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Joshua Chircop

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Cape Town Convention Compliance Index Q1 2025: Malta Among Top Ranked Aviation

Cape Town Convention Compliance Index Q1 2025: Malta Among Top Ranked

In its first quarter 2025 report, Malta has once again achieved a high ranking, being placed first in Europe and second globally on the Cape Town Convention Compliance Index. With a score of 95 out of 100, Malta was rated in the “Very High” category, confirming its strong position within the global aviation sector. Background to the Cape Town Convention The Convention on International Interests in Mobile Equipment and the Protocol on Matters Specific to Aircraft Equipment (collectively known as the CTC), signed in 2001 and ratified by Malta in 2010, was created to facilitate aircraft financing and leasing by…
Martina Azzopardi and Joshua Chircop
3rd September 2025
Silouette of aircraft flying
The Impact of the EU’s 16th Sanctions Package on the Aviation Industry Aviation

The Impact of the EU’s 16th Sanctions Package on the Aviation Industry

On the 24th February 2025, the European Council introduced the 16th set of restrictive measures against Russia through Council Regulation 2025/495 (the “Regulation”), marking another step in the EU’s ongoing efforts to exert economic pressure on Russia and limit its capacity to finance the war in Ukraine. The latest sanctions package imposes stricter measures targeting key sectors of Russia’s economy, such as trade, energy, transport, and infrastructure. Background The EU has progressively imposed various restrictive measures against Russia since March 2014, initially in response to the illegal annexation of Crimea and Sevastopol, as well as the deliberate destabilisation of Ukraine.…
Joshua Chircop and Martina Azzopardi
11th March 2025
Parked private jet
New Requirements Under ODS Licensing Regime for Aircraft Imports and Exports Aviation

New Requirements Under ODS Licensing Regime for Aircraft Imports and Exports

New licensing requirements under Regulation (EU) 2024/590 of the European Parliament and of the Council of 7th of February 2024 on substances that deplete the ozone layer (the “Regulation”) will become applicable on the 3rd of March 2025. The Regulation provides for the licensing of the import and export of ozone-depleting substances (“Ozone-Depleting Substance/s” or “ODS”). Any aircraft that is imported to or exported from the EU is required to obtain an ODS license for customs purposes where such aircraft contains or relies on Ozone-Depleting Substances. Accordingly, with effect from the 3rd of March 2025, new ODS licenses issued under the Regulation must be used for…
Joshua Chircop
3rd March 2025
Mamo TCV: Revised EU Guidelines Clarify Air Passenger Rights Under Regulation 261/2004
Revised EU Guidelines Clarify Air Passenger Rights Under Regulation 261/2004 Aviation

Revised EU Guidelines Clarify Air Passenger Rights Under Regulation 261/2004

On July 22, 2024, the European Commission approved revised Interpretative Guidelines (the “Guidelines”) on Regulation (EC) No 261/2004 (“Regulation 261/2004”), which address air passenger rights concerning compensation and assistance for denied boarding, cancellations, and delays and on Regulation (EC) No 2027/97 on air carrier liability in case of accidents. These new Guidelines incorporate essential EU case law that has shaped passenger rights since 2016. Whilst they do not introduce new information or changes to the practical application of Regulation 261/2004, they will serve as interim guidance until the anticipated revision of Regulation 261/2004 is implemented. However, the Guidelines are not…
Martina Azzopardi and Joshua Chircop
22nd August 2024
The Concept of a Share Buyback Under the Companies Act Corporate and M&A

The Concept of a Share Buyback Under the Companies Act

A share buyback essentially occurs when a company acquires some of its own shares through means other than by subscription. Such acquired shares are colloquially referred to as treasury shares and allow for flexibility with regards to the company’s capital structure since the sale thereof does not constitute an allotment or issue of shares and thus the restrictions imposed thereon do not apply.1 The procedure which a company must necessarily undertake in order to validly buy back its own shares is outlined in Articles 106 and 107 of the Companies Act (Chapter 386 of the Laws of Malta) (the “Companies…
Clarice Debono and Joshua Chircop
31st October 2023
The MFSA released a circular and updated the FAQs relating to TUBOR
The MFSA announced updates to the Trusts Ultimate Beneficial Ownership Register Corporate and M&A

The MFSA announced updates to the Trusts Ultimate Beneficial Ownership Register

The Malta Financial Services Authority (the “MFSA”) released a Circular on the 25th of January 2023 announcing important updates to the Trusts Ultimate Beneficial Ownership Register (“TUBOR”). With effect from the same date, the MFSA has also amended the FAQs relating to TUBOR. The MFSA reminded the industry that in the TUBOR Declaration, the trustee is required to indicate if the beneficiary of the trust (whether a corporate or individual beneficiary) has received a benefit or otherwise from the trust. To this end, a new field has been added in the TUBOR Declaration which requires the trustee to make this…
Joshua Chircop
7th February 2023