European Parliament adopts the 5th Anti-Money Laundering Directive

European Parliament adopts the 5th  Anti-Money Laundering Directive
Barely a year following the implementation of the 4th Anti-Money Laundering Directive, the European Parliament has adopted a new directive which aims to add further layers to the European anti-money laundering framework. The 5th Anti-Money Laundering Directive ("5AMLD") was adopted on the 19th of April 2018, and should be fully implemented into national law by the various Member States from eighteen months to the date in which it is published in the Official Journal. The 5AMLD contains several key amendments to the existing directives, mainly:1. Register of Benefi...
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MFSA launches Supplementary Licence Conditions applicable to Professional Investor Funds investing in Virtual Currencies.

MFSA launches Supplementary Licence Conditions applicable to Professional Investor Funds investing in Virtual Currencies.
After the Malta Financial Services Authority's ("MFSA") consultation process on the Regulation of Collective Investment Schemes Investing in Virtual Currencies and the subsequent feedback statement issued on such matter, the MFSA has published Supplementary Conditions applicable to Professional Investor Funds ('PIFs') investing in Virtual Currencies ('VCs'). Coupled with the recent discussion paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers, it is clear that the MFSA is seeking to create a strong regulatory framework and ensure hig...
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The Malta Financial Services Authority launches a Discussion Paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers

The Malta Financial Services Authority launches a Discussion Paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers
Following the publication of the European Securities and Markets Authority's statements highlighting the risks posed by Initial Coin Offerings ("ICOs") to investors and investment firms, the Malta Financial Services Authority (the "MFSA"), Malta's single regulator for the financial services industry, has issued a highly awaited discussion paper outlining the local regulatory approach to be taken in connection with ICOs, virtual currencies and market participants operating within the sector.The launch of the discussion paper brings Malta one step closer to the impl...
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The Malta Financial Services Authority launches a Consultation Document aimed at regulating Collective Investment Schemes investing in Virtual Currencies

The Malta Financial Services Authority launches a Consultation Document
aimed at regulating Collective Investment Schemes investing in Virtual Currencies
The Malta Financial Services Authority (the "MFSA"), Malta's single regulator for the financial services industry, has published a consultation document through which it has formally kick-started the process for the regulation of collective investment schemes having as their investment objective the investment in virtual currencies.The launch of the consultation document foreshadows the regulatory approach to be adopted by the MFSA in relation to this specific faction of the digital economy, and, simultaneously, offers market participants the potential to design a...
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Mamo TCV Advocates assist with the first transformation of a SICAV to an incorporated cell under a RICC in Malta

Mamo TCV Advocates assist with the first transformation of a SICAV to an incorporated cell under a RICC in Malta
Mamo TCV Advocates recently assisted clients with the first transformation in Malta of an Investment Company with Variable Share Capital ("SICAV") to an incorporated cell ("IC") under a Recognised Incorporated Cell Company ("RICC"). This transformation was effected using the provisions of the Companies Act (Recognised Incorporated Cell Companies) Regulations (Subsidiary Legislation 386.15 of the Laws of Malta). The SICAV IC is also licensed by the Malta Financial Services Authority ("MFSA") as an alternative investment fund ("AIF") under the Alternative Investment...
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