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Joshua Chircop

Joshua Chircop is a Senior Associate in the transport and corporate practice groups of Mamo TCV Advocates.

Joshua advises lenders, lessors, owners, borrowers, and operators on a variety of domestic and international asset leasing and structured financing transactions involving aircraft and vessels. He also advises on a range of corporate and commercial matters, including mergers and acquisitions, corporate restructuring, and corporate governance.

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
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Amendments to the Aircraft Registration Act Aviation

Amendments to the Aircraft Registration Act

The Aircraft Registration Act, Chapter 503 of the Laws of Malta (the "Act") and the Code of Organisation and Civil Procedure, Chapter 12 of the Laws of Malta (the "COCP") have been amended by virtue of Act No. XXXVII of 2021 (the "Amending Act"). The Amending Act brings about changes to various laws pertaining to aircraft registration.Certified DesigneeThe Amending Act introduces rules pertaining to the appointment of a "Certified Designee" (CD) under an irrevocable de-registration and export request authorisation (IDERA). Whilst the Act previously allowed for the appointment of a CD, and in fact, CDs are appointed in practise, the…
Joshua Chircop
10th August 2021
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Segregated Cells in Aviation and Shipping Companies AviationShipping, Yachting and Transport

Segregated Cells in Aviation and Shipping Companies

Pursuant to amendments to the Companies Act, the Companies Act (Shipping and Aviation Cell Companies) Regulations (the "Regulations") allow for the incorporation of cell companies that conduct shipping or aviation business. The Regulations also allow for the conversion of an existing company that conducts shipping or aviation business into a cell company. To understand what is meant by shipping or aviation business, please click here.A cell company may create one or more cells within itself for the purposes of segregating and protecting cellular assets. Each cell has distinct assets and liabilities and can therefore be used to carry out separate…
Joshua Chircop
29th April 2021
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Registrar for Companies Assumes the Function of Registrar for Legal Persons Trusts, Foundations and Wealth Management

Registrar for Companies Assumes the Function of Registrar for Legal Persons

The President, by and with the advice and consent of the House of Representatives, has enacted Act No. XLVII of 2020 to amend the Second Schedule to the Civil Code, Chapter 16 of the Laws of Malta (the "Second Schedule"), and the Companies Act, Chapter 386 of the Laws of Malta, and to provide for related and ancillary provisions.The function of the Registrar for Legal Persons has now been assumed by the Registrar for Companies of the Malta Business Registry. The Registrar for Legal Persons previously fell under the purview of the Public Registry within Identity Malta. Any reference to…
Joshua Chircop
18th August 2020
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Amendments to Beneficial Ownership Regulations relating to Trusts, Foundations and Associations Trusts, Foundations and Wealth Management

Amendments to Beneficial Ownership Regulations relating to Trusts, Foundations and Associations

Amendments have been made to the beneficial ownership regulations relating to trusts, foundations and associations together with other amendments to the principal AML/CFT regulations. The purpose of the majority of these amendments is to transpose Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 and other amending Directives that might be applicable.Amendments to TrustsIn exercise of the…
Joshua Chircop
24th February 2020
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FIAU Publishes Revised AML/CFT Implementing Procedures Corporate and M&A

FIAU Publishes Revised AML/CFT Implementing Procedures

The Financial Intelligence Analysis Unit (the FIAU) has published an amended version of the Implementing Procedures Part 1, with changes taking effect from the 19th July 2019 (the Amendments). The FIAU has announced that the Amendments intend to provide Subject Persons with more in-depth qualitative guidance to assist them in better fulfilling their Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) obligations.This follows recent amendments to the Prevention of Money Laundering Act, Chapter 373 of the Laws of Malta (the PMLA) and the Prevention of Money Laundering and Funding of TerrorismRegulations, Subsidiary Legislation 373.01 of the Laws of Malta (the…
Joshua Chircop
31st July 2019