The CPIS is an annual survey carried out in response to recommendations by the International Monetary Fund (IMF) as a result of the importance of portfolio investment across international borders, reflecting the liberalisation of financial markets, financial innovation, and the changing behaviour of investors. Together with a number of countries, Malta has been participating in this survey as from base year 2001. The purpose of the CPIS is to collect information by country on the market value of the stock position of cross-border holdings, subdivided by:
• equity securities – shares, stocks, mutual funds and investment trusts;
• long-term debt securities – securities with an original maturity of more than one year (i.e. bonds, notes and debentures);
• short-term debt securities - securities with an original maturity of less than one year (i.e. money market and negotiable debt instruments).
Holdings of securities that are considered of a direct investment nature (i.e. shareholding of 10 per cent or more) are not considered for the CPIS.
The CPIS involves the collection of the market value of both equity as well as debt securities held by Maltese residents as at the end of the year. These data are collected on a country-breakdown basis. The data for the CPIS were extracted from the International Investment Position Statement using a direct reporting system (i.e. surveying directly all sectors of the economy), complemented with other administrative data.