MALTESE FINANCIAL REGULATION

Transcription

1 MALTESE FINANCIAL REGULATION 30th January, 1st, 6th, 8th, 13th, 15th, 20th February 2018 MFSA, Notabile Road, Attard 16 : : 00 OVERVIEW The main objective of this training course is to provide a solid background of the local regulatory framework. It will enable participants to better understand the implications and the regulatory environment in which they operate; whilst enabling participants to become proficient at conducting licensed investment advice. The contents is also recommended to those students who would have obtained or are currently in the process of obtaining the Certificate for Financial Advisers (CeFA); Diploma for Financial Advisers (DipFA); Diploma in Investment Advice (DipIA) and/or the Chartered Wealth Manager Qualification (previously known as Masters in Wealth Management). Students undertaking this course should be able to demonstrate knowledge and skills in two main aspects: knowledge and understanding in terms of legislation, regulation, enforcement and compliance in Malta and ability to synthesise the knowledge and understanding obtained to provide answers to practical questions and case studies within a Maltese context applicability. Assessment At the end of the course candidates will be required to sit for a 2-hour written exam, which consists of two sections (both carrying equal weighting): Part A consists of 25 compulsory questions. Candidates are required to give a two line answer (50% of the final mark) and Part B requires completing 2 out of 3 case studies, to be answered in an essay format (50% of the final mark). Students are expected to pass both sections of the paper, thus obtaining at least 25% of the marks in each part. The paper is examined in accordance with Maltese law and practice. The exam will be held on the 6th March 4:00 pm Attendees registering without the exam sitting will be awarded a Certificate of Attendance only

2 Session 1 ( 30th January 2018 ) The Regulation of Financial Services ( led by Dr. Mark Caruana Scicluna ) Overview of 'Regulated' Activities Various types of regulated financial Services : - Banking Services - Insurance Business - Investment Business Different types of Corporate Entities - Private limited - Public Limited Liability - SICAV Concepts of Civil Law - The nature of obligations in general - Principles of Contract Law - Essential requisites of contrast & the effects of contracts - Principles of Suretyship Guarantees Concept of Regulation Role of Regulatory Bodies Session 2 ( 1st February 2018 ) Law Relating to Banking and Recovery and Resolution. ( led by Mr. Aldo Giordano ) Banking Law - Licensing - Authorisation, Withdrawal, Change in ownership - Prohibited Transactions - On - going requirements - capital, liquidity, governance - Power to take over an institution - Fines / Appeals

3 Law Relating to banking and Recovery and Resolution ( Cont'd ) Recovery and Resolution - preparation and Prevention - Early intervention - Resolution Session 3 ( 6th February 2018 ) Regulation and Principles of Insurance ( led by Mr Andre Farrugia ) The World of Insurance and its Regulation - What is insurance? - How does insurance work? - The law of large numbers - The nature of risk The Relationship between Risk and Insurance - Insurance controls risk - Types of general insurance - Types of personal and long-term insurance - Utmost good faith & insurable interest Insurable interest and life insurance - When does an interest exist? - Indemnity - Subrogation - Contribution The Insurance Business Act and the Insurance Intermediaries Act

4 Session 4 to 6 ( 8th, 13th, 15th February ) Law relating to Investment Services ( Dr. Mark Caruana Scicluna ) Objectives of Regulation - Why do we need to protect investors? - Regulator and Investor Protection Structure of the MFSA - Establishment of the MFSA - Main organs of the MFSA - Key functions of the MFSA Local Legislation and EU Law The Investment Services Act - Licensing Requirement - Collective Investment Schemes & Investment Services The Investment Services Act - Services - Dealing on own account - Execution of orders on behalf of other persons - Investment Advice - Management of Investments - Reception and Transmission of Orders in relation to one or more instruments - Underwriting of instruments and, or placing of instruments on a firm commitment basis - Placing of instruments without a firm commitment basis - Operation of a Multilateral Trading Facility - Custody/Trustee/Nominee The Investment Services Act - Instruments The Investment Services Act (Exemption) Regulations - Investment Services Licences - Fund Administrators - Collective Investment Schemes Investment Services Licences - Category 1a; Category 1b; Category 2; Category 3; Category 4

5 Law relating to Investment Services ( Cont'd ) Conduct of Business Rules - Conduct of Business Requirements - Client Classification - Assessment of Suitability; Appropriateness & client s knowledge and experience in the investment field - Exemption from the Appropriateness Test & Non Complex Instrument The Investment Services (Tied Agents) Regulations Collective Investment Schemes Licences - Different types of CISs (Retail & Professional) Session 7 (20th February ) Financial Markets Act & Ancillaries ( Led by Dr. Mark Caruana Scicluna ) The Arbiter for Financial Services The Financial Services Tribunal The Powers of the MFSA under the Investment Services Act The Financial Markets Act The Prevention of Money Laundering - Introduction - The Prevention of Money Laundering Act (the Act ) - The Regulations

6 Mr Andre Farrugia Mr. Farrugia is currently employed with the Malta International Training Centre as Director of Studies. He commenced his professional career working in the insurance industry with Gasan Insurance Agency in Since then, he ventured in taking up professional qualifications achieving the Fellowshipof the Chartered Insurance Institute (FCII-UK) and later another Fellowship with the Institute of Risk Management (FIRM-UK). Lately, Mr Farrugia has completed an MSc in Risk Management with the Glasgow-based University of Caledonian. During his professional career, Mr Andre Farrugia has contributed to the industry by way of publishing articles, technical write-ups and through a variety of career talks and technical seminars. He has delivered various lectures and talks in Malta and overseas namely; the Chamber of Commerce, MCAST, the University of Malta, the Foundation of International Studies and conducted training in Kosovo, Dubai and Ghana. Mr Aldo Giordano Mr.Aldo Giordano is currently employed with the Malta Financial Services Authority as Director of the Resolution Unit. He commenced his professional career in the banking industry in 1979 with the Central Bank of Malta. Mr Giordano spent 14 years in the Banking Supervision Department gaining extensive experience in the on-site and off-site monitoring of banks as well as in the compliance and licensing of such institutions. On moving to the MFSA in 2002, Mr Giordano kept on specialising in the Regulation and Compliance area as Deputy Director within the Banking Supervision Unit which encompassed both licensing and policy areas. During the past five years he was involved in the discussions at a European level on the Bank Recovery and Resolution Directive (BRRD), the Single Resolution Mechanism Regulation (SRMR) and the Intergovernmental Agreement on the Single Resolution Fund. He currently represents the MFSA as a voting member, in the Single Resolution Board and the Resolution Committee of the European Banking Authority. Dr Mark Caruana Scicluna Dr. Mark Caruana Scicluna is an Associate within GANADO Advocates Investment Services & Funds Team. He focuses on the structuring, licensing and ongoing servicing of collective investment schemes (including AIFs, UCITS Funds and PIFs), asset management firms and other investment service providers. Mark also regularly assists in general corporate and commercial matters, including redomiciliations, M&A transactions, corporate financing and other corporate transactional projections. He holds a Bachelor of Laws (2009) and Doctor of Laws (2012) from the University of Malta and a Master of Laws in International Banking and Finance Law (2013) from University College London, United Kingdom. Dr. Caruana Scicluna previously worked in the Corporate and Insurance Teams at GANADO Advocates. He also delivered lectures at the University of Malta, Institute of Legal Studies and other institutions.

7 Registrant Details : Maltese Financial Regulation Registration form Registrant Name & Surname : Designation : Organisation : Tel : ID card : Billing address : Registrant Fee : 300 Certificate of Attendance Only 350 Attendance, Examination & Certification Methods of Payment : By Cheque : In Euro denomination made payable to the "Institute of Financial Services - Malta" and mailed to the attention of the Administration Secretary on 60, G'Mangia Hill, Pieta PTA By Bank Transfer : A/C Holder : ifs Malta Bank Details : Bank of Valletta Branch Account : , IBAN : MT39VALL BIC (Swift) : VALLMTMT Membership : Registration entitles you to become a full registered member of the ifs Malta. This membership is free of charge and is valid for a maximum period of 12 months, after which the Committee will evaluate and consider whether to extend such membership for another fixed period of for an indefinite period of time. Renewal of membership is valid for an additional period of twelve months. The local membership is subject to review by the Committee at any time. Data Protection Notice : The ifs Malta holds and processes your personal data in order to give you full benefits of being a student, for administrative purposes and to inform you of any future events, services and other related information. In the eventuality that ifs Malta would need to give any personal data to a third party, you will on a case-by-case basis be duly informed of this and you will also be given the opportunity to refuse that such data is given. You have the right to request access to and rectification of, the personal data concerning you that is held by the ifs Malta.