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Corporate and M&A

Sanctions 6: SMB Issues Guidance on Sanctions in Relation to Sale of Tanker Vessels

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia.  In this sixth article, we shall consider the salient aspects on the EU sanctions imposed on Russia in relation to the sale of tanker vessels. On the 18th of…
Corporate and M&ARegulatory Compliance

Regulatory Changes for Company Service Providers

In a recent circular addressed to Company Service Providers (“CSPs”), the Malta Financial Services Authority (the “MFSA”) announced a number of changes to the Rulebook for Company Service Providers (the “Rulebook”), effective January 23rd January 2024. These changes aim to simplify and enhance the regulatory submission process for licensed CSPs, impacting submissions due in 2024 and thereafter. The changes to the Rulebook can be viewed here in tracked changes. A Simplified Approach to Regulatory Submissions These following changes are in line with the MFSA’s ongoing endeavor of streamlining regulatory procedures, offering a more efficient and consolidated approach for CSPs: Under…
Andrea Abela
24th January 2024
European Parliament, Strasbourg
Corporate and M&A

Sanctions 5: SMB Issues Guidance in Light of Recent Developments in the Middle East

Following recent developments in the Middle East, the Sanctions Monitoring Board (the “SMB”) has issued a guidance note on the targeted counter-terrorism sanctions which are applicable to Malta in terms of Article 7(5)(b) of the National Interest (Enabling Powers) Act (Chapter 365 of the laws of Malta). This guidance note follows the conflict which arose in the Gaza Strip on the 7th October 2023. This guidance note highlights the sanctions imposed by the European Union to counter terrorism and reduce the financing of terrorist groups through specific restrictive measures. These measures are being directed at specific persons and entities in…
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…
Corporate and M&A

Sanctions 4: A General Overview of the EU Sanctions Imposed against Russia

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in sanctions, specifically, those sanctions being imposed against Russia. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia. In this fourth article, we shall consider some salient aspects on the EU sanctions imposed on Russia. A common misconception on sanctions imposed…
Bridging the Gender Pay Gap…New EU Rules for Pay Transparency
Corporate and M&A

Landmark Judgment – Property Devolving on the Government After a Company is Rendered Defunct Breaches Human Rights

The unconstitutional nature of property devolving on the Government of Malta following the procedure to render a company defunct  Introduction  On 12 October 2023, the First Hall of the Civil Court in its Constitutional Jurisdiction delivered a landmark ruling in the case Carmel Cortis et vs. Office of the Prime Minister et. Essentially, the Court held that the procedure whereby property devolves upon the Government, as part of the provisions set out in the Companies Act to render a company defunct1, is unconstitutional, draconian and disproportionate because it breaches the fundamental right to property enshrined in the Constitution and in…
Matthew Muscat
19th October 2023