Background to the Report Simmons and Simmons LLP have prepared a long-form report (the “Report ”) to support the Malta Financial Services Advisory Counsel (“ MFSAC ”) in their objective of further im proving Malta’s competitiveness as a financial services centre, with a focus on capital markets and, specifically, international listings. The report has been prepared on the ba sis of consultation with local stakeholders — including the Malta Stock Exchange (the “MSE”), the Malta Financial Services Authority (the “ MFSA”) and senior representatives of locally based brokers, lawyers and accountancy firms operating in the capital markets — as well as with stock exchanges, lis ting agents and practitioners in other international financial centres. By analysing and benchmarking against the key competitor interna tional listing venues, this report seeks to establish the steps necessary for enhancing the appeal of Malta’s stock exch ange offering.