Malta's strategic position in the heart of the Mediterranean has seen it develop into a thriving 21st century financial services sector. It is the only full EU member state with legislation attuned to PCCs, ICCs and ILSs which are regulated by the Malta Financial Services Authority. (www.mfsa.com.mt) Malta offers businesses wishing to reduce their expenses a tax-efficient environment and lower operational costs to set up and manage their insurance companies. Malta also has over 60 double taxation treaties which facilitate access to new markets. The World Economic Forum confirmed Malta's position as a leading financial jurisdiction. The 2013-14 Report ranked Malta amongst the top 20 world nations, out of 148, with regards to issues related to soundness of its banking institutions (14th), the regulation of Securities Exchanges (17th) and the strength and reporting standards (13th).