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GMEX Group has partnered with the Central Asian Stock Exchange (CASE) based in the Republic of Tajikistan through its GMEX Technologies (GMEX Tech) subsidiary. Tajikistan is currently undergoing a significant period of change with a range of projects being supported by the European Bank for Reconstruction & Development (EBRD), The World Bank and the Asian Development Bank (ADB).  Key priorities include the delivery of an improved banking sector to attract new investment.  The introduction of a fully transparent and advanced technological exchange and clearing solution will support this process.   The CASE exchange application was granted in 2015 by the
By Dr Michael Xuereb, MFSA – Following several years of fund platform developments, the MFSA has more recently been focusing its efforts on upgrading and enhancing the product structuring framework. The Securitisation Act, which came into effect in 2006, introduced important legal changes which greatly improved the scope for structuring new investment products under Maltese law. This legislation was followed by other important developments including the setting up of the European Wholesale Securities Market (`EWSM'), a specialised market for debt securities targeting institutional and professional investors in Europe. Following a settling in period the Securitisation Act was earmarked for further
"Malta provides an outstanding opportunity for private equity and venture capital managers. It has a flexible LP structure, an extensive network of double tax treaties, a favourable local tax regime and experienced service providers who can provide a cost-effective solution," comments Felicity Cole (pictured), Head of the Funds Department at Maltese law firm, Mamo TCV Advocates.  Of particular importance says Cole, are recent changes made to the Maltese Companies Act, which governs limited partnerships, including changes which set out the extent to which limited partners can participate in the management of the partnership without losing their limited liability. This is
When it comes to the formation process, funds in Malta may take different legal forms and with respect to hedge funds, the most popular structure is the SICAV. The formation process is two-fold: • The fund licensing process, handled by Malta's financial regulator, the Malta Financial Services Authority (`MFSA') and; • The constitutive process, handled at the Registry of Companies level.  Perhaps unsurprisingly, the former represents the greater challenge. A formal application for a fund license is filed with the MFSA, whereby a full suite of application documents, plus application fees are presented.  "The application pack comprises, amongst others, an
By James Williams – "One cultural attraction that I recommend people to visit is St John's Co-Cathedral where they can view Carravagio's 'The Beheading of St John the Baptist' and 'St Jerome Writing'," comments Joseph Zammit Tabona, Special Envoy to the Malta's Prime Minister, Dr Joseph Muscat. "A bit of culture is important to understand where Malta is coming from." With a barely negligible crime rate, a growing AIFM community, some 3,000 hours of sunshine a year, an English-speaking business community and an approachable regulator, Malta is fast becoming an attractive option for fund managers wishing to enjoy a more
Malta's PIF regime allows the setting up of three different types of PIFs each based on the profile of the participating investors' taking into consideration their overall wealth and investment experience. The regulations governing each type of fund vary and are lighter in case of PIFs which are intended for promotion to more sophisticated investors.  The three PIFs categories are as follows: • PIFs promoted to Experienced Investors – minimum investment threshold of EUR10,000;  • PIFs promoted to Qualifying Investors – minimum investment threshold of EUR 75,000; • PIFs promoted to Extraordinary Investors – minimum investment threshold of EUR 750,000. 
The emergence of complex rules and regulations such as AIFMD and FATCA means that any new manager with visions of running their own hedge fund business must think carefully about the best route to market.  For managers who wish to market outside of Europe, then all of the current well established jurisdictions are fine. However, should they wish to market within the EU, then the choice becomes more limited. Luxembourg and Dublin do a fine job of regulating funds but they are predominantly retail and tend to be managed by large institutions. Malta, by contrast, offers a well regulated choice
By Dr Louis de Gabriele (pictured), Camillieri Preziosi Advocates  – In recent years, the Maltese jurisdiction has continued to consolidate its reputation as a fund domicile of choice for fund promoters and managers alike. Having emerged as a cost-effective jurisdiction for funds, Malta boasts a comprehensive yet flexible regulatory framework, together with attractive rates of taxation. The Malta Financial Services Authority ("MFSA") has also played a considerable role in the strengthening of Malta's position as a fund domicile, particularly due to its accessibility, responsiveness, and expediency in the processing of applications.  Malta's sophisticated fund sector provides a broad repertoire of structuring solutions; one
Despite Malta introducing a legal framework for securitisation in 2006, the financial crash meant that it was rarely used until around 2012. But there are signs that securitisation is gaining some momentum locally. This is being helped by a dedicated regulated market for wholesale securities, the European Wholesale Securities Market (`EWSM'); a joint venture between the Irish Stock Exchange and Malta Stock Exchange established in 2012 that allows the listing of wholesale-denominated debt securities to trade on an EU-regulated market.  "The revival of securitisation in the EU is now considered to be one of the priorities of the Capital Markets
Dyal Capital Partners, a unit of Neuberger Berman Private Equity, has appointed alternatives industry veteran John Dyment as Head of Dyal's Business Services Platform. In this position, Dyment will lead the team of professionals dedicated to helping Dyal Capital's strategic partners achieve their unique business objectives. Dyment reports to Michael Rees, Head of Dyal Capital.   Dyal Capital acquires strategic minority equity stakes in institutional alternative investment firms and provides strategic assistance to its partner firms, including institutional client introductions, product development and advice regarding implementing industry best business practices. Dyal Capital Partners was established in 2011 and currently has

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