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Corporate & Commercial

Brexit Blow: Setback for the UK in its Efforts to Join the Lugano Convention.

The European Commission ("Commission") representing the European Union ("EU") has presented the Swiss Federal Council in its capacity as the Depository of the 2007 Lugano Convention ("Convention") with a Note Verbale regarding the United Kingdom's application to accede to the Convention, submitted on 8 April, 2020. Accession to the Convention would only be possible if the United Kingdom ("UK") were to secure the approval of all existing Convention members, being the EU, Iceland, Denmark, Norway and Switzerland. Iceland and Switzerland have already given their formal approval, with Norway also indicating it is in favour of UK membership. In a setback…
Simon Pullicino
3rd August 2021
Corporate & Commercial

MFSA Reminder: Existing CSPs to Comply with new Rules by September

This article was written by Dr Simon Pullicino, Dr Petra Attard, and Dr Laura SpiteriThe Malta Financial Services Authority ('MFSA') has issued a circular directed at authorised company service providers ('CSPs') that were registered to provide CSP services prior to the entry into force of the new CSP rules. CSPs that offered CSP services on the date of entry of the new rules – 16 March 2021 – could only continue to offer such services if they applied for authorisation with the MFSA by the 16 May 2021. This application for authorisation resulted in the MFSA classifying company service providers…
Simon Pullicino
8th July 2021
Corporate & Commercial

Navigating the new regulatory landscape for Company Service Providers – Part 2

This article was written by Dr. Simon Pullicino & Dr. Laura SpiteriIn this second instalment of our series 'Navigating the new regulatory landscape for Company Service Providers', we take a closer look at the application process for CSPs seeking regulatory authorisation, the appointment of key office holders and applicable exemptions to the new regime. Part 1 of this series can be accessed here.The Application ProcessAny person operating in or from Malta who acts, or holds himself out as acting as a CSP by way of its business is required to apply for authorisation from the MFSA, unless such person is able to benefit…
Simon Pullicino
6th May 2021
Corporate & Commercial

Navigating the new regulatory landscape for Company Service Providers – Part 1

This article was written by Dr Simon Pullicino, Dr Petra Attard and Dr Laura SpiteriFollowing the entry into force of the Company Service Providers (Amendment) Act 2020 (the "Amendments") on 16 March, 2021 a number of significant amendments have been introduced to the local regulatory framework governing the provision of company services. The most notable amendments consist of the removal of previous exemptions available to warranted professionals and the end of the de minimis rule. The Amendments also introduce a classification system, assigning CSPs to a specific class by reference to the services provided. These Amendments form part of a broader reform…
Simon Pullicino
4th May 2021
Corporate & Commercial

The inability to pay debts test before the Maltese Courts

In its recent decision Xuereb v Weber Construction Limited Et (decided 18 March 2021) the Civil Court (Commercial Section) weighed in once more on the appropriate tests to be applied when assessing a company's inability to pay its debts under Maltese corporate insolvency law. One of Weber Construction Limited's ("Weber") shareholders filed an application in court requesting the company's dissolution and consequential winding up on the grounds inter alia that it was unable to continue to pay its debts. Article 214(2)(a)(ii) of the Companies Act, 1995 (the "Act") grants the court discretion to order the dissolution and winding up of…
Simon Pullicino
7th April 2021
Banking & Finance

ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR)

On 25 February, 2021 the triumvirate of European Supervisory Authorities, the EBA, EIOPA and ESMA (the "ESAs") published a joint statement on the effective and consistent application and national supervision of the Sustainable Finance Disclosure Regulation ("SFDR"). The joint statement is intended to help mitigate the risks of divergent application of the SFDR, and promote a level playing field to protect investors. In their joint statement, the ESAs recommend that during the interim period between 10th March, 2021 (the date upon which most of the provisions on sustainability-related disclosures laid down under the SFDR will apply) to the application date…
Simon Pullicino
1st March 2021