

25 CONFERENCE INFORMATION GENERAL CONDITIONS o o o o o You registration is valid for one delegate only. Confirmation and Payment: (NOT APPLICABLE TO SPONSOR' GUESTS) Conference fees must be paid prior to the event. Payment has to be received before entering in the conference room. Badge: Your personal badge has to be shown at any time and will be controlled to access the conference room, coffee-breaks, cocktail and buffet lunch. Conference Participant List: Registrations received 6 open days before the conference will be listed on the ESAFON Booklet list given to all participants. Participants substitutions: Please kindly send a written notice to customer.service@esafon.com before 6 open days in order to have the correct name appear on the ESAFON Booklet. One registration is valid for one specific delegate. Splitting the conference days between two participants will be subject to a charge of 400 EUR. Part time substitution is not possible Cancellations: must be made sending an to customer.service@esafon.com. If the cancellation is received one month prior the conference, a credit note will be issue minus 10 % of handling charge. For cancellations received less than one month prior the conference, the full cost is due. Cancellation up to one month by writing before the conference will support an administrative charge of 10% of the fee. Prior to the one month the full fee is due but a substitute delegate may attend in your place if required. Late Registrations: Registrations made after 6 open days are welcome, but will not be listed on the ESAFON Booklet. 25 Venue/Opening hours of the welcome desk Venue: Radisson Blu St. Julian s St. George s Bay - STJ St. Julian s Malta Tel: Fax: Opening Hours of the welcome desk: hours Hotel Information ESAFON has a preferential rate for your booking at Radisson Blu St Julian's. We will organise your hotel reservation. You can access to the hotel booking form by sending an at customer.service@esafon.com. Please call our Registration Desk as soon as possible to book your room to avoid disagreement as the number of rooms is limited. If you would like to book a taxi from the airport please ask our registration desk. Registration desk: ESAFON COMMITMENT This programme has been specially designed in compliance with the quality criteria set by ESAFON. The topics covered are issued from our research and the panel of speakers has been carefully selected on the basis of their credentials and relevant experience. Therefore, this programme is the sole property of ESAFON and cannot be copied under any circumstances (9 cpe) About ESAFON, your Strategic Partner to Global Ethical & Sustainable Finance: ESAFON is dedicated to provide with strategic education and advisory for Global, Ethical & Sustainable Finance. Over the last 16 years, ESAFON has been developing 300 highly focused and in-depth conferences addressing emerging trends and regulatory development affecting the Fund and Wealth Management Industry always from a long term and global perspective, in EUROPE, US, LATAM and ASIA. In Europe, ESAFON is at the forefront to highlight European initiatives within the Lamfalussy procedure. Its total independence and ingoing privileged relationship with best talented global leaders and experts ensure a strategic approach to address the most relevant issues its conferences. The ESAFON values: customer centric, innovative, global vision, scope and quality oriented, rigorous code of ethics, socially responsible.

26 W To register: Please fax or back this Application Form fulfilled and signed to our Customer Service by at or by fax at CONFERENCE: Title: ECONOMIC GROWTH & BOUTIQUE EXCHANGES Date: October 3 rd & 4 th Morning, 2013 REGISTRATION: CPD: 12 hours Conference Code: C1320-M Location: Radisson Blu St. Julian s Malta Name... First Name... Position... Company... Address Tel... Fax... October 3 rd & 4 th Yes, I wish to register * Morning, 2013 (Code C1320M) Fee includes Refreshments, Buffet Lunch, a Full Documentation Package and the CD ROM of the presentations Standard Registration Fee Euros 950 Early Registration & Payment before July 26, 2013 SPECIAL OFFERS AVAILABLE FOR A BOOKING & PAYMENT: SFA - Swiss Fund Association Member LAFV Liechtenstein Fund Association Member SAAM Swiss Association of Asset Managers Member, GSCGI Member ALFI Member AFG Member, AIMA Member, ARIF Member, EFAMA Member Euros 400 BEFORE July 26, 2013 AFTER July 26, 2013 Euros 250 Euros 450 MALTESE Participants Euros 250 Euros 450 MGI CLUB, ESAFON CLUB MEMBER, Participant of the 3 rd Annual MALTA SPRING conference 2013 Group Participation (2 Delegates) from the same company Additional (one invoice only) Group Participation (3 Delegates or more) from the same company (one invoice only) Euros 200 Euros 400 Euros 150 per delegate Euros 100 per delegate Euros 350 per delegate Euros 300 per delegate Individual & Institutional ESAFON Member Free Ticket Euros 100 Institutional Investors Free Ticket Euros 100 Date: VIP INVITATION on behalf of 50% Discount on Early Registration Fee Signature: *Please tick the applicable box Yes, I will pay by wiring transfer upon the receipt of my invoice* Please send the invoice to the following address: Name, Job Title:... Address: 26