Malta Legal Articles
Law related articles writen by lawyers
and experts witnesses practicing in Malta
July 21, 2015 By CSB Advocates
Trading in binary options is considered to be a high risk practice and therefore the MFSA has issued a circular setting out additional conditions in this regard which complement those conditions set out for Investment Services Providers within the Investment Services Rules.
July 20, 2015 By CSB Advocates
On the 23rd of December 2014 the European Securities and Markets Authority ("ESMA") published a discussion paper on share classes of UCITS Funds with a view to developing a common understanding of what constitutes a share class of a UCITS Fund.
July 17, 2015 By CSB Advocates
Annualisation of hours is a term used to describe a contract which states the agreed number of guaranteed hours the employee is contracted to work through a twelve month period. Annualisation schemes are implicitly promoted both by EU Legislation on working time and by EU policies and recommendations, which – among others – allow EU Member Countries to adopt flexible working time schedules.
July 14, 2015 By CSB Advocates
Before the introduction of the Registration and Licensing of Motor Vehicles (Amendment) Regulations, published on the 5th of June 2015, if an individual bought a car abroad and imported the car into Malta the law did not authorise the individual to use the car on the Maltese roads until the registration process was completed and until the Maltese number plates would have been obtained.
June 18, 2015 By CSB Advocates
The Belgian Commission for Privacy Protection (CPP) is claiming that Facebook is monitoring the web movements of both users and non-users through plug-ins and cookies and gathering information about their browsing habits.
June 16, 2015 By CSB Advocates
Last year, European citizens were granted the right to submit a request to Google for the delisting of personal information deemed to be harmful, out of date or irrelevant, through a ruling issued by the European Court of Justice. This means that the information would no longer come up in search results following searches carried out on European websites.
European Parliament Approves ‘International Standards of Combatting Money Laundering and the Financing of Terrorism and Proliferation’
May 28, 2015 By CSB Advocates
On the 20th of May 2015, two years after the European Commission first proposed the 4th AML Directive, the European Parliament approved the final text of the 4th AML Directive intended to address the threat of money laundering in 2015 and beyond.
May 20, 2015 By CSB Advocates
In terms of the the MFSA Rules for Company Service Providers (“CSPs”), CSPs are required to submit a Certificate of Compliance and an Annual Financial Return.
May 19, 2015 By CSB Advocates
On the 13th May 2015, the MFSA issued a Circular addressed to Fund Managers on the inclusion of Retained Earnings as part of the Own Funds’ Computation.
May 18, 2015 By CSB Advocates
Creating a Digital Single Market is one of the ten priorities of the EU President-elect Jean-Claude Juncker.
May 14, 2015 By CSB Advocates
The Authority for Transport in Malta has advised that following consultation with all the stakeholders involved, the Commercial Yacht Code 2010 has been revised.
May 10, 2015 By CSB Advocates
The Malta Financial Services Authority (the “MFSA”) is currently in the process of setting up a Conduct Supervisory Unit. This is being done for the purposes of implementing the regulatory framework and securing adequate client protection in the industry through a supervisory regime aiming to address potential or emerging risks for clients in the financial services industry. The aim is also to strengthen the fair treatment of customers by regulated entities.
April 28, 2015 By CSB Advocates
According to the EU Legislation, a posted worker is a person who, on behalf of the employer, is sent for a limited period of time to carry out his/her work in the territory of an EU Member State (i.e.: “host” State) other than the State in which s/he normally works (i.e.: “posting” State).
April 14, 2015 By CSB Advocates
Recently the Court of Appeal confirmed a compensatory sum awarded by the Industrial Tribunal to a British High Commission employee for unfair dismissal and discrimination.
April 8, 2015 By CSB Advocates
The European Union has recently unveiled a planned reform for the 28 Member State’s digital market aimed at boosting ecommerce and overhauling Europe’s telecoms market.
April 7, 2015 By CSB Advocates
Earlier this month the Office for Harmonization in the Internal Market (OHIM) together with the Malta Commerce Department hosted the Intellectual Property Information session on the European Trademark and Design session.
March 23, 2015 By CSB Advocates
On the 10th of March 2015 the Malta Financial Services Authority ("MFSA") published a consultation paper on the regulatory approach applicable to collective investment schemes licenced as professional investor funds (“PIFs”) and alternative investment funds (“AIFs”) in terms of the Investment Services Act.
February 26, 2015 By CSB Advocates
The Malta Citizenship by Investment Programme was established by LN 47/2014, in which the Government of the Republic of Malta grants naturalisation by investment to reputable individuals and their dependants on the basis of a firm and thorough due diligence process and a significant contribution to the social and economic development and investment in the country.
February 5, 2015 By CSB Advocates
During the past months, the European Commission put forward a proposal for a directive on the protection of undisclosed material and business information, also known as trade secrets, and against their unlawful acquisition, use and disclosure. The idea of this proposal is for the protection against the misappropriation of business information and the safeguarding of confidential business practices.
February 5, 2015 By CSB Advocates
Transport Malta, the Authority responsible for the Malta Ship Register in Malta, has reported that as at the end of December 2014 Malta’s ship registry saw a growth of 13.6%, which is equivalent to over six million gross tonnes and a growth of 18% in yacht registration, totalling the number of merchant vessels under the Malta flag over 2,500, making the Malta Ship register the sixth largest in the world and the largest in Europe.
January 26, 2015 By CSB Advocates
Through Legal Notice 22 of 2015, the individuals who are qualified to own Maltese vessels, have also been extended to include citizens of the European Economic Area and of Switzerland, while prior to this amendment this was limited only to citizens of the European Union.
January 21, 2015 By CSB Advocates
Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union.
January 19, 2015 By CSB Advocates
On the 22nd of December, 2014 the MFSA commenced a consultation process on proposed amendments to the Insurance Business Act (Cap. 403 of the Laws of Malta) and the Insurance Intermediaries Act (Cap. 487 of the Laws of Malta).
January 13, 2015 By CSB Advocates
Forbes/International Living has announced that Malta has featured sixth in the index of the best places to retire for Americans.
December 5, 2014 By CSB Advocates
Securitisation transactions in Malta, that is the raising of capital through the transfer of assets and risk from the transferee (“Originator”) to special purpose vehicles (“SPVs”) and converting the same into financial instruments issued by the latter, are regulated by the Securitisation Act (Chapter 484 of the Laws of Malta) (“Act”).
December 4, 2014 By CSB Advocates
The European Securities and Markets Authority (ESMA) has recently published a consultation paper on the asset segregation requirements under the Alternative Investment Fund Managers Directive (AIFMD).
November 25, 2014 By CSB Advocates
In light of the launch of a regulatory structure for private pensions forwarded by the MFSA the Minister for Finance Prof. Edward Scicluna recently launched the Third Pillar pension scheme, also referred to as the Personal Retirement Scheme which is accompanied by another scheme called the Individual Savings Account.
November 24, 2014 By CSB Advocates
The MFSA is currently amending its legislative and regulatory framework in order to make Malta an efficient jurisdiction for structuring private equity funds.
October 29, 2014 By CSB Advocates
European Union privacy regulators have been urging Google to refine its privacy policies for quite some time.
October 26, 2014 By CSB Advocates
The European Central Bank (ECB) has published the results of the stress-test that it has conducted over the past year in respect of the 130 largest banks in the euro area, considering their financial position as at the 31st December 2013.
October 22, 2014 By CSB Advocates
The MFSA recently circulated a notice outlining additional criteria with respect to the licensing of entities that would like to offer online forex trading to retail clients in terms of the Investment Services Act, Chapter 370 of the Laws of Malta.
October 9, 2014 By CSB Advocates
The MFSA recently published a set of documents formalising the implementation of the National Private Placement Regime (‘NPPR’) in Malta.
MFSA Thematic Review on Compliance with the Requirements on Governance, Compliance & Risk Management in Malta
October 5, 2014 By CSB Advocates
The MFSA recently published a circular addressed to the compliance officers of investment services license holders with consolidated feedback from the Securities and Markets Supervision Unit.
Malta Financial Services Authority Issues a Consultation Document on the Proposals for Securitisation Cell Companies Regulations
September 11, 2014 By CSB Advocates
Cell companies have been an established feature of Maltese legislation since 2004, following the enactment of the Companies Act (Cell Companies carrying on business of insurance) Regulations, 2004 (the “PCC Regulations”). Since then the cell company concept in Malta has not only taken root among market operators and practitioners but has also influenced the development of other legal frameworks in the insurance and funds sector.
September 1, 2014 By CSB Advocates
An amendment to our laws, now makes it illegal for employers to discriminate against transgender individuals, on grounds of sex. Prior to August 2014, the law only made reference to sexual orientation, without specific reference to those who underwent gender reassignment.
August 28, 2014 By CSB Advocates
The Authority for Transport in Malta plans to issue a request for proposals for the development and operation of an all-weather marina with up to 240 berths and shore facilities at Sa Maison in Pietà.
August 18, 2014 By CSB Advocates
Legal Notice 269 of 2014 has amended the Malta Retirement Programme Rules which were originally promulgated in 2012.
August 13, 2014 By CSB Advocates
By virtue of two legal notices published on the 8th of July, the High Net Worth Individuals Rules (HNWI Rules) have now been amended to reflect the Global Residence Programme threshold, both in terms of tax and property value (be it purchase or lease), and a new special tax status is presented.
August 4, 2014 By CSB Advocates
When purchasing a product in terms of the Maltese Consumer Affairs Act, consumers have clear-cut legal rights. The warranty provided by the supplier or the manufacturer cannot curtail or negatively affect the consumer’s rights.
July 30, 2014 By CSB Advocates
According to a Parliamentary answer by the Maltese Employment Minister Evarist Bartolo, a total of 10,035 EU nationals were working in Malta as at end of December 2013.
The EU Data Retention Directive (2006/24/EC) was introduced into EU legislation during the aftermath of the terrorist attacks in Madrid, London and New York, and provided that communications firms should keep data about subscribers’ activities for a period of between 6 and 24 months.
When the AIFMD was adopted, no harmonised definition of “closed-ended” Alternative Investment Funds (“AIFs”) was provided within the Directive’s text.
Following the signature of the intergovernmental agreement (“IGA”) between Malta and the US on the 16th December, 2013 whereby the latter agreed to implement Foreign Account Tax Compliance provisions (commonly known as FATCA) in Malta, the Inland Revenue Department (“IRD”) has issued draft FATCA Regulations and Guidelines implementing the said intergovernmental agreement.
The European Banking Authority (EBA) published on the 4th of July 2014 an Opinion addressed to the EU Council, European Commission and European Parliament setting out the requirements that would be needed to regulate ‘virtual currencies'.
On Friday the 4th of July the European Banking Authority (EBA) published an opinion addressed to the EU Council, European Commission and European Parliament outlining its view on how ‘virtual currencies' should be regulated.
The UCITS V Directive shall shortly be published in the Official Journal of the European Union later on this year.
Spurred by various enquiries on the matter, the MFSA has last week launched the Investment Services Rules for Loan Funds (the “Rules”) which provide for the licensing and regulation of collective investment schemes investing through loans (“Loan Funds”). This paper will analyse the Rules and how these fit into the current Maltese fund legislation.
The form for the submission for tax purposes of part-time, self-employed individuals has been amended by virtue of Legal Notice 186 of 2014 [Part-Time (Forms of Self-Employed) (Amendment) Rules, 2014], therefore replacing the previous form in toto.
Verizon, the US telecommunications giant, has issued Netflix with a “cease and desist” letter following media reports claiming that Netflix was blatantly telling its customers that the Verizon network was responsible for faulty streaming.
Moneyval's Statement Calling for Enhanced Due Diligence Measures for Bosnia and Herzegovina Transactions
On 1st June 2014, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) issued a public statement about the persistence of deficiencies in the anti-money laundering and counter financing of terrorism (AML/CFT) regime in Bosnia and Herzegovina.