Over the past years, the Malta Financial Services Authority
(MFSA) constantly sought to keep pace with market developments and
financial innovation through the introduction of sound and
innovative legislation, resulting in new opportunities for more
financial innovation. Malta has been at the forefront in opening up
new areas of business while updating traditional ones. One such
example is the development of a bespoke legislative framework for
securitisation vehicles and securitisation cell companies
(SCC).
The concept of cell companies was introduced by the MFSA in 2004
with the introduction of the Companies Act (Cell Companies Carrying
on Business of Insurance) Regulations (Legal Notice 243 of 2010)
for the insurance sector. The concept of a protected cell company
was extended by the introduction of the Securitisation Cell
Companies Regulations (Legal Notice 411 of 2014) which introduced a
new protected cell company structure, called the securitisation
cell
