We are pleased to issue our eighth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services, CSPs, insurance undertakings and insurance intermediaries. Our eighth Regulatory Compliance Quarterly Update can be found here .The Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do not hesitate to contact Michael Psaila,…
Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia. In this seventh article, we shall consider the salient aspects of the guidance provided by the European Commission from these frequently answered questions. The European Commission has issued a…
With the increased importance of corporate social responsibility and the development of the manner in which banks collect, manage, store and report data, it is imperative for banks to ensure that they have the right data strategy, integrated data solutions and suitable governance and compliances practices in place. Having a proper data strategy ensures not only that all legal requirements and supervisory expectations are being adhered to, but also that license holders keep up with current market trends and continue to build customers’ trust. Although internationally (including at European Union level), data requirements and practices have been codified for banks…