Have you ever wondered on how to measure and test  a business resiliency to cyber security or assessed the  soundness of your company’s posture to information  security? This course will provide attendees with an  understanding on what is the difference between  the different assessments, how each assessment is  conducted and what each one entails. Attendees will  also be able to discern which assessment is most  suitable for which outcome. With cybercrime on the  increase, it is essential to start understanding the basics  of such activities in order to help prevent such incidents  not only in an organisation but also at home. This course  will provide a basic understanding of cyber security and  social engineering with the necessary knowledge of  simple preventive measures that can be used on a daily  basis to safeguard personal and company data.

This course aims to offer participants an overview of  the regulatory and compliance landscape in relation to  Company Service Providers (CSPs) in Malta. Attendees  will be provided with a foundation to be able to understand  the plethora of requirements imposed by law, regulations  and other rules in force. This course will tackle the duties  of key officers of a CSP such as the Compliance Officer  and the Money Laundering Reporting Officer. The course  will suggest approaches as to how one may draw up a  sustainable CSP practice.

Students will learn how trusts are legal relationship created by one party and places assets under the control of another party referred to as the trustee for the benefit of the beneficiary. Participants will learn the intricacies of trusts, and the legal and tax ramification of their setup. There will also be discussions related to how to properly craft trust deeds and articulate the powers of trustees. Also students will learn why trusts are formed such as for the protection of assets or estate planning and why trustee independence helps avoid any suggestion that the settlor continues to have control of the trust assets .

Participants will learn the basic investing concepts, the many different variations of traditional investments available and which type of investments are most suitable for their needs. The course will delve into the history of the capital markets, their role in the economy, the different types of markets, and the activities of exchanges. Participants will also learn about the difference between bonds and equities, what they are, their special characteristics and terminology, how they are priced and the risks of owning such investments. Students will also learn about various investment styles such as value, growth, and fund investing. Students will be taught how to and why they should take a critical look at all investing options based on sound risk/reward assumptions.

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) concepts will be covered extensively within financial services entities. This course is designed to familiarise attendees with techniques to detect money laundering. Robust AML policies are necessary to safeguard a business’s reputation. The MLRO (money laundering reporting officer) is a key member of an organisation’s management team and has serious responsibilities to manage and supervise anti-money laundering activities. This course will enable participants to design and influence a compliance culture within an organisation.

The investment environment has undergone a significant  amount of change over the years. The investment objectives  and expectations of investors have changed and Fund  Managers and Fund Promoters have innovated in the  strategies and investment vehicles they use. The Maltese  regulatory framework is robust and adaptable, allowing  managers and promoters to innovate and to develop new  products to meet the changing needs of the fund industry.  Despite that it is competing with well-established jurisdictions,  Malta has firmly embedded itself as a European Financial  Services hub and is now a fully-fledged fund jurisdiction. The  increased interest in Malta has not only attracted funds to be  registered here, but also a large number of fund managers and  administrators who are recognising Malta’s potential to become   one of the leading European destinations for fund registrations,  management and administration. This course aims to introduce  and discuss why a Fund Promoter should choose Malta over  other jurisdictions and the application process to go through in  order to get the licence to operate. The course will also help the  participants to understand the type of funds that are available  to investors and the role of the key players in the fund industry,  mainly the Fund Administrator during the launch period and  upon commencement of the operations.

This course offer students an introduction into Islamic Finance which refers to a system of finance that is consistent with the principles of Sharia Law, which emphasises moral and ethical values in all dealings. Sharia prohibits the payment or acceptance of interest charges (Riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services considered contrary to its principles. Islamic finance has the same purpose as conventional finance except that it operates in accordance with Islamic rules. Individuals taking this course will be provided with an introductory level to the principles and the modus operandi of this alternative system of finance.

This course will offer participants a foundation as to what best practices are in regards to sound corporate governance principles for both limited and publicly traded companies, and their boards and management. The course will offer a basic framework for sound, long-term oriented corporate governance. Discussions will revolve around director and manager governance duties, formulating effective governance cultures, shareholder rights, public reporting, board leadership and independence, succession planning and management compensation, among other topics. Case studies, high profile governance mishaps and successes, along with methods for aligning stakeholder interests will be discussed thoroughly.

The Anti-Money Laundering Directive – the latest being  its fifth revision (5AMLD) – seeks to protect institutions  against the risk of use of the financial system for money  laundering or terrorist financing. Just a few weeks after  the 4th AMLD was enacted, the need for a 5th revision  was felt and proposed. The 5AMLD has evolved into  a complex obligation that requires that organisations  build processes and procedures to satisfy the various  requirements emanating from the Directive. It could  even be said that the very culture of organisations and  their approach to how they treat their current business  practices and the respective policies as well as the  challenges in taking on new business opportunities need  to be developed with this in mind.

In terms of the 4th AML Directive, Subject Persons are  required to identify, assess and understand the risks  of money laundering and terrorist financing which their  business is exposed to. In doing so, a Subject Person  must carry out a Business Risk Assessment and take  into account a number of risk factors, including the risk  pertaining to their customers, countries or geographic  areas, products, services, transactions as well as  delivery channels. Through attendance of the course,  participants will obtain a clear understanding of what  their obligations are and practical ways of how to  achieve them.

Securitisation legislation was introduced in Malta under the Securitisation Act of 2006 but has recently become a fast-growing niche within the country’s financial sector. This course will give participants an understanding of securitisation as a means of alternative finance and the basics of a securitisation transaction, the relevant Maltese and European Union legal framework and examples of how Maltese securitisation structures have been successfully used in practice.

Family-run and small businesses go through a life cycle  with two distinct phases: the start-up phase when they  are still developing their strategy, product or service,  clientele, logistics, resource sourcing, and ultimately the  business brand. An important aspect of this initial phase  is the management of business’s cash flows. As the  business grows over time, capital financing may become  a requirements that needs special attention, and at  the other extreme of its life cycle, the business owners  need to understand the succession planning process  and prepare for this. This course is designed to look at  a business through its life cycle address these specific  issues: the various exemptions and concessions  available to start ups and small businesses, financing  options and succession planning.

This course will attract 5.5 structured CPE credit hours.

Open-ended funds and Exchange Traded Funds (ETFs) have become a very popular, cost effective and efficient way for investor to build diversified portfolios. Funds are widely used by investors and include a wide variety of assets including bonds equities, real-estate and commodities. This course will focus primarily on the different types of funds available to investors ranging from Exchange Traded Funds (ETFs), to open-ended and closed-ended funds. The course will contrast ETFs versus traditional funds, differentiate between active and passive management, explain the prospectus, expense ratios and other key points.

This course aims at providing attendees with the  necessary tools and techniques aimed at identifying  money laundering machinations and in combating the  funding of terrorism. The course has been developed  in an engaging and comprehensive format in order to  provide attendees with the appropriate training to meet  the regulatory requirements of subject persons whilst  providing a practitioner’s insight. The course shall focus  both on the applicable legislative framework as well as  on practical case studies.

This course aims to give participants a practical approach to trading foreign exchange, futures and options.   It will cover the futures and foreign exchange markets in depth, along with trading tactics used by professional traders, including directional, option trading, delta neutral positioning, risk and money management principals, the psychology of trading, and portfolio management.  The course will cover technical and fundamental analysis, inter and intramarket spread trading, and other trading strategies. The course also focuses on advanced option trading themes such as various option trading strategies, the Greeks, and managing an options trading book.   Behavioural finance will be introduced to thoroughly  discuss the psychology of trading. Learn what’s going  on inside your head (and others) to make you a better  and more confident trader.  

Participants will gain a clear and focused understanding of the key role of directors and corporate secretaries in the management and administration of the company. Today, directors are being constantly evaluated and scrutinised by regulators and shareholders and is therefore essential directors appreciate the responsibility of the office, their duties, rights, obligations and the relationship with other stakeholders within the company. Participants will also be exposed to the liability directors face in the event of a breach or non-compliance with any applicable law. Recent judgments will also be considered. this course will also emphasize on corporate governance principles, best practices and the interpretation of various provisions of the Companies Act.

The Compliance Officer is the regulator’s invisible arm  in that it ensures that the institution’s business is being  conducted in line with regulations, internal policies and  procedures.  Checks are carried out primarily through compliance  monitoring programmes; be they on-site or desk  based reviews. The fulcrum of the findings prompted  by the reviews is in bringing these to the attention of  senior management. Senior management is ultimately  responsible for the establishment and maintenance  of the compliance function and in ensuring that  the business is carried out in line with regulatory  requirements.

Participants will learn what is required to become a publicly listed company. This short course will cover the regulatory and listing process, the costs, exchange requirements, the best efforts underwriting process and how to come about the right initial public offer (IPO) price. Students will learn what the compliance and corporate governance requirements will be for companies going through the IPO process. The course will also cover angel investing and how to come across the required seed capital from venture capitalists, banks, private placement and exchanges such as the Malta Stock Exchange’s Main Board and the Prospects venue which caters to the financing of small and medium sized enterprises (SMEs).

Shareholders of private companies often may encounter difficulty when it comes to establishing a value of their business.  This course will address the concept of valuations, through c ompany and goodwill analysis, financial modelling and valuation based on net asset values, all of which may come up with different results! This is an interesting and thought provoking course for 'non accountant' shareholders who are interested to learn more about company financial analysis with special focus on how to value a company.

This course aims to offer participants an overview of the regulatory and compliance landscape by introducing elements of the AIFMD, MIFID, and UCITS directives. Students will be provided a foundation to be able to understand financial regulation and compliance requirements of an MFSA licensed company. The course will explore the optimal compliance structure of a fund or management company including their basic legal structure, the fiduciary duties of a board of directors, investment committee, MLRO, and compliance officer. Furthermore various AIFMD policies will be discussed including risk management, remuneration, valuation, insider dealing polices, etc.

Participants will learn the basic investing concepts, the many different variations of traditional investments available and which type of investments are most suitable for their needs. The course will delve into the history of the capital markets, their role in the economy, the different types of markets, and the activities of exchanges. Participants will also learn about the difference between bonds and equities, what they are, their special characteristics and terminology, how they are priced and the risks of owning such investments. Students will also learn about various investment styles such as value, growth, and fund investing. Students will be taught how to and why they should take a critical look at all investing options based on sound risk/reward assumptions.

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) concepts will be covered extensively within financial services entities. This course is designed to familiarise attendees with techniques to detect money laundering. Robust AML policies are necessary to safeguard a business’s reputation. The MLRO (money laundering reporting officer) is a key member of an organisation’s management team and has serious responsibilities to manage and supervise anti-money laundering activities. This course will enable participants to design and influence a compliance culture within an organisation.

This course will explain the characteristics and differences between the various assets classes available to investors, and how these are expected to perform over time. The different types of return on investment that can differ quite significantly between asset classes, as well as other important factors such as liquidity and risk will also be explained. Attendees will also learn about the principle of correlation and how this can affect the value of investments in asset classes as compared to investments in particular instruments. The lecturer will explain the distinction between value and productive asset classes. The participants will learn the importance of diversification by structuring their portfolio that is based on asset class strategies.

All organisations, whether complex multi-nationals or  SMEs, rely on technology and IT systems to run their  businesses. Management needs to set information  security policies, standards and practices and employees  need to be trained to adhere to them. The subject of  Information Security (IS) can be quite complex and  generally costly. In this session, we aim to clear the  fog around this subject and provide you with a sound  understanding on how to manage Information Security  efficiently within your organisation. This will also be  supported by an overview of what an IT and Cyber  Security Internal Audit entails and the importance  of maintaining such systems. By the end of the  course, attendees will have a sound understanding  of the positioning of Information Security within any  organisation and best practices on how to manage such a function – scaled for size and scope to best suit their company needs. They will also understand the role of the Information Security Auditor and be able to prepare for IS audits.

The Compliance Officer is the regulator’s invisible arm  in that it ensures that the institution’s business is being  conducted in line with regulations, internal policies and  procedures.  Checks are carried out primarily through compliance  monitoring programmes; be they on-site or desk  based reviews. The fulcrum of the findings prompted  by the reviews is in bringing these to the attention of  senior management. Senior management is ultimately  responsible for the establishment and maintenance  of the compliance function and in ensuring that  the business is carried out in line with regulatory  requirements.

The aim of this course is to provide participants with an overview of the fundamental precepts of Maltese company law. Following an analysis of the distinction between the various types of corporate vehicles available in terms of Maltese law, the course will focus on private and public limited liability company, from creation to dissolution. Fundamental doctrines such as separate legal personality, limited liability, and the lifting or piercing of the corporate veil will be analysed. The various types of share capital, the increase, reduction and transfer of share capital, and the doctrine of capital maintenance will also be discussed. This is followed by an analysis of the regulatory and practical implications of the governance of companies, in the context of a global trend towards more regulation and the need of companies to adhere to strict ethical and legal business practices so as not to jeopardize their corporate brand and business in general. Particular focus will be laid on the duties and responsibilities of directors and, specifically in respect of listed companies, the need to instil a governance culture aligned with the Code of Principles of Good Corporate Governance set out in the Listing Rules. In the final part of the course the substantive and procedural aspects of dissolution, winding up and insolvency, as well as the procedures of company rescue and corporate recovery will be examined. 

Participants will learn the basic investing concepts, the many different variations of traditional investments available and which type of investments are most suitable for their needs. The course will delve into the history of the capital markets, their role in the economy, the different types of markets, and the activities of exchanges. Participants will also learn about the difference between bonds and equities, what they are, their special characteristics and terminology, how they are priced and the risks of owning such investments. Students will also learn about various investment styles such as value, growth, and fund investing. Students will be taught how to and why they should take a critical look at all investing options based on sound risk/reward assumptions.

The course will examine the key VAT considerations which are relevant for businesses operating in the financial services sector, specifically banks and financial institutions and investment services providers. Most, but not all, services supplied by operators in the financial services sector are exempt from VAT. This requires analysis of definitions and scope of the exemption, and understanding the treatment of outsourced services as well as mixed transactions. In the absence of legislative definitions, these have evolved through case-law of the CJEU, as well as domestic practice and guidelines. As a result of the broad scope of the exemptions, VAT is, to varying degrees, a cost to operators in the sector, with the restrictions on input tax recovery potentially resulting in a competitive disadvantage, in particular for those operating on a cross-border basis.

This course covers material relating to structured products also known as market linked investments or synthetic investment instruments which are designed to facilitate highly bespoke risk and return objectives. Students will learn how investment banks pre-package financial instruments using derivatives, a basket of securities, single securities, and other capital market products. Participants will learn that structured products are normally used as a low cost alternative to a direct investment as part of the asset allocation process or to hedge risk found within an investment portfolio.

This course is an introduction to understanding how to use financial information to value and analyse companies. The course focuses on the practical application of financial statements analysis. Students will learn how to create and analyse financial ratios such as debt to equity, profit margins and more. Participants will gain analytical skills involved in reading and interpreting the financial health and profitability of a company through quantitative and qualitative techniques. A number of case studies and financial statements of actual companies will be analysed. 

Have you ever wondered on how to measure and test  a business resiliency to cyber security or assessed the  soundness of your company’s posture to information  security? This course will provide attendees with an  understanding on what is the difference between  the different assessments, how each assessment is  conducted and what each one entails. Attendees will  also be able to discern which assessment is most  suitable for which outcome. With cybercrime on the  increase, it is essential to start understanding the basics  of such activities in order to help prevent such incidents  not only in an organisation but also at home. This course  will provide a basic understanding of cyber security and  social engineering with the necessary knowledge of  simple preventive measures that can be used on a daily  basis to safeguard personal and company data.

This course aims to offer participants an overview of the regulatory and compliance landscape by introducing elements of the AIFMD, MIFID, and UCITS directives. Students will be provided a foundation to be able to understand financial regulation and compliance requirements of an MFSA licensed company. The course will explore the optimal compliance structure of a fund or management company including their basic legal structure, the fiduciary duties of a board of directors, investment committee, MLRO, and compliance officer. Furthermore various AIFMD policies will be discussed including risk management, remuneration, valuation, insider dealing polices, etc.

Open-ended funds and Exchange Traded Funds (ETFs) have become a very popular, cost effective and efficient way for investor to build diversified portfolios. Funds are widely used by investors and include a wide variety of assets including bonds equities, real-estate and commodities. This course will focus primarily on the different types of funds available to investors ranging from Exchange Traded Funds (ETFs), to open-ended and closed-ended funds. The course will contrast ETFs versus traditional funds, differentiate between active and passive management, explain the prospectus, expense ratios and other key points.

Participants will gain a clear and focused understanding of the key role of directors and corporate secretaries in the management and administration of the company. Today, directors are being constantly evaluated and scrutinised by regulators and shareholders and is therefore essential directors appreciate the responsibility of the office, their duties, rights, obligations and the relationship with other stakeholders within the company. Participants will also be exposed to the liability directors face in the event of a breach or non-compliance with any applicable law. Recent judgments will also be considered. this course will also emphasize on corporate governance principles, best practices and the interpretation of various provisions of the Companies Act.

This course offers students an introduction into the exciting and complex world of derivatives, securitisations and asset-backed securities. Students will learn about the pros, cons and structure and operations of the securitised bond markets. Fixed-income securities, credit risk, securitised lending, and asset-backed securities will be covered extensively. The basic processes of structuring ABS deals, including how to value them as well as the risk management process required to manage a portfolio of these instruments, will also be covered.

In terms of the 4th AML Directive, Subject Persons are  required to identify, assess and understand the risks  of money laundering and terrorist financing which their  business is exposed to. In doing so, a Subject Person  must carry out a Business Risk Assessment and take  into account a number of risk factors, including the risk  pertaining to their customers, countries or geographic  areas, products, services, transactions as well as  delivery channels. Through attendance of the course,  participants will obtain a clear understanding of what  their obligations are and practical ways of how to  achieve them.

This course covers material relating to the understanding of the theoretical foundations that underpin modern investment and risk management techniques. Participants will gain a solid foundation in risk management by learning how to identify, asses and to mitigate risks. They will learn how risk managers manage risk relating to equity, fixed income and other financial products, and appreciate the evolution of derivatives as risk management instruments. Financial and operational risk will be covered extensively as will hedge techniques using futures, forwards and options.

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) concepts will be covered extensively within financial services entities. This course is designed to familiarise attendees with techniques to detect money laundering. Robust AML policies are necessary to safeguard a business’s reputation. The MLRO (money laundering reporting officer) is a key member of an organisation’s management team and has serious responsibilities to manage and supervise anti-money laundering activities. This course will enable participants to design and influence a compliance culture within an organisation.

The Compliance Officer is the regulator’s invisible arm  in that it ensures that the institution’s business is being  conducted in line with regulations, internal policies and  procedures.  Checks are carried out primarily through compliance  monitoring programmes; be they on-site or desk  based reviews. The fulcrum of the findings prompted  by the reviews is in bringing these to the attention of  senior management. Senior management is ultimately  responsible for the establishment and maintenance  of the compliance function and in ensuring that  the business is carried out in line with regulatory  requirements.

The Malta Stock Exchange, a member of the World Federation of Exchanges, will  hold a bell ringing ceremony during World Investor Week (WIW) 2019 (30 September to 4 October) to promote the importance of financial literacy and to raise awareness of WIW 2019.

The third  World Investor Week is a week-long, global campaign to raise awareness about the importance of investor education and protection, and to highlight the various initiatives of securities regulators in these two critical areas.

The President of Malta, Marie-Louise Coleiro Preca, together with the Countess of Wessex and the Hon Minister for Civil Liberties and Equality Helena Dalli, will visit the Exchange on the occasion of International Women’s Day. The President and the Countess are expected to ‘ring the bell’ to commemorate this occasion.

This Forum is going to focus on the Investment Managers’ role in the fund and asset management industry, and will seek to highlight the challenges and opportunities that currently exist in the Financial Markets. The changing role of the investment management industry will also be discussed. The Forum will be addressed by the Hon Minister for Finance Prof Edward Scicluna, and boasts a very distinguished array of speakers coming from Thomson Reuters, Interactive Brokers, AQA Capital, Heptagon Capital, BOV, HSBC, and AUM Asset Management.

Early booking to attend this high profile event is strongly recommended.

Companies that have a more diverse board and leadership outperform in their industry. Amanda Pullinger will discuss trends and research in leadership and why diversity matters, as well as the issues and some practical solutions at the company level with remarks from Joseph Portelli and Hervé Delpech on successes in boosting gender diversity and women’s advancement in Malta. Bring your questions and what if scenarios to learn what best practices are. Review the discussion with your colleagues while networking over drinks.

This annual dinner is an opportunity for the stakeholders in the Maltese capital markets to meet and network in a relaxed environment. The dinner will be held under the Patronage of the Hon. Minister for Finance and attended by the Heads of the Regulatory bodies, Members, professionals in the financial services sector, representatives of the many listed organisations, amongst others. It is planned that this event will be used as an opportunity to recognise outstanding performance by selected stakeholders.

Announcing the 3rd MSE Investor Education Conference that will be held on Saturday 4th November at the Corinthia Palace Hotel in Attard. Listen to expert practitioners and speakers, and learn more about the investment world. Attendance is just EUR12 per person including coffees and standing lunch.

The MSE will be organizing a morning conference in order to officially launch the new Institutional Financial Securities Market (IFSM). The Conference will include a keynote speech by the Hon Minister for Finance Prof. Edward Scicluna as well as a panel involving significant stakeholders from the legal, capital and banking sectors. Key speakers will be Mr Richard Ambery, from the Managing Partners Group, who have significant experience in this line of business, and Dr Nick Curmi, from Ganado Advocates, who are considered to be experts in this field and were heavily involved in the creation of the new legislation governing this interesting area of the capital markets. The event will explore the opportunities created by this first fully Maltese operated securities market.

The Malta Association of Small Shareholders (MASS) and the European Federation of Investors and Financial Services Users (Better Finance), with the support of the European Commission Representation in Malta, will be organising this conference about the New EU Shareholder Rights Directive. ((EU) 2017/828) which was adopted by the EU Parliament on 14 March this year and by the European Council on 3 April. This Directive has been described “a milestone in the EU corporate governance framework” helping to bring up to date corporate governance in the EU. The event is supported by the Malta Stock Exchange.

The Malta Stock Exchange (MSE) attended the 21st Annual Global Asset Backed Securities Conference in Barcelona.  The 2-day conference held between June 6-8 was attended by over 3500 professionals in the global ABS market, making it the largest annual European structured finance gathering. A contingent of Maltese professionals participated in the event led by Finance Malta and Ganado Advocates. The Malta Stock Exchange will soon be unveiling the Institutional Securities Market (ISM) which will cater to the listing of whole sale ABS securitized products. Mr. Cliff Pace Head of Compliance and Market Operations represented the Exchange at the conference and noted the real interest many participants had in Malta as a capital markets destination. The MSE is again expecting to participate next year, this time as Associate Sponsor, with a number of MSE staff participating.

Participants will learn how the Malta Stock Exchange offers a well-regulated and highly cost effective listing solution. The seminar will offer an opportunity for iGaming executives to delve into the regulatory, tax and financing aspects of listing and raising capital in Malta. Participation for this seminar is free, however advanced registration is required.

Thompson Reuters, in partnership with the Malta Stock Exchange, is pleased to invite you to attend a breakfast briefing to discuss the implications of MiFID II.

MiFID II represents a fundamental change for financial markets across a range of areas, requiring major implementation efforts, and a combination of comprehensive data and powerful analytics to comply.

Join Thompson Reuters to examine their leading solutions available to answer the key challenges around MiFID II

For the second year running the Malta Stock Exchange, as part of its Corporate Social Responsibility obligations is sponsoring an art exhibition within the Exchange building at the Garrison Chapel, Castille Place in Valletta. The Exhibition was officially opened by the Hon. Edward Scicluna MP - Minister for Finance on Friday 10 March 2017. The event was also addressed by the Chairman of the Exchange, Mr Joseph Portelli and by the Artist Curator, Mr Adrian Scicluna.

The Exhibition will run through to Friday 21 April 2017 and is open free of charge to the General Public on Mondays, Wednesdays and Fridays from 16:00hrs until 19:00hrs.

Following the enormous success of the first Art Exhibition organised at the Exchange between April and June 2016, the Malta Stock Exchange shall be repeating this on an annual basis, creating a unique and prestigious venue through which artists may exhibit their creations in line with the theme that will be chosen for the exhibition.

This event will be an opportunity for stakeholders in the fund industry to get together and identify options that will lead to a better value-creating framework for the listing of funds on the Malta Stock Exchange.

If you would like to be kept informed about the events organized by the Malta Stock Exchange please send an email to events@borzamalta.com.mt

Time: 14:00