NEWS
 |
| 2010 |
27.06.2010 Fund Accounting and Valuation Training Programme
One of the key challenges that are faced by Fund Administrators on an ongoing basis is the valuation and
accounting of certain types of assets. Suffice to mention that in a study conducted by the Alternative Investment
Management Association (AIMA) it was found that 23% of assets under management in the hedge funds space
were in the "hard to value" category.
Valuation and Accounting issues are not only a challenge for Fund Administrators but also for Credit and Financial
Institutions, Insurance Companies, Custodians and other entities that hold assets. This programme is aimed to
improve and streghten the participant's knowledge of valuation and accounting standards and it will be delivered by
industry practitioners who have direct hands on experience in this field.
Powerpoint Presentations:
Mr. Steve Tedesco .ppt
Mr. Aaron Debono .ppt
Mr. Joseph Camilleri .ppt
Mr. James R. Henry .ppt
Mr. Darren Govus .ppt (Additional Documentation) .doc
Ms. Barbara Azzopardi .ppt (Additional Documentation) .doc
Mr. James R. Henry .ppt
Mr. Darren Govus .ppt (Additional Documentation) .doc
Ms. Barbara Azzopardi .ppt (Additional Documentation) .doc
14.05.2010 ifs Annual Seminar 2010 - Risk, Capital & Financial Stability in a Post-Crisis Basel II World
It was felt necessary that the Instite addresses this topical subject in view of the recent turmoil, ongoing
uncertainty, proposed further regulation and dire need to restore confidence and trust in the global financial
services industry. Initially launched in 2004, Basel II was intended to create an international standard that
regulators could use to assess and determine how much capital financial institutions should hold in counter
various types of risk. The more risk to which a financial services organisation is exposed, the greater the
amount of capital needed to safeguard its solvency and overall economic and financial stability.
Basel II is more holistic and robust than the previous accord and is founded on three pillars:
(1) Minimum Capital Requirements (addressing risk)
(2) Supervisory Review (including internal capital adequacy assessment process)
(3) Market Discipline - to promote greater satbility in the financial system
However, in light of the recent financial crisi, has Basel II lived up to its expectations? Is it still relevant in the
new world order? What changes are we likely to see in the future? What are the practical implications for
financial services organisations, regulators and businesses?
There is talk about the need to make regulation more robust with the possibility of a new capital adequacy
framework emerging and the creation of a new independent European Institution with authority over
supervision. On the other hand, over-regulation can stifle much needed funding and liquidty to fuel economic
growth. So what is the best way forward?
Powerpoint Presentations:
- Dr. Paul Hilbers
- Ms. Juanita Bencini - ppt
- Mr. Karol Gabaretta - ppt
It was felt necessary that the Instite addresses this topical subject in view of the recent turmoil, ongoing
uncertainty, proposed further regulation and dire need to restore confidence and trust in the global financial
services industry. Initially launched in 2004, Basel II was intended to create an international standard that
regulators could use to assess and determine how much capital financial institutions should hold in counter
various types of risk. The more risk to which a financial services organisation is exposed, the greater the
amount of capital needed to safeguard its solvency and overall economic and financial stability.
Basel II is more holistic and robust than the previous accord and is founded on three pillars:
(1) Minimum Capital Requirements (addressing risk)
(2) Supervisory Review (including internal capital adequacy assessment process)
(3) Market Discipline - to promote greater satbility in the financial system
However, in light of the recent financial crisi, has Basel II lived up to its expectations? Is it still relevant in the
new world order? What changes are we likely to see in the future? What are the practical implications for
financial services organisations, regulators and businesses?
There is talk about the need to make regulation more robust with the possibility of a new capital adequacy
framework emerging and the creation of a new independent European Institution with authority over
supervision. On the other hand, over-regulation can stifle much needed funding and liquidty to fuel economic
growth. So what is the best way forward?
Powerpoint Presentations:
- Dr. Paul Hilbers
- Ms. Juanita Bencini - ppt
- Mr. Karol Gabaretta - ppt
22.04.2010 Business Talk - Two Innovative Products for Banks, Brokers, Insurers, Captives and Investment Funds
| 2009 |
01.12.2009 UCITS: Legal, Regulatory and Practical Issues - Training Programme
UCITS 3 Fund structures are highly regulated products suitable for both the retail and institutional investors.
These European based fund structures have become increasingly popular as they are backed by a solid
regulatory frameowkr as well as a high degree of investor protection.
Undoubtedly, they present fund promoters with the opportunity to gain access to a broader investor base given
that this structure is also rapidly gaining popularity in other continents such as Asia, South Africa and Latin
America. Recent trends have also shown that a number of hedge funds with significant Assets Under
Management are adopting the UCITS structure.
This series of presentations will enable participants to gain a good insight about UCITS 3, generally and in
particular, the legal and regulatory frameowrk, eligible assets, passporting in and out of Malta, as well as a
comparison with hedge fund structure which are undoubtedly more lossely regulated.
Recent developments being brought about by UCITS 4 will also be addressed together with the practical
implications of these developments.
Powerpoint Presentations:
- Legal and Regulatory Framework by Robert Higgans / Karl Mercieca - ppt
- Eligible Assets for UCITS by Dr. Simon Tortell - ppt
- Managing the Distribution Challenges by Dr. Kurt Hyzler - ppt
- Hedge Fund & UCITS, Similarities and Differences by Dr. Katya Azzopardi - ppt
- UCITS IV by Dr. Adrian Cutajar - ppt
04.07.2009 Annual Seminar 2009
This year Annual Seminar focused on the theme of The Financial Sector and the Global Economy: A New World
Order. To discuss this topic and the issues involved, ifs has invited Mr. Steven Major, HSBCs Global Head of
Fixed Income Research in UK, and local leading consultant Dr. Gordon Cordina, to address this seminar. Mr.
Rene Saliba, Director of Financial Markets Division of the Central Bank of Malta chaired the event. The
Honourable Minister of Finance, the Economy and Investment, Mr. Tonio Fenech delivered the opening
address.
This year Annual Seminar focused on the theme of The Financial Sector and the Global Economy: A New World
Order. To discuss this topic and the issues involved, ifs has invited Mr. Steven Major, HSBCs Global Head of
Fixed Income Research in UK, and local leading consultant Dr. Gordon Cordina, to address this seminar. Mr.
Rene Saliba, Director of Financial Markets Division of the Central Bank of Malta chaired the event. The
Honourable Minister of Finance, the Economy and Investment, Mr. Tonio Fenech delivered the opening
address.
22.06.2009 EQUALIFISE - Workshop Session
The Institute of Financial Services - Malta (ifs Malta) is involved as a relay partner in an EU funded project
called EQUALIFISE, an acronym for European Qualification Assurance League in Financial Services. The main
objectives of this project are:
- to develop a methodology for assigning EQF levels to financial services qualifications
- level existing financial services qualifications to EQF
- to move towards a learning outcomes-based approach
- set up an initial league that will promote the Copenhagen process in the European financial services
sector
- provide an overview and assurance of EQF levels
The project is practically complete, however, as part of the dissemination activities, the ifs Malta is holding a
workshop at 2.00pm on the 22nd June at the San Gorg Corinthia Hotel, St.Julians.
The main speaker at this workshop will be Professor Mario Spatafora who is the President of the European
Bank Training Network (EBTN), co-lead partner of this project. The Institute is also involving the MFSA and the
Education Consultative Council (ECC) and the Chairman of this body to Chair the event. A representative from
the Malta Qualifications Council will be in attendance to address the attendees and provide an overview of the
MQC and Malta's National Qualifications Framework and how this fits into the European Qualifications
Framework"
The Institute of Financial Services - Malta (ifs Malta) is involved as a relay partner in an EU funded project
called EQUALIFISE, an acronym for European Qualification Assurance League in Financial Services. The main
objectives of this project are:
- to develop a methodology for assigning EQF levels to financial services qualifications
- level existing financial services qualifications to EQF
- to move towards a learning outcomes-based approach
- set up an initial league that will promote the Copenhagen process in the European financial services
sector
- provide an overview and assurance of EQF levels
The project is practically complete, however, as part of the dissemination activities, the ifs Malta is holding a
workshop at 2.00pm on the 22nd June at the San Gorg Corinthia Hotel, St.Julians.
The main speaker at this workshop will be Professor Mario Spatafora who is the President of the European
Bank Training Network (EBTN), co-lead partner of this project. The Institute is also involving the MFSA and the
Education Consultative Council (ECC) and the Chairman of this body to Chair the event. A representative from
the Malta Qualifications Council will be in attendance to address the attendees and provide an overview of the
MQC and Malta's National Qualifications Framework and how this fits into the European Qualifications
Framework"
19.06.2009 Conference Launch Event - Launch of New Qualifications for the Local Financial Industry
The Institute of Financial Services - malta (ifs Malta) is organising a Business breakfast on the 19th June at
the Corinthia San Gorg Hotel in St. George's Bay, St. Julians. Such a Conference Event benchmarks the launch
of the local Institute's range of new qualifications to the local financial services industry. This organisation is a
combined effort with the ifs School of Finance (U.K.), which are heavily supporting the local Institute towards
the successful delivery of the launch.
The target attendees for such event are HR Managers of Banks, Investment and Insurance entities, Business
practitioners, Academics, the Chairman and Members of the Education Consultative Council, Decision-makers
from Governmental and Non-Governmental Bodies, guidance teachers within various public and private Schools
and the Regulatory Authorities. The precious contribution of all supporting organisations sponsoring this event
is mostly appreciated, whilst the Institute appreciates their belief in the importance of qualified financial
expertise, the knowledge of which will ultimately benefit the soceity at large.
The Institute of Financial Services - malta (ifs Malta) is organising a Business breakfast on the 19th June at
the Corinthia San Gorg Hotel in St. George's Bay, St. Julians. Such a Conference Event benchmarks the launch
of the local Institute's range of new qualifications to the local financial services industry. This organisation is a
combined effort with the ifs School of Finance (U.K.), which are heavily supporting the local Institute towards
the successful delivery of the launch.
The target attendees for such event are HR Managers of Banks, Investment and Insurance entities, Business
practitioners, Academics, the Chairman and Members of the Education Consultative Council, Decision-makers
from Governmental and Non-Governmental Bodies, guidance teachers within various public and private Schools
and the Regulatory Authorities. The precious contribution of all supporting organisations sponsoring this event
is mostly appreciated, whilst the Institute appreciates their belief in the importance of qualified financial
expertise, the knowledge of which will ultimately benefit the soceity at large.
19.05.2009 Briefing Session - Launch of a New Diploma in Fund Administration
18.03.2009 Graduation Ceremony at the Westin Dragonara Resort - St.Julians
The Annual Presentation of Certificates was held on Tuesday 18th March at the Westin Dragonara Resort -
St.Julians. The Hon. Dolores Cristina was expected to preside the event but due to unforeseen parliamentary
commitments she could not be present. Instead Mr. George Borg - Education Director distributed the
certificates. 245 guests were present for the graduation. The event once more proved to be a very pleasant
experience to all students, family and invitees.
Photo 1, Photo 2, Photo 3, Photo 4, Photo 5, Photo 6, Photo 7, Photo 8, Photo 9, Photo 10, Photo 11,
Photo 12, Photo 13
The Annual Presentation of Certificates was held on Tuesday 18th March at the Westin Dragonara Resort -
St.Julians. The Hon. Dolores Cristina was expected to preside the event but due to unforeseen parliamentary
commitments she could not be present. Instead Mr. George Borg - Education Director distributed the
certificates. 245 guests were present for the graduation. The event once more proved to be a very pleasant
experience to all students, family and invitees.
Photo 1, Photo 2, Photo 3, Photo 4, Photo 5, Photo 6, Photo 7, Photo 8, Photo 9, Photo 10, Photo 11,
Photo 12, Photo 13
26.01.2009 Principles of Economics in the Financial Services
The objective of the programme provides broad coverage on a number of areas relevant for the financial
services industry as analaysed from an economist's perspective. The course aims to translate economic jargon
into simple intuitive ideas. This can facilitate a better understanding of relevant economic issues and of recent
developments facing the financial services industry.
The first five sessions are delivered by Mr. Malcolm Bray (Manager of the Financial Stability Office, Central
Bank of Malta), while the last session on Thursday 26th February will be addressed by Mr. Karol J. Gabarretta
(Director - Banking Unit, Malta Financial Services Authority).
The objective of the programme provides broad coverage on a number of areas relevant for the financial
services industry as analaysed from an economist's perspective. The course aims to translate economic jargon
into simple intuitive ideas. This can facilitate a better understanding of relevant economic issues and of recent
developments facing the financial services industry.
The first five sessions are delivered by Mr. Malcolm Bray (Manager of the Financial Stability Office, Central
Bank of Malta), while the last session on Thursday 26th February will be addressed by Mr. Karol J. Gabarretta
(Director - Banking Unit, Malta Financial Services Authority).
| 2008 |
5.12.2008 New Fellows of ifs School of Finance UK during the ifs Malta Annual Dinner
The ifs Malta Annual Dinner was held on the 5th of December at Westin Dragonara Resort Malta. The dinner
has now become an important event in the annual calender of bankers and financial services practitioners.
Amongst the distinguished guests were the Minister of Finance, the Economy and Investments, the Governor of
the Central Bank, the Chairman of the Malta Financial Services Authority and members of the Diplomatic Corp.
senior management of Financial Institutions and representatives of consituted bodies.
During the dinner the Chairman of the MFSA, Professor Joseph V Bannister and Mr Lawrence Zahra, Manager at
KPMG have been elected Fellows of the ifs School of Finance (Fifs) in recognition of their respective professional
achievements and sterling work towards the Institute and the financial services' profession. This was
announced by Mr Keith Trower, Director of Higher Education and Executive Development of ifs School of Finance
UK.
Photo 1, Photo 2, Photo 3, Photo 4, Photo 5, Photo 6, Photo 7, Photo 8, Photo 9, Photo 10, Photo 11
01.12.2008 ifs Malta lecturer in Romania
Mr Peter Calleya, a committee member and head of research of IFS-Malta recently travelled to Bucharest to
deliver a series of lectures to undergraduate and masters degree students of the Romanian Institute for
Studies on Finance and Banking (ISFB). This was the fifth series of lectures IFS-Malta delivered at ISFB in a
cooperation agreement which commenced in 2006. Further discussions between IFS-Malta and the Romanian
Banking Institue are being held to explore the possibility of extending this cooperation to other areas of
mutual interest.
Mr Peter Calleya, a committee member and head of research of IFS-Malta recently travelled to Bucharest to
deliver a series of lectures to undergraduate and masters degree students of the Romanian Institute for
Studies on Finance and Banking (ISFB). This was the fifth series of lectures IFS-Malta delivered at ISFB in a
cooperation agreement which commenced in 2006. Further discussions between IFS-Malta and the Romanian
Banking Institue are being held to explore the possibility of extending this cooperation to other areas of
mutual interest.
13.11.2008 ifs Malta participation to an international conference in Antwerp, Belgium
A representative of the Institute has attended a conference in the historic building of the National Bank of
Belgium in Antwerp to discuss the Professionalising of Financial Services in Europe. The €uropean Financial
Advisors Conference investigated all the facets of professional financial advisory competence: offering
statements from the European Commission, the FSA and Europe's larget trade and employer organisations.
The objectives were to elaborate the views of senior officials, MiFID and the key issue of competence and
qualifications for financial advisors working in Europe.
A representative of the Institute has attended a conference in the historic building of the National Bank of
Belgium in Antwerp to discuss the Professionalising of Financial Services in Europe. The €uropean Financial
Advisors Conference investigated all the facets of professional financial advisory competence: offering
statements from the European Commission, the FSA and Europe's larget trade and employer organisations.
The objectives were to elaborate the views of senior officials, MiFID and the key issue of competence and
qualifications for financial advisors working in Europe.
15.10.2008 Pre-Budget Talk
The Institute of Financial Services - Malta (IFS-Malta) is organising a Public Lecture on the theme: Prospects for
the Maltese Economy within the Current Global Economic Developments. This Public Lecture will be delivered by Dr.
Gordon Cordina, who is the Head of the Department of Economics at the University of Malta. This public lecture
is being held on Wednesday 15 October 2008 at the Malta Chamber of Commerce, Enterprise and Industry at
The Exchange, Republic Street, Valletta and is open to the general public. Attendance is free of charge,
however who would like to attend is kindly requested to register at the Institute by calling on 21240335 or
confirming attendance by email.
Power Point Presentation here
The Institute of Financial Services - Malta (IFS-Malta) is organising a Public Lecture on the theme: Prospects for
the Maltese Economy within the Current Global Economic Developments. This Public Lecture will be delivered by Dr.
Gordon Cordina, who is the Head of the Department of Economics at the University of Malta. This public lecture
is being held on Wednesday 15 October 2008 at the Malta Chamber of Commerce, Enterprise and Industry at
The Exchange, Republic Street, Valletta and is open to the general public. Attendance is free of charge,
however who would like to attend is kindly requested to register at the Institute by calling on 21240335 or
confirming attendance by email.
Power Point Presentation here
06.10.2008 Courtesy visit by ifs School of Finance at ifs Malta premises
Representatives from the UK ifs School of Finance paid a courtesy visit to the Institute of Financial Services in
Malta. This meeting was seen as an interesting and excellent opportunity to build further strong relationships
between the two institutions. The session developed into a brief presentation of the Foundation Degree and
the Work Based Learning Module to the main Human Resource Managers of prominent financial institutions.
Photo 1, Photo 2, Photo 3, Photo 4, Photo 5
Representatives from the UK ifs School of Finance paid a courtesy visit to the Institute of Financial Services in
Malta. This meeting was seen as an interesting and excellent opportunity to build further strong relationships
between the two institutions. The session developed into a brief presentation of the Foundation Degree and
the Work Based Learning Module to the main Human Resource Managers of prominent financial institutions.
Photo 1, Photo 2, Photo 3, Photo 4, Photo 5
01.10.2008 Launch of new revamped website
The new website of the IFS-Malta, launched on 1st October 2008, offers various new features and up-to-date
information. new sections were created to facilitate the Institute's services for its students.
The new website of the IFS-Malta, launched on 1st October 2008, offers various new features and up-to-date
information. new sections were created to facilitate the Institute's services for its students.
16.09.2008 Fund Administration Training Programme
The IFS-Malta, in collaboration with the MFSA (Malta Financial Services Authority) and MAFMA (Malta Association
of Fund Managers & Administrators) have formulated a training programme spread over six weeks with two
sessions per week on Fund Administration.
The IFS-Malta, in collaboration with the MFSA (Malta Financial Services Authority) and MAFMA (Malta Association
of Fund Managers & Administrators) have formulated a training programme spread over six weeks with two
sessions per week on Fund Administration.
14.09.2008 Training & Development at ifs School of Finance
The newly appointed Education Director - Simon Grech, the new Business Development Manager - Robert J.
Sultana and Activities Director - Kenneth Micallef will be off to England to receive further training and learning of
the ifs new re-branding process as well as the new proposed qualifications.
Sultana and Activities Director - Kenneth Micallef will be off to England to receive further training and learning of
the ifs new re-branding process as well as the new proposed qualifications.
04.09.2008 Video Conference Call with ifs School of Finance - Foundation Degree
The IFS-Malta organised a presentation to interested students who are willing to pursue studies towards the
Foundation Degree (awarded by the University of Kent). During the presentation a video conference call with ifs
School of Finance was held. Students were allowed to ask further questions to UK representatives and
discussions were exchanged towards the structure of the degree programme.
The IFS-Malta organised a presentation to interested students who are willing to pursue studies towards the
Foundation Degree (awarded by the University of Kent). During the presentation a video conference call with ifs
School of Finance was held. Students were allowed to ask further questions to UK representatives and
discussions were exchanged towards the structure of the degree programme.
20.08.2008 Conference Call with ifs School of Finance
A conference call was held at the IFS-Malta premises with high Executives at the ifs School of Finance (U.K.) to
discuss the upcoming visit of members of the Institute to the training sessions in England, as well as to
formulate a plan with regards of offering the Foundation Degree to the local Maltese market.
discuss the upcoming visit of members of the Institute to the training sessions in England, as well as to
formulate a plan with regards of offering the Foundation Degree to the local Maltese market.
18.06.2008 Annual General Meeting
Notice is hereby given that the 47th Annual General Meeting is being held at the premises of the IFS-Malta on 18
June 2008, at 5.00pm.
04.06.2008 Annual Seminar
Financial Turmoil in International Markets: What lessons can we learn? The IFS-Malta has once again organised the
prestigious and established annual event in the financial services calendar. two international speakers were invited.
The Seminar was charied by Dr. Gordon Cordina and Honourable Minister of Finance the Economy and Investment,
Mr. Tonio Fenech delivered the opening address.