tag:blogger.com,1999:blog-68929583647953576662024-03-19T06:06:04.631+01:00Malta Financial ServicesMalta financial services blog hosting posts on using Malta as a financial services centre for the hedge funds, investment services, insurance and banking and finance industries. Malta serves as a European domicile of choice for the set up of regulated companies in the European Union and has earnt a high place in the ranking of reputable international financial centres.Unknownnoreply@blogger.comBlogger59125tag:blogger.com,1999:blog-6892958364795357666.post-75565245342593006072017-05-26T19:28:00.002+02:002017-05-26T19:30:47.250+02:00Malta Reveals a New Blockchain Strategy<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9FsEjbtiDnAf8rG8XjUbGFLhkzWBuJqXCAwMLLX9jwqeaQxNq1gE-MHb_vzWnrqn8iZWQotFGJl35CvGo-mrywYM9vEw-T5BfnAXBW2N-19nxDOhFwIAIRXax2mysuZbDYX7dBxPNpS0/s1600/shutterstock_490590769.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="960" data-original-width="1440" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9FsEjbtiDnAf8rG8XjUbGFLhkzWBuJqXCAwMLLX9jwqeaQxNq1gE-MHb_vzWnrqn8iZWQotFGJl35CvGo-mrywYM9vEw-T5BfnAXBW2N-19nxDOhFwIAIRXax2mysuZbDYX7dBxPNpS0/s320/shutterstock_490590769.jpg" width="320" /></a><span style="background-color: white; color: #404040; font-family: "arial" , "helvetica" , sans-serif; font-size: 14px;">Last month Malta’s Prime Minister revealed that cabinet has approved the first draft of a <a href="https://www.ccmalta.com/news/malta-blockchain" target="_blank">national strategy to promote blockchain</a>. Blockchain is the technology underlying the Bitcoin crypto currency and other fintech solutions. This Malta blockchain plan has the single purpose of making Malta one of the first countries in the world to embrace blockchain. The draft shttps://www.ccmalta.com/news/malta-blockchaintrategy will soon be forwarded for public consultation.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #404040; font-size: 14px;"><br /></span>
</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #404040; font-size: 14px;">This is welcome news that will see the creation of </span><span style="background-color: white; color: #404040; font-size: 14px;">the world’s best environment for the development and commercialisation of </span><a href="https://www.ccmalta.com/fintech" style="background-color: white; box-sizing: border-box; color: #85191e; font-size: 14px;">Fintech</a><span style="background-color: white; color: #404040; font-size: 14px;"> models and disruptive innovation. Malta wants to make sure it has the appropriate regulatory framework, the right tax system and the best infrastructure to support this ambition.</span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #404040; font-size: 14px;">Read more at: <a href="https://www.ccmalta.com/news/malta-blockchain" target="_blank">Malta Blockchain Strategy</a>. </span></span><br />
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CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-83800929446030003322017-03-11T10:43:00.003+01:002017-05-26T19:30:09.526+02:00Malta Wins International Financial Centre Award<br />
<div style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;">
Very proud to announce that at the WealthBriefing Swiss Awards 2017, Malta was awarded the crown of 'International Finance Centre - Editor's Award'. The awards dinner was held at the Hotel President Wilson, Geneva, Switzerland.
This is yet another noteworthy milestone in the Malta's drive to be recognized as a pre-eminent player in the financial centres space.
The awards are designed to recognise companies, teams and individuals which ‘demonstrated innovation and excellence during 2016’. <img alt="" src="https://lh3.googleusercontent.com/-Yb7qQe3FVc4/WMPHynNfV9I/AAAAAAAABPY/emJOqAYj3xY/%25255BUNSET%25255D.jpg" /></div>
CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-87060895474261127782017-03-01T13:33:00.000+01:002017-03-09T08:35:51.224+01:00Bitcoin Chapter - Europe the Bitcoin Continent?<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjUqAVXNmfeo4vRS03cYfPIamLV22X0VtOdSFzf7Ib1ZACeRsIplcyzuk4HrFiCooWAMfp67NXhaW_kS_zK2ddCNA73iupHeUEH_CWPLFJ2sDtpSoBMVKhkpxPSgr92fQQxtOTHcc7_YY/s1600/bitcoin+lawyer.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjUqAVXNmfeo4vRS03cYfPIamLV22X0VtOdSFzf7Ib1ZACeRsIplcyzuk4HrFiCooWAMfp67NXhaW_kS_zK2ddCNA73iupHeUEH_CWPLFJ2sDtpSoBMVKhkpxPSgr92fQQxtOTHcc7_YY/s320/bitcoin+lawyer.jpg" /></a><br />
In a debate held by CEPS Ideas Lab yesterday in Brussels, Malta’s Prime Minister Joseph Muscat put on the ‘hat’ of the European citizen “fed up of policymakers going round in circles” and decided to propose 'out of the box' ideas. Over 43 different nationalities were represented during the event and gathered to debate key European policy issues.<br />
<br />
Representation was from national governments’ representatives, NGOs, businesses, and European institutions. Five ideas were proposed by Prime Minister Muscat and these centred around Europe should become the bitcoin continent; citizenship as an innovative policy tool; creating a European Social Pact; establishing the European Integration Brexit Fund and opening negotiations on Chapter 24 with Turkey.<br />
<br />
From a fintech point of view, the most 'colourful' proposition was that of turning Europe into the Bitcoin Continent. This though obviously extends to the use and development of sophisticated platforms and protocols based on blockchain. <br />
<br />
Malta’s PM declared that now is the time for Europe to embark on another 'unthinkable' project. Some financial entities are slowly accepting that blockchain, is much more efficient and transparent than the classical systems and can definitely not be discarded. He stated that even though the rise of crypto currencies can be slowed it cannot be stopped and these are here to stay. <br />
<br />
“My point is that rather than resist, European regulators should innovate and create mechanisms in which to regulate crypto currencies, in order to harness their potential and better protect consumers, while making Europe the natural home of innovators.”<br />
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<h3 style="text-align: left;">
Malta Bitcoin Domicile</h3>
This innovative outlook merges very well with Malta's strategy to position itself as an innovation hub. For the last twenty years, Malta has been a forward looking destination, with an open business-centric commercial community that stands tall as an EU member state, and a proven record of economic success.<br />
<br />
Malta has developed a clear strategy for sustainable economic development, identifying key sectors with high growth potential as well as plans to support their consolidation and success. These sectors include, but are not limited to, information and communication technology, advanced manufacturing, life sciences (including the biotechnological, pharmaceutical and chemical industries), transport and advanced logistics, tourism, international education services, financial services, and the creative industries.<br />
<br />
<h3 style="text-align: left;">
Malta Blockchain Think Tank</h3>
Malta Prime Minister's comments on bitcoin are not the only initiatives the island is doing to master cryptocurrencies and new payment and transactional typologies. Other initiatives include the Malta Stock Exchange (MSE) setting up a Blockchain Think Tank consisting of members of the Exchange’s Board, its Chairman and Chief Executive and outside experts. The latter will assist in the formulation of a strategy geared towards addressing blockchain as an emerging technology.</div>
CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0Valletta, Malta35.8989085 14.51455280000004735.886046 14.494382800000047 35.911770999999995 14.534722800000047tag:blogger.com,1999:blog-6892958364795357666.post-53530864089661452942017-02-20T17:19:00.000+01:002017-03-08T17:20:07.872+01:00Malta - 'A' Rating?<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Fitch Ratings
has affirmed Malta's Long-Term Foreign and Local Currency Issuer Default
Ratings (IDR) at 'A' with a Positive Outlook. </span><span style="font-family: "arial" , sans-serif;">Furthermore, the issue ratings on
Malta's senior unsecured foreign and local currency bonds have also been
affirmed at 'A' and 'F1', respectively. The Country Ceiling has been affirmed
at 'AAA' and the Short-Term Foreign and Local Currency IDRs at 'F1'.</span></div>
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<span style="font-family: "arial" , sans-serif;"><br /></span></div>
<h2>
<span style="font-family: "arial" , "sans-serif";">Fitch - Key
Rating Drivers</span></h2>
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<span style="font-family: "arial" , "sans-serif";">When
commenting about Malta’s ratings, Fitch noted that these reflect the high
national income per head compared with the ‘A’ median, Malta's robust
economic growth and a large net external creditor position. The ratings are
constrained by ongoing structural bottlenecks as captured by the weak World
Bank Ease of Doing Business indicator<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Fitch’s
Positive Outlook for Malta reflects the rating agency’s view that the public debt/GDP
ratio is on a downward trajectory and that economic growth will keep
outperforming similarly-rated peers.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">2016 saw
Malta’s economic growth remain strong at 3.9% year-on-year over the first three
quarters which has been boosted by robust public consumption.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">The rating
agency forecasted that the “Maltese economy will keep growing at a faster pace
than the 'A' median at an average 3.3% over 2017-2018, supported by strong
employment growth, rising disposable income due to continuous wage appreciation
and the launch of new investment projects in the health, education and
transport sectors.” This projected growth is in line with the forecast in the <a href="https://www.ccmalta.com/publications/malta-budget-2017">Malta Budget
2017.</a><o:p></o:p></span></div>
<h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Sectorial Analysis</span></h2>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif;">The </span><a href="https://www.ccmalta.com/by-industry/pharmaceutical-biotech-industry-in-malta" style="font-family: Arial, sans-serif;">pharmaceutical</a><span style="font-family: "arial" , sans-serif;">, </span><a href="https://www.ccmalta.com/by-industry/malta-gaming-industry" style="font-family: Arial, sans-serif;">remote gaming</a><span style="font-family: "arial" , sans-serif;">, </span><a href="https://www.ccmalta.com/by-industry/malta-financial-services-industry" style="font-family: Arial, sans-serif;">financial
services</a><span style="font-family: "arial" , sans-serif;"> and </span><a href="https://www.ccmalta.com/by-industry/hospitality-industry-in-malta" style="font-family: Arial, sans-serif;">tourism</a><span style="font-family: "arial" , sans-serif;"> sectors
are expected to experience strong export performance this year. Despite higher
import-intensive investments related to the EU funding cycle, exportations from
the aforementioned sectors will help Malta maintain a solid current account
surplus over 2017-2018. Fitch continued to add that Malta’s external
position compares favourably with ‘A’ rated peers with a net international
investment position estimated at 47% of GDP at end 2016.</span></div>
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<span style="font-family: "arial" , "sans-serif";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Real GDP
growth was revised up by 4.9pp in 2014 and 1.3pp in 2015, following national
accounts revisions published by the National Statistical Office in December
2016. This can be attributed to upward revisions to non-residential
construction and machinery, as well as service exports particularly from the
gaming industry. This result was a substantial improvement in the public
debt/GDP ratio and to an upward revision of potential GDP growth to 5.4% in
2016, reflecting higher estimates of total factor productivity.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Fitch has
also pointed out that high revenues from excise duties, income tax, and the <a href="https://www.ccmalta.com/malta-citizenship-by-investment">Malta
International Investor Programme</a> (IIP), have helped Malta’s gross
general government debt fall to an estimated 59% of the GDP at end-2016 from
60% in 2015. The rating agency is expecting it to further decrease to 56% in
2018, on the back of an improved primary surplus and strong nominal GDP growth,
still higher than the 'A' median of 52% of GDP.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">With respect
to fiscal deficit, Fitch’s estimations fall in line with those of the Malta
Budget 2017. It is expected that fiscal deficit shall decrease to 0.5% of GDP
from an estimated 0.7% in 2016. “Robust economic growth and additional indirect
tax measures will boost tax revenues and offset more moderate revenue from the
IIP, increased expenditure related to the EU presidency and lower tax on
pensions,” adds the agency.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">With respect
to the local airline, no further capital transfer has been budget for Air Malta
as the government expects private investors to take a stake in the company this
year.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Fitch
maintains a favourable outlook on the future of Malta’s deficit and believes
that it will remain stable in 2018 as higher absorption of EU funds enables
lower public investment.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Government-guaranteed
liabilities remain amongst the highest in the European Union at 14.8% of GDP at
the end of 3Q16, although they are set to decrease to 11.9% of GDP at end-2017,
when the temporary guarantee granted to ElectroGas for the construction of a
new power station expires. The rating agency also noted that most guarantees
relate to profitable companies, including the utility company Enemalta, Freeport
Group Corporation and Malta Industrial Parks.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";"><br /></span></div>
<h2>
<span style="font-family: "arial" , "sans-serif";">Banking</span></h2>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Fitch has
also reviewed the Maltese <a href="https://www.ccmalta.com/by-industry/banking-industry-in-malta">banking
sector</a> which continues to register substantial growth. “Malta's
banking sector remains profitable, liquid and well capitalised, albeit highly
concentrated, with core banks representing 219.5% of GDP as of end-September
2016. Asset quality has improved with non-performing loans decreasing to 5.6%
of total loans at end-September 2016, and we expect it to improve further,”
states the agency.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">The agency
assumes that the government would only be predisposed towards supporting the
core domestic banks that are systematically important, particularly the Bank of
Valletta (109% of the GDP at-end 2016) while on the other hand, HSBC Bank Malta
(81% of GDP) is more likely to be supported from its parent company.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">Finch rating
agency propounds that a sharp correction in the housing market constitutes the
main domestic risk to the sector through mortgage lending and real estate
collateral. However, the rise in house prices has moderated and the pace of
mortgage lending decreased to 6.2% as of end-September 2016 from 11% a year
earlier.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif";">The rating
agency has also commented on future developments which could individually or
collectively result in positive rating. These could include:<o:p></o:p></span></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><span style="font-family: "arial" , "sans-serif";">A longer track record of
consolidating the public finances that leads to a lower government
debt/GDP ratio.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "arial" , "sans-serif";">A significant decline in
contingent liabilities or a low likelihood that these contingent
liabilities materialise.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "arial" , "sans-serif";">Progress in addressing key
weaknesses in the business environment<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal">
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-75023663226400172762017-02-10T13:40:00.000+01:002017-03-03T13:45:57.082+01:00Its a Family Affair!Malta is the first European jurisdiction to enact a specific Family Business Legislation. The new Family Business Act has come into force on 1st of January 2017. This piece of legislation is acknowledged as being a pioneer in the area of Family Business because of a number of reasons.<br />
<br />
Primarily, this new law recognises a ‘family business’ in a new legal form. Malta is the first jurisdiction to specifically legislate for family business and define this business model for identification and regulation purposes. The definition is listed in Article 3 of the Act, consisting of both direct and indirect modes of ownership. Direct ownership of the family business can take the form of a listed company, a limited liability company, a registered partnership, a business set up as a trust, an unregistered partnership and any other business as the Minister may prescribe. Indirect ownership of the family business is identified in holding companies, those held in a trust and private foundations. In view of the fact that prior to this legislation, there has never been an EU harmonised, legally-binding definition of what constitutes a family business, this addition is somewhat significant.<br />
<br />
The Family Business Act also establishes and introduces a Regulator who shall be a person appointed for a period of three years to manage, supervise and administer the Register of Family Businesses. The Regulator’s role is to assess all applicants seeking to register as a family business under the Act and ensure on-going compliance with the legislation. The spirit of the Act ensures that a regulatory framework encourages family members within the same family to transfer their family business inter vivos, as opposed to transfer causa mortis. In doing so, this mode would far likely result in the success of the continuity of the business and the law also introduces a number of benefits and assistance which help family businesses facilitate the transfer.<br />
<br />
The benefits currently applicable for businesses upon registration as a family business are listed in Article 41(C) of the Duty on Documents and Transfers Act and in 2 measures provided by Malta Enterprises with regards to transfer of ownership and support services. CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-89853945285125056852017-02-01T17:23:00.000+01:002017-03-09T08:34:42.624+01:00Block Chain Chapter at Malta Stock Exchange<div dir="ltr" style="text-align: left;" trbidi="on">
The Malta Stock Exchange (MSE) has set up a <a href="https://www.ccmalta.com/news/new-blockchain-committee-for-malta-stock-exchange">Blockchain ThinkTank</a> consisting of members of the Exchange’s Board, its Chairman and Chief Executive and outside experts. The latter will assist in the formulation of a strategy geared towards addressing blockchain as an emerging technology. Chairing the committee will be Dr. Abdalla Kablan, an MSE Director, entrepreneur and academic specializing in machine intelligence, big data, analytics and computational finance.<br />
<br />
<div>
MSE's Chairman Mr. Joseph Portelli said “Malta and the MSE are quite fortunate to have at our disposal our country’s preeminent technologist and a globally recognized expert on blockchain technology. Dr. Kablan has a proven track record within the technology space, evidenced by his latest start-up Hippo Data, the first Maltese company to ever be selected into the London Microsoft Accelerator Program.” This program is an initiative that helps entrepreneurs grow their companies.<br />
<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifwIDe17-qIsjVr5fJBXGcoi6QAAdshv0l6j-yUuuXBoJBrpxes1aEA2-EmfiQ8jXUdZbtrlsNIB3oaC0OqzmhUZEO-FqGWKeMxa6hHpk0yUZDNG3UgSUREWXglwGKzwjplhKp38IRL_4/s1600/mse.jpg" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifwIDe17-qIsjVr5fJBXGcoi6QAAdshv0l6j-yUuuXBoJBrpxes1aEA2-EmfiQ8jXUdZbtrlsNIB3oaC0OqzmhUZEO-FqGWKeMxa6hHpk0yUZDNG3UgSUREWXglwGKzwjplhKp38IRL_4/s1600/mse.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Malta Stock Exchange</td></tr>
</tbody></table>
</div>
<div>
Originally starting off as the platform on which the ‘much-debated’ currency of bitcoin was based, put simply, blockchain is merely a distributed ledger. It encompasses a method in which information is recorded and shared by an accepting community. Each member in the so called ‘chain’ maintains his or her own copy of the information and all members must validate any updates collectively. Each update is a new “block” added to the end of the “chain.” In other words, it can be summed up as a potentially very secure ledger of digital events, shared between all parties that choose to participate in the events. Parties’ identities and data are protected by cryptography and recordal of new ‘blocks’ or changes in events can only be updated after there is at least 51% or more participant consensus. With such entry of such information, erasing thereof is not possible, hence disintermediating the concept and doing away with a central, monitoring and certification authority.<br />
<br /></div>
<div>
The platform / protocol manages the manner in which new edits or entries are initiated, validated, recorded, and distributed. Blockchain is the ‘tech-charged’ equivalent of the public ledgers of the past, with the added value of permanence, transparency, searchability and the elimination of third party intermediaries. The inception of blockchain saw the replacement of the intermediary (the keepers of trust) with complex algorithms and technological verification methods. Blockchain can be used in all types of transactions, including those related to contracts, assets, liabilities, identities, or practically anything else that is usually publicly available but can be described in digital form. Entries are permanent, transparent, and searchable, which makes it possible for community members to view transaction histories in their entirety.<br />
<br />
In the world of capital markets blockchain is now being used by the Scottish stock exchange and the Australian Stock Exchange. Reasons for its popularity include advantages of speed (allowing investors and brokers to receive their money only 15 minutes after a trade is executed) and reduced costs (blockchain could save the financial industry over 41 billion annually in back office costs).<br />
<br />
The <a href="http://www.borzamalta.com.mt/" target="_blank">Malta Stock Exchange</a>'s creation of a specialised committee to assess this is definitely a positive move in the right direction and tallies perfectly with the Exchange's recent 23 point Strategic Plan that will focus on internationalisation and modernisation of the Exchange.</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-72575678852619970192016-12-30T17:28:00.000+01:002017-03-08T17:28:56.151+01:00Foreign Direct Investment into Malta<h2>
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">Shanghai Electric Power advances €250 million Investment</span></h2>
<div class="MsoNormal">
<a href="http://www.ccmalta.com/" style="font-family: Arial, sans-serif; font-size: 10pt;">Chetcuti Cauchi</a><span style="font-family: "arial" , sans-serif; font-size: 10pt;">,
advisor to Shanghai Electric Power (SEP), is pleased to announce that today the
transaction for the acquisition of 33% shareholding in Enemalta and a majority
stake in the BWSC plant has been concluded. Today SEP has advanced €250 million
to Enemalta as part of the deal. Through this transaction, SEP shares have also
been assigned.</span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;"><br /></span></div>
<h2>
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">Malta Largest Single Foreign Direct Investment</span></h2>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">The transaction between the Chinese state-owned
corporation Shanghai Electric Power, the Maltese government and Enemalta has
constituted the <a href="http://www.ccmalta.com/news/china-power-investcorp-in-largest-fdi-in-malta">Malta's largest
single foreign investment</a> that Malta has ever experienced. SEP will
also invest €70 million in converting the BWSC plant from Heavy Fuel Oil to gas
and gasoil on June 2016.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><br /></span></div>
<h2>
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">Shanghai Electric Power concludes Enemalta Transaction</span></h2>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">A government spokesman confirmed that “This means that
the contractual obligations and responsibilities under the energy sector and
investment cooperation agreement, signed on December 12, will come into force”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">This agreement will bring forth the establishment of two
joint venture companies that will focus on renewable energy and on the
maintenance of SEP's energy plants in the region. The Government said,
“Enemalta will thus be writing a new chapter in its history and will open new
horizons for our country”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><a href="http://www.ccmalta.com/" target="_blank">Chetcuti Cauchi Advocates</a> is a full service <a href="http://www.ccmalta.com/lawfirm/commercial-law" target="_blank">commercial
law firm</a> with a focus on corporate, administrative, tax, financial
services, banking, i-gaming and intellectual property law. The firm brings a
multi-disciplinary approach to problem solving and regularly advises businesses
looking to set up their operations in Malta or otherwise invest in the
jurisdiction. </span><span style="font-family: "arial" , sans-serif; font-size: 10pt;">The firm acts as legal advisors to Shanghai Electric
Power and its Chinese legal counsel on various contractual and structural
aspects of the deal. The project gave rise to a number of complex legal
challenges and required a co-ordinated effort in bringing together the firm’s
various strands of expertise in corporate, administrative, property and
contract law. The deal represents an important milestone for the Maltese
economy, and the Chetcuti Cauchi team is very pleased to be part of this
landmark foreign direct investment into the Maltese economy.</span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;">The Firm's <a href="https://www.ccmalta.com/by-industry/energy-resources-sector-in-malta" target="_blank">Energy & Resources Industry Group </a>assists major
entities as well as start up companies in the gas, oil, utilities and power
industries in identifying opportunities in this ever-evolving industry. Our
professionals follow industry developments in the sector very closely, thus
they are strategically positioned to advise on international developments, and
opportunities as well as business issues. Drawing upon insight from our legal,
tax and corporate practices, we are able to assist investors from the very
inception of projects up till their completion, offering unrivalled level of
expertise all throughout. Whether it is applying for funding or securing
trading and planning permissions, our team offers holistic solutions enabling
clients to succeed in their endeavours. Whilst being a Malta Cyprus based firm,
we serve clients from all around the globe, and thanks to our international
connections in various jurisdictions, we have successfully engaged with
corresponding firms located in the client’s target jurisdiction.</span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , sans-serif; font-size: 10pt;"><br /></span></div>
<div class="MsoNormal">
<b><span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">References:</span></b><span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><o:p></o:p></span></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><a href="http://www.trsolarchina.com/index.php?main_page=news&c_id=1688&chapter_id=457" target="_blank">Shanghai Power acquires 33% of Maltese utility Enemalta</a><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><a href="http://china.aiddata.org/projects/42492">Shanghai Electric invests
320 million USD in Maltan power company, Enemalta</a><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;"><a href="http://www.enerdata.net/enerdatauk/press-and-publication/energy-news-001/shanghai-power-acquire-33-maltese-utility-enemalta_26434.html" target="_blank">14 March 2014 - Shanghai Power to acquire 33% of Maltese
utility Enemalta</a><o:p></o:p></span></li>
</ul>
<div style="background-color: white; box-sizing: border-box; color: #404040; font-family: "Open Sans"; font-size: 32px; line-height: 1.1; margin-bottom: 10px;">
</div>
<div class="MsoNormal">
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-3224742504302398152016-07-25T14:47:00.003+02:002017-03-11T11:06:45.993+01:00An Update on Malta's Fund Industry<img src="https://lh3.googleusercontent.com/-H0eSx5H3eeE/WMPKez1p7oI/AAAAAAAABPo/RfLlMyqWiIc/%25255BUNSET%25255D.jpg" alt=""><span style="font-family: "arial" , "helvetica" , sans-serif;">
</span>
<span style="font-family: arial, helvetica, sans-serif;">Mr Nicholas Warren, from Chetcuti Cauchi Advocates talks about the fund industry in Malta in the </span><a href="https://youtu.be/grAOV2hiA-Y" target="_blank" style="font-family: arial, helvetica, sans-serif;">LATEST VIDEO </a><span style="font-family: arial, helvetica, sans-serif;">in Finance Malta’s series of podcasts. </span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">As a prime advisor who has been providing council to international clients with regards to the Fund Industry in Malta for the last 10 years, Mr Warren gives an excellent overview of Malta as a fund jurisdiction, going into the reasons why Malta has matured into such a favourable jurisdiction for funds, what it can offer to promoters of funds and what type of fund structures can be offered in Malta.</span>
<h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">The Fund industry in Malta – how has Malta evolved into a fund jurisdiction? </span></h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Mr. Warren starts off by outlining Malta’s EU accession back in 2004 as the launch pad which truly allowed the fund industry in Malta to take off and start thriving. He also credits the Malta Financial Services Authority (MFSA) for Malta’s success in the funds industry and for fostering an excellent regulatory environment which gives scope for larger funds and fund managers to thrive, but concurrently provides a good platform for starting managers. MFSA’s approachable and flexible attitude and its adoption of an 'open door' policy has encouraged many to set up their fund or licensable activity within Malta's shores. Unlike other regulators around the world, the MFSA distinguishes itself by giving potential fund managers the chance to meet the regulator before sending an application for submittal in order to carry out an open and frank discussion and receive informal guidance on what one should do and how one should approach the application process.</span>
<h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">What does the Fund Industry in Malta offer to promoters of funds?</span></h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Mr Warren outlines a number of reasons why promoters of funds are continually choosing Malta as their jurisdiction of choice to set up a fund or licensable activity. Apart from an accessible regulator, Malta offers a safe haven, peace of mind and political and regulatory stability, and thus promoting continuity within the industry. The facts speak for themselves; the funds industry has recorded a rapid growth, with over 550 funds, including sub-funds amounting to an asset value of over EUR 10 billion. The Maltese financial sector has continued to prove its stability through the resilience it showed during times of financial crisis, registering growth year on year when other jurisdictions around the world struggled. Fund promoters can rest assured, knowing they are investing within a stable industry where business is done in a sound manner which safeguards everybody’s interests.</span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">In addition, Mr Warren points out how Malta’s double taxation treaties with different jurisdictions, which now add up to over 70 treaties, including a treaty with the US, can be used by promoters of funds and fund managers in order to have tax efficient structures. Moreover, Malta has fostered excellent relations with its European, Middle Eastern and North African neighbours thus allowing Malta to serve as a gateway to these markets. Investors may tap into newer markets which remain widely unexplored and which could provide a multitude of opportunities waiting to be ventured.</span>
<h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">The Fund industry in Malta - What type of fund structures can be offered in Malta? </span></h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Mr Warren explains what kind of funds can be set up which are various and include investment companies with variable share capital, investment companies with fixed share capital, trusts, partnerships and as of 2012 we have seen the introduction of the Recognised Incorporated Cell Company structure. The Professional Investor Fund (PIF) remains the most popular Maltese hedge fund to date, but with the introduction of the Alternative Investment Fund Managers Directive (AIFMD), Alternative Investment Funds may be attained as well. Funds can be managed by a third party or be self-managed, allowing for a degree of flexibility.</span>
<h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Malta's legislation and regulation - is it onerous? </span></h2>
<span style="font-family: "arial" , "helvetica" , sans-serif;">With regards to legislation and regulation in Malta, the fact that all legislation is in English helps foreign investors to better understand the requirements. The Fund Industry in Malta thrives thanks to Malta's flexible, non-draconian legislative framework and its approachable legislator who is always willing to listen and understand queries or concerns about potential investors coming to Malta to set up their structures and see whether potential exemptions may apply. </span>CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-82334978066150954952014-04-17T19:45:00.002+02:002014-04-17T19:46:05.188+02:00MFSA launches rulebook for collective investment schemes investing through loansMalta's flexibility as a domicile for funds has recently been enhanced through the introduction of a rulebook addressing the needs of collective investment schemes investing through loans. The introduction of the rulebook answers in the affirmative a question that has long pre-occupied financial services professionals in the jurisdiction i.e. can a fund issue loans? The Maltese legal environment for money lending companies remains imperfect, with the rules governing money lending under the financial institutions act being particularly unwieldy, but there can be no doubt that this is a step in the right direction for Malta.<br />
<br />
The positive development does not however come without some caveats. In particular the rulebook is very particular about the borrowers that may borrow from an MFSA authorised loan issuing fund i.e 'unlisted companies and SMEs'. Some other noteworthy features of the rulebook are the following:<br />
<br />
<ul>
<li>The fund must be of a closed-ended nature (although there are certain limited flexibilities)</li>
<li>The fund can only be sold to professional investors as defined under MiFID, or investors who elect to be treated as professional investors and invest a minimum of EUR 100,000</li>
<li>The fund must implement a credit risk strategy</li>
<li>The fund must maintain a liquidity management policy</li>
<li>The fund must adhere to a number of investment restrictions</li>
</ul>
<div>
You can read our full report on the rules here: http://www.ccmalta.com/publications/malta-loan-funds</div>
<div>
<br /></div>
<div>
Dr Charles Cassar</div>
<div>
Chetcuti Cauchi Advocates</div>
<div>
<br /></div>
<div>
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-37227224982605528342014-04-07T15:47:00.001+02:002014-04-07T15:49:33.113+02:00Malta establishes itself as a hub for E-money issuers<div class="MsoNormal">
Over the past twelve months we have seen increased interest
in e-money operators looking to domicile and operate their businesses in Malta.
In response to this growth we have published <a href="http://www.ccmalta.com/publications/electronic_money_institutions_malta">E-money
institutions: licensing and regulation in Malta</a> on our website <a href="http://www.ccmalta.com/">www.ccmalta.com</a>. This publication provides
what we hope will be a useful introduction to the topic, and covers the
following:<o:p></o:p></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">The
definition of e-money under Maltese law<o:p></o:p></li>
</ul>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">The
distinction between server based and card based e-money<o:p></o:p></li>
</ul>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">Distinctions
between payment service providers and e-money issuers<o:p></o:p></li>
</ul>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">The
activities that EMIs authorised in Malta are permitted to undertake<o:p></o:p></li>
</ul>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">Key
regulatory requirements<o:p></o:p></li>
</ul>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">The
licensing process<o:p></o:p></li>
</ul>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal">Why
e-money institutions have started to choose Malta as their domicile in
Europe<o:p></o:p></li>
</ul>
<div class="MsoNormal">
The payments ecosystem as a whole has also registered
encouraging growth. You can read about the growth in the related sector of
payment services by clicking on the below link:<o:p></o:p><br />
<br /></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><a href="http://www.ccmalta.com/publications/malta_payment_servcies_providers">Payment
services in Malta</a><o:p></o:p></li>
</ul>
<div class="MsoNormal">
Malta also continues to attract interest from operators in
the virtual currency sphere (non-fiat money such as Bitcoin and Linden dollar).
Local authorities remain understandably cautious about the sector, but we
believe that it is only a matter of time until these new technologies and
systems achieve more widespread acceptance and legitimacy. You can read more
about the topic here:<o:p></o:p><br />
<br /></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><a href="http://www.ccmalta.com/publications/malta_bitcoin_company">Virtual
currencies in Malta</a><o:p></o:p></li>
</ul>
<div class="MsoNormal">
If you are interested in any of these sectors, contact us on
info@ccmalta.com<o:p></o:p></div>
<div class="MsoNormal">
Dr Charles Cassar<o:p></o:p></div>
<br />
<div class="MsoNormal">
Chetcuti Cauchi Advocates<o:p></o:p></div>
<h1 style="background-color: #fbfafa; text-align: justify;">
<br /><div style="color: #904641; font-family: Arial; font-size: 16px; line-height: 1.75;">
<br /></div>
<div style="color: black; font-family: 'Times New Roman'; font-size: medium; font-weight: normal; line-height: normal; text-align: start;">
<ul></ul>
</div>
</h1>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-54518139521260294662014-01-20T14:15:00.002+01:002014-01-20T14:15:28.874+01:00MFSA Issues Consultation Document on Malta Company Services Providers RulesFurther to the recent introduction of the Company Service Providers Act, the MFSA has issued a consultation document proposing detailed rules which clarify and implement the provisions of the Act. This is a useful and welcome step, and one which will lend further clarity to an Act which has already been broadly welcome by service providers in Malta. We have uploaded a more detailed overview of the proposed rules on our website here: <a href="http://www.ccmalta.com/publications/csp_consultation" target="_blank"><b>Malta Company Service Providers Consultation Overview</b></a><div>
<br /></div>
<div>
The proposed rules should not contain too many surprises for established and complaint service providers, and well established providers are not expected to experience major difficulties in complying. While the rules do introduce introduce an additional layer of documentation and reporting which will be novel to service providers, this is counterbalanced by the benefit resulting from the introduction of a level playing field in the sector.</div>
<div>
<br /></div>
<div>
The application process is premised on common regulatory procedures centered around fitness and properness, capital adequacy and proper documentation. Our financial services regulatory team has handled various such processes in the context of other regulated areas (such as investment services, funds and financial institutions) and is currently advising a number of CSPs with respect to their prospective applications.</div>
<div>
<br /></div>
<div>
We are also currently preparing a detailed brief providing a summary and analysis of the Act and the rules, which we will be uploading shortly on ccmalta.com </div>
<div>
<br /></div>
<div>
Dr Charles Cassar</div>
<div>
Chetcuti Cauchi Advocates</div>
<div>
Malta Financial Services Lawyer</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-30156395774110870872013-11-08T11:21:00.002+01:002013-11-15T00:30:06.663+01:00Malta Residence & Wealth Planning Seminar, London<div dir="ltr" style="text-align: left;" trbidi="on">
The <a href="http://www.ccmalta.com/events/malta-residence-citizenship-seminar" target="_blank">Malta Residence, Citizenship & Wealth Planning Seminar</a> will treat the programmes provided under Maltese law for individuals and families to take up residence in Malta, including the Global Residence Program, the Retirement Programme and Malta's Citizenship-by-Investment Program. The seminar will also deal with the opportunities for structuring wealth using Malta.<br />
<br />
The seminar, be held on Tuesday 26 of November 2013 at the Malta House in Piccadilly, this breakfast briefing will be led by Dr Jean-Philippe Chetcuti, a leading tax and immigration law specialist.<br />
<div>
<br /></div>
<div>
<b>Event Programme:</b></div>
<div>
0900 - Registration and Breakfast</div>
<div>
0930 - Presentation on Maltese Immigration Programmes</div>
<div>
1015 - Registration and Coffee</div>
<div>
1030 - Presentation on Wealth Management Using Malta</div>
<div>
1115 - Q&A Session</div>
<div>
1130 - Coffee</div>
<div>
<br /></div>
<div>
<b>Venue</b></div>
<div>
Malta High Commission</div>
<div>
Malta House</div>
<div>
36-38 Piccadilly</div>
<div>
London W1J 0LE</div>
<div>
<br /></div>
<div>
Limited space is available so early reservations are advisable.<br />
<br />
<br />
<b>Wealth Planning using Malta</b><br />
<br />
Malta offers a number of opportunities for the structuring and management of wealth using Maltese trusts or Malta Companies. More about <a href="http://www.ccmalta.com/publications/malta_companies_tax_planning">Using Malta Companies in International Tax Planning</a>.</div>
<div>
<br /></div>
<div>
<b>Malta Global Residence Programme</b><br />
<br />
The <a href="http://www.ccmalta.com/publications/malta-global-residence-programme">Malta Global Residence Program</a> (GRP) allows non-EU nationals to obtain a permanent residence permit on the basis of an investment in or rental of property in Malta. As residence non-doms, residence permit holders benefit from Malta's remittance basis of taxation and special tax status taxable at a flat rate of 15% tax on remitted income only.<br />
<br /></div>
<div>
<b>Malta's Citizenship-by-Investment Program</b><br />
<br />
The <a href="http://www.ccmalta.com/publications/malta-citizenship-investment">Individual Investor Program (IIP)</a> allows good standing individuals and families to acquire Maltese citizenship on basis of a contribution to the National Development Fund. <br />
<br />
<br /></div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-14553856303736742342013-11-08T11:12:00.000+01:002013-11-08T11:18:10.051+01:00Classification of Binary Options Service Providers as Category 2 Investment Services ProvidersThere has been some debate recently within the industry as to whether a binary options business may be classified as a Category 2 investment services provider. Circulars previously issued by the MFSA had seemed to suggest that such businesses would be deemed to be Category 3 investment services providers, irrespective of the exact activities performed by the operator i.e. whether or not the operator bore the risk of the transactions by taking the opposite side of the order. Of course this is not ideal, as it means that businesses which are relatively low risk intermediaries would need to adhere to capital and reporting requirements designed for higher risk operators.<br />
<br />
Further to discussions with the regulator, it has become clearer that if the operator is acting as a "riskless principal", essentially receiving and transmitting orders in a manner similar to that of a Forex STP Broker, then the operator may be classified as a Category 2 investment services provider. This is a welcome and sensible development. It should be noted however that in such cases the Category 2 investment services providers would be expected to route orders through to another regulated entity.<br />
<br />
Having said the above, it should be noted that the sector is still in its infancy in Malta and prospective applicants are encouraged to discuss their ideas openly in order to determine the correct regulatory classification.<br />
<br />
You are read our detailed <a href="http://www.ccmalta.com/publications/malta_binary_options" target="_blank">Malta Binary Options</a> publication here:<br />
<br />
<a href="http://www.ccmalta.com/publications/malta_binary_options">http://www.ccmalta.com/publications/malta_binary_options</a><br />
<br />
Dr Charles Cassar<br />
Chetcuti Cauchi AdvocatesUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-37636775297685882572013-10-05T19:16:00.001+02:002013-10-05T19:17:04.901+02:00The regulatory treatment of bitcoin and other virtual currencies in MaltaWe're increasingly seeing interest from businesses operating in the bitcoin / virtual currencies space looking to establish operations in Malta. We feel there is a lack of useful Malta-specific information on this topic, and we've therefore put up a detailed article on the topic on our website. You can read more by following the link below:<br />
<br />
<a href="http://www.ccmalta.com/publications/malta_bitcoin_company" target="_blank">Bitcoin and Virtual Currencies in Malta</a><br />
<br />
One interesting phenomenon that we have noted is the keenness of many operators to run their businesses in-line with well established regulatory best practice principles, even though bitcoin is strictly speaking neither fiat money nor a financial instrument and therefore not yet regulated under Maltese law. Having said that, in light of all the attention (both positive as well as negative) that virtual currencies have been attracting, it is only a matter of time before regulators issue rules governing the sector, and therefore it makes sense for serious operators to be prepared.<br />
<br />
Dr Charles Cassar<br />
Chetcuti Cauchi Advocates, Malta Law FirmUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-38125072648748683142013-09-20T12:23:00.002+02:002013-09-20T12:25:14.205+02:00Malta Business Network (Malta Ltd) - LaunchOn the 2nd October 2013, the Malta Business Network (Malta) Ltd will be launched.<br />
<br />
The Malta Business Network's goals are the following:<br />
<br />
<ul>
<li>to promote business and professional opportunities in, or connected with, Malta by re-enforcing and expanding the existing good relations between members of the business and professional communities in Malta and the United Kingdom</li>
<li>to promote the exchange of information and knowledge between members of the business and professional communities in Malta and the United Kingdom and to explore how they may work together on business and professional opportunities, projects and transactions in other countries and territories and</li>
<li>to provide social and academic functions for members and guests of the Association</li>
</ul>
<div>
You can find more details regarding the launch event here, where you can also register:</div>
<div>
<br /></div>
<div>
<a href="http://mbnmaltalaunch.eventbrite.co.uk/">http://mbnmaltalaunch.eventbrite.co.uk/</a></div>
<div>
<br /></div>
<div>
You can learn more about the Malta Business Network here:</div>
<div>
<br /></div>
<div>
<a href="http://www.maltabusinessnetwork.com/">http://www.maltabusinessnetwork.com/</a></div>
<div>
<br /></div>
<div>
<a href="http://www.ccmalta.com/the-firm" target="_blank">Our firm</a> is proud to have assisted the Network with various aspects of its Malta set-up, and we're more than happy to recommend the network to all professionals and entrepreneurs. </div>
<div>
<br /></div>
<div>
If you have any questions, get in touch!</div>
<div>
<br /></div>
<div>
Dr Charles Cassar</div>
<div>
<a href="http://www.ccmalta.com/" target="_blank">Chetcuti Cauchi Advocates</a>, Malta Law Firm</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-84648211081308952122013-07-25T00:59:00.002+02:002013-07-25T16:03:58.632+02:00Binary Options in Malta<div dir="ltr" style="text-align: left;" trbidi="on">
<b>Binary Options and their status as MiFID Instruments: A closer look</b><br />
<br />
We've realized there is a lack of useful information available with respect to the <b><a href="http://www.ccmalta.com/news/binary_options_malta" target="_blank">recent developments</a></b> regarding the treatment of binary options as MiFID instruments. Many are now aware of MFSA's recent announcement, but there is much to be discussed and absorbed, and there are exciting opportunities both for entrepreneurs as well as for Malta as a jurisdiction. We've put up a detailed publication on our website focusing on binary options in Malta, this should be useful for anyone who is interested in learning more about the recent developments and their potential implications.<br />
<br />
<a href="http://www.ccmalta.com/contact-us/malta" target="_blank"><b>Get in touch</b></a> if you would like to discuss <a href="http://www.ccmalta.com/publications/malta_binary_options" target="_blank">Malta Binary Options</a> in further detail.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-77781906229083680052013-07-20T09:54:00.001+02:002013-07-20T09:55:04.150+02:00MFSA Issues Binary Options CircularThe fledgling binary options industry in Malta has received an important boost as the MFSA has issued a circular providing that binary options fall to be regulated under the Markets in Financial Instruments Directive. The development is expect to drive binary options business to the jurisdiction, as the increased legal clarity and potential passporting opportunities will inevitably make Malta a more attractive domicile for such business.<br />
<br />
You can read more about about the circular here:<br />
<a href="http://www.blogger.com/goog_1039540676"><br /></a>
<a href="http://www.ccmalta.com/news/binary_options_malta" target="_blank">Binary Options in Malta</a><br />
<br />
As always, get in touch if you would like to discuss binary options in further detail.<br />
<br />
Charles Cassar,<br />
Chetcuti Cauchi Advocates, Malta law firmUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-46033895000968543742013-07-11T00:50:00.001+02:002013-07-11T00:50:41.748+02:00Setting up an AIFM / AIF in MaltaThe MFSA in Malta is now accepting applications for the set-up of AIF and AIFMD. In this context, we've put together a comprehensive set of resources of anyone looking to set up an AIFM or AIF in Malta.<br />
<br />
You can find the relevant materials on our website:<br />
<br />
<br />
<ul>
<li><a href="http://www.ccmalta.com/publications/malta_aifm_faqs" target="_blank">Malta AIFM FAQs</a></li>
<li><a href="http://www.ccmalta.com/publications/malta_aifmd_passporting" target="_blank">How does passporting work under AIFMD?</a></li>
<li><a href="http://www.ccmalta.com/publications/aifmd_malta_hedge_funds" target="_blank">How will AIFMD impact Malta? (an old publication, but still largely relevant)</a></li>
<li><a href="http://www.ccmalta.com/lawfirm/investment-funds/malta_aifmd_compliance" target="_blank">Malta AIFMD Compliance Services</a></li>
<li><a href="http://www.ccmalta.com/publications/mfsa_aimf" target="_blank">MFSA launches AIFM application process</a></li>
</ul>
<div>
Charles Cassar</div>
<div>
Chetcuti Cauchi Advocates, Malta</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-30619782953903293932013-05-31T13:00:00.002+02:002013-05-31T13:00:30.405+02:00European Commission’s Report for Malta: Malta and Cyprus: A Sea Apart (2013)<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">On the 10th of April 2013 the European Commission circulated its conclusions on Malta’s financial position in a report issued in accordance with Article 5 of Regulation (EU) No 1176/2011 on the Prevention and Correction of Macroeconomic Imbalances (the ‘Commission Malta Report 2013’).The exercise commenced last year after an Alert Mechanism Report in November (the ‘Alert Mechanism Report’) was issued, which Report showed signs of potential macroeconomic imbalances in 13 States, including Malta.</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">The latest happenings in Cyprus have generated a whole new set of questions related to ‘which country will follow suit’. Public attention has been drawn to other small eurozone nations with considerable banking sectors, since, in the event of a crisis, such countries could be more exposed to depositor/senior unsecured creditor bail-in. Malta has also been placed under the lens of scrutiny mainly due to its geographical location and relatively sizable banking industry when compared to its GDP.</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">Malta has now been declared by the European Commission as not having excessive fiscal imbalances. The imbalances that were found were deemed to emanate from the way the economy of the country is structured. Malta is one out of the thirteen countries assessed and is one of the eleven countries which have been declared as not having excessive fiscal imbalances. All this has now been further corroborated by Bloomberg Brief and Fitch Ratings in specific reports issued on the island’s financial position in April 2013.</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">The Commission adds that “the majority of the very large financial sector is internationally-oriented with very little link to the domestic economy, and therefore does not pose large risks for domestic stability.”</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">Having said that, despite the positivity of the Commission Malta Report 2013, room for improvement was still highlighted. The Commission Malta Report 2013 provides that potential imbalances for Malta in the financial sector are in particular related to its exposure to the real estate market.</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">Malta should take these suggestions / remarks on board and work on streamlining these key issues.</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">Amongst the various key findings, the <a href="http://www.ccmalta.com/publications/malta_european_commission_report_2013" target="_blank">Commission Malta Report 2013</a> concludes that “the Maltese economy demonstrated resilience throughout the crisis”. This could be attributed to the domestic macroeconomic circumstances, which have remained supportive of financial stability, and cautious banking methods characterized by healthy solvency and liquidity positions. These factors have jointly ensured that Malta remained resistant to the negative consequences which hit a number of other euro area jurisdictions over the past year. Therefore “Comparisons between Cyprus and Malta continue to appear misplaced” with even the European Commission issuing “a clean bill of health” to the Maltese banking system.</span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="color: #333333; font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65625px;">More detailed info at <a href="http://www.ccmalta.com/CCPortal/files/8c/8cda437c-7097-449b-b52e-9c5f14b85ac4.pdf" target="_blank">A Review of the 2013 European Commission s Report for Malta (MCC)</a></span></span></div>
CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-24141889695758075212013-05-27T19:50:00.000+02:002013-05-27T19:50:41.728+02:00Alternative Investment Fund Managers Directive: Frequently Asked QuestionsAfter what seems like an eternity of proposals and counter-proposals, the Alternative Investment Fund Managers Directive is finally due to come into force. In the run up to the big day, we've been getting an increasing number of queries from fund managers, service providers and fund directors with respect to various aspects of the directive. We've therefore put up a detailed FAQ page on our website. The FAQs deal with various key questions such as:<br />
<br />
<br />
<ul>
<li>Which entities fall within the scope of the directive?</li>
<li>What are the directive's provisions on valuation?</li>
<li>Will Malta's PIF regime be retained post-AIFMD?</li>
<li>Are there any limits to the use of leverage?</li>
<li>What are the regulatory reporting requirements under the directive?</li>
</ul>
<div>
We'll be updating this soon with more useful information, so check in from time to time.</div>
<div>
<br /></div>
<div>
You will find the FAQs here:</div>
<div>
<br /></div>
<div>
<a href="http://www.ccmalta.com/publications/malta_aifm_faqs">http://www.ccmalta.com/publications/malta_aifm_faqs</a></div>
<div>
<br /></div>
<div>
Dr Charles Cassar</div>
<div>
Chetcuti Cauchi Advocates, Malta Funds Law Firm</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-10167784974629102872013-05-27T18:51:00.002+02:002013-05-27T19:44:12.277+02:00All you need to know about setting up a Forex business in Malta<b>Forex in Malta</b> continues to grow and this year we've seen a number of new entrants to the market as well as a number of new applicants. We've put up a detailed document analyzing the set-up process and addressing issues such as the formalities associated with licensing, the relevant licensing categories, certain high level developments in the sector, and what is making Malta an attractive jurisdiction for such business. You can find the full article by following the link here:<br />
<br />
<a href="http://www.ccmalta.com/publications/malta_company_forex">http://www.ccmalta.com/publications/malta_company_forex</a><br />
<br />
Get in touch if you would like to discuss in further detail.<br />
<br />
Charles Cassar<br />
Chetcuti Cauchi Advocates, Malta Forex Law Firm<br />
<a href="http://www.ccmalta.com/">http://www.ccmalta.com/</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-59494743204376154432013-05-13T13:08:00.003+02:002013-05-13T13:09:13.874+02:00<a href="http://www.ccmalta.com/news/msi_regional_meeting_2013_malta" style="font-family: Arial, sans-serif; font-size: 10pt;">MSI EMEA Regional Meeting 2013
held in Malta and hosted by Chetcuti Cauchi</a><br />
<div class="MsoNormal">
<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;">An interesting event
took place in Malta this weekend, between the 10 – 12 May 2013.</span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;"><br /></span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;"><a href="http://www.msiglobal.org/"><span style="text-decoration: none; text-underline: none;">MSI, the Global Alliance of Independent Legal and Accounting Firms</span></a>,
held its EMEA Regional Meeting in Malta with the event being attended by over
70 delegates. The event held a very varied substantive Programme and presented
a very interesting social and cultural Programme too. The Malta hosting firm
was Chetcuti Cauchi, the law firm representing the region of Malta within the network.
<o:p></o:p></span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;"><br /></span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;">The meeting was opened
by Hon Dr Edward Zammit Lewis who confirmed the government’s objective to
create more quality jobs in the ICT, iGaming and the financial services
industries and remarked that the choice of Malta as the location to hold this
conference certainly befits the role that Malta’s Financial Services sector has
had over the past years. This was thanks to the country’s national policy that has
bipartisanship support in the local political arena.<o:p></o:p></span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;"><br /></span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;">Franco Cini, managing
partner of MSI audit member <a href="http://www.fgaudit.com.mt/">FG Audit</a>
commented “Malta is a thriving European financial centre and is attracting
serious international players in financial services, aviation, maritime and
online gaming sectors.” <o:p></o:p></span></div>
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<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;"><br /></span></div>
<div class="MsoNormal">
<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;">Dr Jean-Philippe
Chetcuti, managing partner of Malta legal and tax advisory firm <a href="http://www.ccmalta.com/news/msi_regional_meeting_2013_malta">Chetcuti
Cauchi Advocates</a> also commented: “Given the surge in foreign direct
investment Malta is experiencing at this time, we are thrilled our network of
international business advisors has chosen Malta for its international
conference.”<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: black; font-family: Arial, sans-serif; font-size: 10pt; font-weight: normal;"><br /></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"><span style="font-weight: normal;">Being part of such an
exclusive network opens opportunities for firms to benefit from a pool of international
expertise that would otherwise not be available. </span><o:p></o:p></span></div>
<br />CCLexhttp://www.blogger.com/profile/04646756755953874793noreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-64405425400662552532013-05-10T15:48:00.001+02:002013-05-10T15:48:33.158+02:00AIFMD Compliance: MFSA issues self-assessment formsThe post-AIFMD regulatory scenario in Malta has really taken shape over the last few months in Malta, with various consultation documents being circulated giving current and prospective licence holders a clearer picture of the practicalities associated with the transition. As part of this transition process, the MFSA has just issued self-assessment questionnaires intended to allow self-managed funds and fund managers to determine whether they fall to be regulated by the 'full fat' version of the directive or whether they fall under the <i>de minimis </i>provisions.<br />
<br />
You can find a full a more detailed breakdown on our website by following the <b><i><a href="http://www.ccmalta.com/news/malta_aifmd_compliance" target="_blank">link.</a></i></b><br />
<b><br /></b>
Charles Cassar,<br />
Malta funds lawyer<br />
Chetcuti Cauchi AdvocatesUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-8599025177645347842013-03-22T21:14:00.000+01:002013-03-22T21:14:24.036+01:00The Definition of Investment Advice Under Maltese LawOne of the questions which we come across with some frequency in our practice is the question of what constitutes investment advice under the Investment Services Act. This is an important question; if a service is considered to be investment advice under the Investment Services Act then a number of important legal and regulatory implications arise. Investment advisors are required to obtain an MFSA license before commencing operations, which licence would be subject to a number of conditions relating to matters such as conduct of business, capital adequacy and internal organizational structure.<br />
<br />
The investment services act defines 'investment advice' in the following manner:<br />
<br />
<i>Giving, offering or agreeing to give, to persons in their capacity as investors or potential investors or as agent for an investor or potential investor, <b>a personal recommendation</b> in respect of one or more transactions relating to one or more instruments</i><br />
<br />
The question therefore hinges on the what constitutes a 'personal recommendation'. Clearly the legislator here does not intend any simple recommendation to be deemed to be a 'personal recommendation. ESMA has issued helpful guidance in this regard. <br />
<br />
If you are interested in reading more about this topic, follow the link below to the relevant article on our website, which examines the matter in further detail: <a href="http://www.ccmalta.com/publications/malta_investment_advice_definition" target="_blank"><b>definition of investment advice.</b></a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6892958364795357666.post-44984998321029738962013-02-11T15:04:00.003+01:002013-02-11T15:12:53.395+01:00Malta High Commission Event: Hedge Fund Management in Malta<span style="background-color: #666666;"><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">O</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">n the 19th of February 2013 our firm will be delivering a breakfast briefing at the Malta High Commission in London (</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">36-38 Piccadilly). You can register here: <a href="http://www.ccmalta.com/events/malta-fund-management-hub">http://www.ccmalta.com/events/malta-fund-management-hub</a> Further details below. </span></span><br />
<h2 style="font-family: Arial; font-size: 11pt; line-height: 18.65px; text-align: justify;">
<span style="background-color: #666666;">
About Malta as a Hub for Hedge Fund Management</span></h2>
<div style="font-family: Arial, Tahoma, Verdana; font-size: 12px; line-height: 18.65px; text-align: justify;">
<span style="background-color: #666666;">Since EU accession in 2004, the Maltese financial services industry has gone from strength to strength, and the jurisdiction is now a well established centre of excellence for funds, investment services providers, forex operators, credit institutions, insurance captives and various other financial businesses. One of the key drivers of this growth has been the alternative investment funds industry, with the jurisdiction now playing host to hundreds of alternative funds pursuing a diversity of investment strategies. The professional investor fund, the Malta hedge fund product, has proven to be a remarkably popular vehicle, thanks to its flexibility and soundness.</span></div>
<h2 style="font-family: Arial; font-size: 11pt; line-height: 18.65px; text-align: justify;">
<span style="background-color: #666666;">
Chetcuti Cauchi Advocates focus on Malta Hedge Fund Management</span></h2>
<div style="font-family: Arial, Tahoma, Verdana; font-size: 12px; line-height: 18.65px; text-align: justify;">
<span style="background-color: #666666;">In recent months, the jurisdiction has started to attract, in addition to fund structures, the relative fund management enterprises as well. Chetcuti Cauchi’s briefing will engage with the regulatory, fiscal and business environment elements that are underpinning this development. The briefing will include a 30 minute presentation by Dr Charles Cassar focusing on fund regulation and business environment, and a 30 minute presentation by Dr Jean-Philippe Chetcuti focusing on tax considerations for Malta domiciled fund managers. There will also be an opening address by His Excellency the High Commissioner Joseph Zammit Tabona. The briefing will be followed by a question and answer session, and will conclude by 10am. The briefing should be of interest to fund managers, investment advisors, regulatory lawyers, as well as financial services practitioners who are interested in understanding better the technical building blocks of the Maltese funds industry success story. </span></div>
<h2 style="font-family: Arial; font-size: 11pt; line-height: 18.65px; text-align: justify;">
<span style="background-color: #666666;">
Event overview</span></h2>
<ul style="font-family: Arial, Tahoma, Verdana; font-size: 12px; line-height: 18.65px; text-align: justify;">
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">Topic: Using Malta as a Hedge Fund Management Hub</span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">Venue: Malta High Commission, 36-38 Piccadilly, London</span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">Date: 19th February 2013</span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">Schedule:</span></li>
<ul>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">8am - 8:30am: Networking breakfast</span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">8:30am - 8:35am: Opening address, by High Commissioner Joseph Zammit Tabona </span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">8:35am - 9:05am: Regulatory overview, by Dr Charles Cassar</span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">9:05am - 9:35am: Tax considerations for Malta Fund Managers, by Dr Jean-Philippe Chetcuti</span></li>
<li style="line-height: 14pt; padding-bottom: 5px;"><span style="background-color: #666666;">9:35am - 10am: Question time</span></li>
</ul>
</ul>
<div style="text-align: justify;">
<span style="font-family: Arial, Tahoma, Verdana;"><span style="background-color: #666666; font-size: 12px; line-height: 18.65px;">We look forward to seeing you!</span></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Tahoma, Verdana;"><span style="background-color: #666666; font-size: 12px; line-height: 18.65px;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Tahoma, Verdana;"><span style="background-color: #666666; font-size: 12px; line-height: 18.65px;">Dr Charles Cassar</span></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Tahoma, Verdana;"><span style="background-color: #666666; font-size: 12px; line-height: 18.65px;">Malta fund management lawyer</span></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Tahoma, Verdana;"><span style="background-color: #666666; font-size: 12px; line-height: 18.65px;">Chetcuti Cauchi Advocates, Malta</span></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Tahoma, Verdana;"><span style="font-size: 12px; line-height: 18.65px;"><br /></span></span></div>
Unknownnoreply@blogger.com0