Following developments on the regulatory front, four occupational retirement schemes, the first of such schemes under the Special Funds Act, have been authorised since the beginning of this year.

Retirement scheme certificates of registration have been issued to MCT Malta Private Retirement Scheme, Melita International Retirement Scheme Trust, the Dominion Malta Retirement Plan, and the Expatriate Retirement Plan. All four schemes are administered locally following the issue of four scheme administrator certificates to Custom House Global Fund Services, Dominion Fiduciary Services, MC Trustees, and Blevins Franks Trustees. Collins Stewart (CI), Lombard Bank Malta, and Blevins Franks Financial Management have been authorised as asset managers for retirement schemes.

Meanwhile, the banking sector has also seen a number of additions. Deutsche Bank (Malta) Limited has obtained a licence to carry out the business of a credit institution. The Deutsche Bank Group had already been operating in Malta under a financial institution licence for some years. A credit institution licence has also been issued to FCM Bank Limited. CredoRax, the global e-commerce and m-commerce payment processing gateway was also granted a financial institution licence in February. CredoRax (Malta) Limited is licensed to undertake money transmission services.

The asset management industry continued to grow with seven new Category 2 licences issued to: Praude Asset Management, Duet Malta, Clive Capital (Malta), ML Capital Asset Management, Merit Performance Concepts, Vector Commodity Management Malta, and Innocap Global Investment Management, respectively.

Investment services licences in other areas included a Category 1A licence issued to Lawsons Equity Limited and Guardian Securities Limited, and a Category 3 licence issued to FXDD Malta. The total number of investment services licences is now 94. Recognised fund administrators have also increased by two during this year, with recognition certificates having been issued to Folio-ITL Fund Services and IDS Fund Services Malta, respectively.

The total number of collective investment scheme licences continued increasing with the issue of 54 Professional Investor Fund (PIF) licences targeting qualifying investors and 1 PIF licence targeting experienced investors.

These included licences issued to Altma Fund SICAV, NBCG Fund SICAV, Novium Opportunity Umbrella SICAV, InvestInvent Funds SICAV, Orange Capital Funds SICAV plc, Venus Multi Strategy Fund SICAV, Alphabetos Funds SICAV, Marlon Fund SICAV plc and Meridon Funds SICAV. New PIF licences have been issued to Privaxis Umbrella Fund SICAV, Active Investments SICAV, PrimValue (Malta) SICAV, Pan European Umbrella SICAV, Royal Rainbow Fund SICAV, Level E Capital SICAV, Mutinae Spectator SICAV, Horizon Fund SICAV, TGA Funds SICAV, Cygnus Master SICAV, Cygnus SICAV, Vector Commodity Master Fund and Vector Commodity Fund, Polystone Funds SICAV, Burren Global Arbitrage Fund and Burren Global Arbitrage Master Fund, Litmus Umbrella SICAV, Ananea Funds SICAV, Resco Fund SICAV and Polystone SICAV.

In the retail fund sector, 2 UCITS Scheme licences have been issued since the beginning of the year. Fraternitas SICAV plc continued expanding with a new sub-fund, the RNN Currency Fund while, a new UCITS scheme, Dominion Global Finance Fund SICAV plc and its first sub-fund were licensed on July 14.

A new insurance company, One Insurance Limited was authorised under the Insurance Business Act to carry out general insurance business in a number of areas. The new company will be operating on a cross-border basis. Bastion Insurance Company Limited has also been granted an extension of licence to include a further class of general business.

Cell A15 has been approved as a new cell of White Rock Insurance (Europe) PCC Limited. The Cell may conduct business in a number of classes of general business. Meanwhile, Cell A4 has also had its licence extended to carry on the business of reinsurance in a further class of general business.

Trusts and Trustees have also expanded during this period, with new trustee licences issued to FZD – Trustee and Fiduciary Services Limited, Citibank International Limited, Integrated-Capabilities Limited and Elise Trustees Limited. GVM Holdings Limited has been licensed to provide fiduciary services and receive property under trust and act as trustee or co-trustee. Peter J. Griffiths and Elise Trustees Limited have also been authorised to act as administrators of private foundations.

New licences issued in July/August

Collective Investment Scheme Licences

Professional Investor Funds

CIS licence issued to Litmus Umbrella SICAV plc in respect of one sub-fund. This fund is a Professional Investor Fund targeting Qualifying Investors.

CIS licence issued to Ananea Funds SICAV plc in respect of one sub-fund. This fund is a Professional Investor Fund targeting Qualifying Investors.

CIS licence issued to Resco Funds SICAV plc in respect of one sub-fund. This fund is a Professional Investor Fund targeting Qualifying Investors.

CIS licence issued to Polystone SICAV plc in respect of one sub-fund. This fund is a Professional Investor Fund targeting Qualifying Investors.

Private Schemes

A Private Collective Investment Scheme recognition certificate issued to Scotchstone Capital Fund Ltd to operate as a collective investment scheme which is private in nature and in purpose.

Retirement Schemes

Scheme Administrator

Certificate of registration issued to Blevins Franks Trustees Limited.

Asset Manager

Certificate of registration issued to Blevins Franks Financial Management Limited.

Trusts and Trustees

Authorisation issued to Integrated-Capabilities Limited – having permission from the Isle of Man Financial Services Commission to act as a corporate services provider and trusts services provider.

Licences surrendered during July/August

Collective Investment Schemes
I2P SICAV Limited.

Investment Services
DAM Malta Limited.

MFSA web site:

Registry web site:

Consumer web site:


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