Building on its long and varied maritime tradition, Malta, a member of the European Union, has today established itself as one of the leading maritime hubs and service centres in the Mediterranean region.  Placed to become an international centre of excellence in the maritime industry, the Island offers a whole range of international maritime services and facilities as part of a comprehensive package for the maritime industry. Maritime Malta has also developed a very strong legal and regulatory platform that has enabled the Malta flag to become a reputable international ship register which is now established as one of the largest in the world. Vessel registration under the Malta flag and the operation of Maltese ships is regulated by the Merchant Shipping Act of 1973, a law based in the main on United Kingdom legislation but subsequently revised and amended in 1986, 1988, 1990, 2000 and 2010. The main legislation is supplemented by a comprehensive set of rules and regulations.