They brought Pilatus Bank to Malta" – said Joe Bannister. Reproduction in whole or part is strictly prohibited without the written permission of CountryProfiler Ltd. Scicluna will be called to testify next week.Bannister said that his reaction following the Panama Papers expose was that he made sure work was being carried out. Professor Mamo is the first Chairperson to be appointed after Parliamentary scrutiny. He had served as the authority’s chairman between 1995 and 1997, and between 1999 and his final departure in 2018.
“We were just agents of the FIAU,” he says.The supervisory council was linked with the enforcement body, which fell under him but had “a measure of independence too”. For Dr Muscat announced that the wily Bannister would be appointed government advisor, whatever that means but probably this indicates that Bannister will not be departing from the financial scene.Prof John Mamo will eventually take over the chairmanship of the MFSA when Bannister steps down in March. Michael Cassar was called to testify again today in order to “clarify a point”. Media have been asked to leave the room. When it was highlighted that Pilatus Bank was licenced by the MFSA, Bannister says they were monitored by the supervisory team. The focus this year will be on the conversion of existing licences to the new regime, a process that calls for strict liaison between the regulator and operators, particularly with the investment managers themselves.
Can you give us a brief overview of Malta’s regulatory environment in the funds sector, and what does it mean for the jurisdiction?Malta has been proactive in expanding its regulatory framework. The former is a widely respected figure in financial and legal circles having founded the law firm John Mamo and Associates which later merged with Tonna Camilleri, Vassallo Advocates in 2000 to become Mamo TCV Ltd.
Joe Bannister retired as Chairman of the Malta Financial Services Authority in March 2018, a position he has held since 1999, he also held the post of Chairman of its predecessor the Malta Financial Services Centre between 1995 and 1997. With this in mind, the MFSA has set about reviewing the conduct of business frameworks for financial intermediaries, launched improved alternative company listing rules and is strengthening asset protection regimes for securitised products.The new pan-European supervisory authorities are part of a wider framework to ensure financial stability, reduce the likelihood and transmission of shocks within the financial system, and ensure a more standardised regulatory platform for European cross-border business. With the appointment of a non-executive chairman however, the position of CEO is still up for grabs. This portal has repeatedly commented on his activities in this sector which are a blatant conflict of interest with his role as Chairman of Malta’s Financial Regulator. There was strong criticism against Bannister came over the MFSA’s lack of action on Pilatus Bank and Nexia BT following the emergence of serious allegations on their behalf. However, Cassar had told the board in Bannister left the MFSA in March 2018. Phone +356 213 777 00 On Wednesday, the Prime Minister Joseph Muscat announced that the current chairman of the Malta Financial Services Authority, Joe Bannister would be stepping down from his role on March 31 of next year. Bannister says that he could not guarantee this entirely and insisted that the supervisory board kept its independence. Asked whether, in hindsight, the law could have been improved, Bannister says “hindsight is everything”. 15:34 He mentioned a certain Dr Andre Camilleri who had asked him for an advanced due diligence report and asked Bannister to go to a certain security company. Standard Publications Ltd. From 1990 to 1994 he was Chairman of the Malta’s inward investment authority (Malta Development Corporation). Former Malta Financial Services Authority Joe Bannister and ex-police commissioner Michael Cassar due to testify in today's public inquiry sitting 27 January 2020, 2:33pm by Matthew Agius
He never received such a report. After graduating in science from the Universities of Malta and Oxford (UK), he held positions at both Universities and also at the Cranfield Institute of technology (UK) and was Pro-Rector at the University of Malta from 2002 to 2006. ©2020. The name of … “That was always the issue,” he says. “There needs to be another study to see how the Maltese law needs to improve in comparison to laws in other countries,” he says.Pressed again about the investigations following the Panama Papers, Bannister insists that the investigations “were done well”. He has served as Chairman of Tri-Med Fund Management Limited (1998 to 1999) and Mid-Med Bank Overseas Limited (1999) (both subsidiaries of Mid-Med Bank Ltd).
Malta has developed a robust regulatory regime with a highly approachable regulatory authority.
The AIFMD is also leading to noticeable shifts in the funds landscape as managers both inside and outside the EU review their strategic positioning in the light of new regulatory demands and market realities. Apart from the fact that this announcement […] Registered Office: Standard House, Birkirkara Hill, St. Julian’s, STJ 1149, Malta.The former chairman of the Malta Financial Services Authority (MFSA), Joe Bannister, has been appointed as chairman of Amagis Capital, a London-based firm that provides ‘Asset Management Architecture & Advisory Solutions.’It has an office in London and another one in Valletta. Malta was one of the first member states to transpose the AIFMD and has built up a reputation as a European funds jurisdiction. Former Chairman of the Malta Financial Services Authority Joe Bannister distanced himself from the responsibility of having had to take action on Pilatus Bank. Various joint initiatives have assisted the industry in building up the capabilities and capacity required to move into new areas of business for which regulatory frameworks were being developed. Advice was given to Muscat on a pro bono basis.