Skip to main content
Christine CallejaEmployment & Labour

Court of Appeal Confirms the Enforceability of a Post-termination of Employment Restrictive Clause

In a case decided on the 4th May 2022 (case number 524/14), the Court of Appeal held that a restriction contained in an employment contract which prevented an employee from soliciting or interfering or endeavouring to entice a customer away from the company after termination of employment, for a period of two years, could be enforced by the employer. The First Hall of the Civil Court had decided that since the clause was not restricted to customers with whom the employee had dealings with during his employment, then the clause was null. The Court of Appeal however decided that the…
Christine Calleja
30th June 2022
Investment Services & FundsLegal UpdateMario Mizzi

Legal Update on UCITS Information Documents

A key feature of Undertakings for the Collective Investment in Transferable Securities (“UCITS” fund) is the Key Investor Information Document (“KIID”), which provides the retail investor with simplified information from the prospectus. UCITS also qualify as Packaged Retail Investment and Insurance Products (“PRIIPS”). Since PRIIPs are required to do a Key Information Document (“KID”), promoters of a UCITS fund were technically obliged to provide both the KIID as well as the KID. Thus, these conflicting requirements would have created unclarity for the retail investor. Initially, an exemption was provided for investment companies and management companies who are promoting a UCITS…
Mario Mizzi
1st June 2022
Legal UpdateMario Mizzi

Delay in Applicability of Environmental, Social and Governance Technical Standards

The Sustainable Finance Disclosure Regulation ("SFDR"), which was passed in 2019 and became applicable in 2021, has introduced Environmental, Social and Governance ("ESG") reporting obligations for EU investment funds. These sustainability reporting obligations aim at reducing the marketing practice of greenwashing in the investment services industry. However, whilst the SFDR provided for the obligation to carry out ESG reporting, the Regulatory Technical Standards ("RTS"), which stipulate how the data relating to the financial product is to be presented to investors, was not yet harmonised across the EU. Such omission to provide a harmonised methodology resulted in investors being unable to…
Mario Mizzi
10th May 2022
Katya TuaNews

Katya Tua recognised in IFLR1000 Women Leaders 2022

Mamo TCV Advocates is pleased to announce that Katya Tua, partner of the Investment Services and Funds practice area, has been recognised as one of the IFLR1000 Women Leaders for 2022, one of only three women to earn such a ranking in Malta. As a founding partner of Simon Tortell and Associates in 2009, which firm merged with Mamo TCV in 2016, Katya has a wealth of experience. Her team specialises in the structuring and licensing of collective investment schemes mainly UCITS, alternative investment funds and professional investor funds. They have advised clients on different structures which include multi-fund and multi-class…
MamoTCV Advocates
26th April 2022
Anthea SammutLegal Update

The Introduction of Appendix 2E – A Financial Return for Depositaries

On the 11th of April 2022, the Malta Financial Services Authority (the "MFSA") issued a circular entitled "The Introduction of Appendix 2E – A New Regulatory Return for Licence Holders Offering Depositary Services Solely to Collective Investment Schemes". Through this circular, the MFSA remarked that along with the requirement to submit the annual report and audited financial statements, a new regulatory return, being Appendix 2E, is being introduced for depositaries of Collective Investment Schemes that are not allowed to offer any MiFID services and licensed as a credit institution in terms of the Capital Requirements Directive. The depositaries who are…
Anthea Sammut​
19th April 2022
Anthea SammutInvestment Services & Funds

The Online Presence of UCITS Management Companies and Reverse Solicitation

Recently, the Malta Financial Services Authority ("MFSA") issued two circulars related to updates on Undertakings for Collective Investment in Transferable Securities ("UCITS") Management Companies, and a clarification note on the disclosures in the financial return reporting and other essential regulatory clarifications. In this article, a brief overview of the salient features emanating from these two circulars shall be given to ensure that subject persons comply with the below updates and clarifications. The first circular dated the 6th of April 2022 relates to the online and social media presence of UCITS Management Companies. The MFSA is requesting UCITS Management Companies to…
Anthea Sammut​
18th April 2022