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Mamo TCV Advocates

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ESMA Supports MFSA’s MiCA Approach FinTech

ESMA Supports MFSA’s MiCA Approach

On the 10th of July 2025, the European Securities and Markets Authority (ESMA) published the results of its first peer review of a Crypto-Asset Service Provider (CASP) authorisation under the Markets in Crypto-Assets Regulation (MiCA). The review, focused on Malta, marks an important milestone in the EU’s transition to a harmonised regulatory framework for crypto-assets. The review can be accessed on this link. Malta, which had already established a structured national framework through its Virtual Financial Assets (VFA) regime in 2018, was among the first jurisdictions to operationalise MiCA. The peer review confirms that the Malta Financial Services Authority (MFSA)…
Mamo TCV Advocates
10th July 2025
Penetration Testing
Threat-Led Penetration Testing Regulatory Technical Standards under DORA Take Effect DORATelecoms, Media & Technology

Threat-Led Penetration Testing Regulatory Technical Standards under DORA Take Effect

As of today, 8 July 2025, the Regulatory Technical Standards (RTS) on Threat-Led Penetration Testing (TLPT) are now effective, including in Malta, following their publication in the Official Journal on 18 June 2025. These RTS supplement Article 26 of the Digital Operational Resilience Act (‘DORA’) and lay down a framework for the execution of TLPT. The RTS specify the criteria used for identifying the financial entities which are required to perform threat-led penetration tests and lay down organisational arrangements for financial entities. The RTS also include provisions on risk management and specify criteria for engaging TLPT providers. Moreover, the RTS…
Mamo TCV Advocates
8th July 2025
MFSA Building Entrance
Public Consultation on the Revised Free Float Requirements for Regulated Markets Capital Markets

Public Consultation on the Revised Free Float Requirements for Regulated Markets

On the 16th of June 2025, the Malta Financial Services Authority (“MFSA”) published a consultation document proposing significant changes to the minimum free float requirement (also referred to as the “Public Float”) for admission to trading on a regulated market in Malta (hereinafter referred to as the “Consultation Document”). The proposals follow the recent adoption of the EU Listing Act Package (Listing Act) published in the Official Journal of the European Union on the 14th of November 2024, which includes the Listing Regulation (Regulation (EU) 2024/2809), the Listing Directive (Directive (EU) 2024/2811) and a new Directive on multiple vote share…
Mamo TCV Advocates
7th July 2025
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DORA ICT Subcontracting RTS Published DORAIntellectual PropertyTelecoms, Media & Technology

DORA ICT Subcontracting RTS Published

Following the European Commission’s earlier rejection, the Regulatory Technical Standards (RTS) on ICT Subcontracting have been published in the EU Official Journal on 2 July 2025. The RTS will enter into force 20 days after publication, which means that they will come into effect on 22 July 2025. Financial entities and ICT providers must ensure to update their contractual arrangements to fulfil the conditions set out in the RTS to ensure compliance by 22 July 2025. To receive updates on this important development and related news please visit our website and consider subscribing to our newsletter. This document does not purport…
Mamo TCV Advocates
3rd July 2025
Work inspection
Employers Face Stricter Fines under New Amendment Employment and Industrial Relations

Employers Face Stricter Fines under New Amendment

On 6th June 2025, the Employment and Industrial Relations (Amendment) Act was published in the Government Gazette. This Act is set to come into force on 6th August 2025. The key amendment introduced by this legislation targets Article 45 of the Employment and Industrial Relations Act (Chapter 452 of the Laws of Malta), specifically by increasing the fines imposed on employers found in breach of employment law. Under the current law, an employer who violates any recognised condition of employment, whether set out in a national standard order, sectoral regulation order, collective agreement, or under Chapter 452 or any regulations…
Mamo TCV Advocates
27th June 2025
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ICT Aspects of a MiCA Application DORAFinTech

ICT Aspects of a MiCA Application

On the 17th of June 2025, the Malta Financial Services Authority (“MFSA”) published a circular titled ‘Follow-Up Circular to the Industry on the Authorisation Process for MiCA Applicants’. The circular concerns the authorisation process for crypto-asset service providers (CASPs) under Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA), as integrated in Maltese law through Chapter 647.  This circular supplements the Authority’s communication of the 10th December 2024 which was explained in a previous legal update. The June 2025 circular introduces two additional annexes that are now required as part of a complete MiCA application file. These are Annex AX05 (Digital…
Mamo TCV Advocates
20th June 2025