JTC Malta has been awarded a licence by the Malta Financial Services Authority (MFSA) that will significantly enhance its institutional and private client services offering from the jurisdiction.
The new licence was granted to JTC in December 2015 and being authorised and regulated by the MFSA under the Trust and Trustees Act means that JTC Trustees (Malta) Ltd is now able to act as trustee or co-trustee and provide other fiduciary services, including acting as administrators of private foundations.
Having been granted Company Service Provider registration by the regulator early last year, this second licence for JTC Malta means that it is now authorised to provide and perform a wider range of services and reflects Malta’s position as a growing and important European and international financial centre.
JTC established a presence in Malta in 2014 in order to widen its geographical reach and strengthen its presence within Europe. Thanks to its robust regulatory and legislative framework, its membership of the European Union and inclusion in the Eurozone, Malta is considered a major financial hub in the Mediterranean region offering access to European markets and a convenient gateway to North Africa.
In particular, Malta has positioned itself strongly as a trust jurisdiction and introduced updates to its trust law in 2014. The amendments included the introduction of the Private Trust Company (PTC), which is proving appealing to High Net Worth Individuals (HNWIs) and their families who require tailor-made trustee solutions.
Stuart Pinnington, Group Head of Institutional Services, says: ‘Obtaining this registration in Malta reinforces our commitment to providing clients with a truly international offering that spans both private and institutional client services. Many of our clients are interested in a strong European base for their corporate work that shares their global focus and, with its EU status and strong ties to Africa, Malta provides us with an excellent platform to meet those needs. This licence positions us strongly for future growth within Malta, and is another crucial step in continuing to expand our global footprint.’
Nadine Cachia (pictured), Managing Director, JTC Malta, adds: ‘This licence is the second to be granted to JTC Malta and reflects just how committed the business is to the jurisdiction. Malta has made great strides in positioning itself as a centre for private wealth business, able to offer its own cutting edge domestic trust law, high professional standards and authorisation for trustees. With this licence now in place we are firmly focused on developing our institutional and private client services offering further and on expanding our team in Malta.”