MFSA updating regulatory framework to facilitate setting up of Single Family Offices

The Malta Financial Services Authority (MFSA), in close collaboration with the Malta Financial Services Advisory Council, is now updating its regulatory framework to facilitate the setting up of Single Family Office structures.

The national strategy for financial services has identified Single Family Offices as a new opportunity area for Malta, setting in motion several discussions among key stakeholders.

These structures are most often used as a one-stop shop by high-net-worth families to manage their financial affairs and help them preserve, grow and transfer their wealth across generations.

Single Family Offices typically offer a wide range of services including investment management, estate planning, philanthropic activities and lifestyle management to the family they service.

The updates to the regulatory framework consist of amendments applied to the Investment Services Rules for Notified Professional Investor Fund and Related Due Diligence Service Providers, as well as to the Trustees of Family Trusts Rulebook.

Commenting on the amended rules, Chief Officer, Strategy, Policy and Innovation at MFSA, Michael Xuereb, said that family office set-ups may at times incorporate structures that are subject to regulatory approval or notification.

“Given that Single Family Offices have been identified as a growth opportunity in Malta’s National Financial Services Strategy, the MFSA has teamed up with the Malta Financial Services Advisory Council and other industry representative bodies to streamline its regulatory frameworks and further facilitate the setting up of Single Family Offices in Malta,” Dr Xuereb said.