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MamoTCV Advocates contributes to the 10th Edition of The Insurance and Reinsurance Law Review
Insurance & ReinsuranceNews

MamoTCV Advocates Contributes to the 10th Edition of The Insurance and Reinsurance Law Review

MamoTCV has contributed to the 10th Edition of The Insurance and Reinsurance Law Review. This edition was edited by Simon Cooper (Ince Gordon Dadds LLP) and provides an overview of the legal and regulatory regime for (re)insurance undertakings and intermediaries in 30 jurisdictions. The publication provides guidance on legal and market developments in each jurisdiction aiding comparative analysis. The publication encourages a business-focused approach in comparison to standard legal guides. MamoTCV’s contribution to the Malta chapter can be read or downloaded here. Disclaimer: This document does not purport to give legal, financial or tax advice. Should you require further information…
Mamo TCV Advocates
14th November 2022
Banking & FinanceInsurance & ReinsuranceInvestment Services & FundsNews and PublicationsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q3 2022

We are pleased to issue our second edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to Investment Services and Asset Management; Credit and Financial Institutions and Insurance Undertakings and Insurance Intermediaries. Our second Regulatory Compliance Quarterly Update can be found hereThe Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do…
Mamo TCV Advocates
24th October 2022
Dubai
Banking & FinanceFinTechInsurance & ReinsuranceInvestment Services & FundsLegal UpdateRegulatory Compliance

MFSA Issues Guidelines to the Submission of the Statement of Source of Wealth and Source of Funds

On the 12 August 2022, the MFSA has issued a Circular to inform the financial services industry of the launch of a new standardised template (“Annex AX26: Source of Wealth and Source of funds self-declaration form”) to be used with immediate effect when submitting a statement of source of wealth and source of funds. The statement is to be submitted by all qualifying shareholders and Politically Exposed Persons as an attachment to their online Personal Questionnaire. The statement is to be filled in electronically and signed by the applicant. Disclaimer: This document does not purport to give legal, financial or…
Mamo TCV Advocates
26th August 2022
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Insurance & ReinsuranceLegal Update

MFSA Issues Circular on Adopting EIOPA’s Revised Guidelines on the Legal Entity Identifier

On the 8th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on Adopting the European Insurance and Occupational Pensions Authority (hereinafter referred to as “EIOPA”) Revised Guidelines on the Legal Entity Identifier (hereinafter referred to as “the Guidelines”) which became applicable on the 1st July 2022 and which repealed the Guidelines on the use of the Legal Entity Identifier. The Legal Entity Identifier (hereinafter referred to as “LEI”) is a 20-character, alpha-numeric, code which is unique to each legal entity participating in financial transactions. Each LEI code contains information about an entity’s…
Mamo TCV Advocates
24th August 2022
Insurance & ReinsuranceLegal Update

MFSA Circular: Amendments to Chapter 5 of Insurance Rules and Related Legislation

On the 5th August 2022, the Malta Financial Services Authority (hereinafter referred to as “the MFSA”) issued a Circular on the amendments to: the Glossary of Terms, Chapter 5 of the Insurance Rules and the Insurance Business (Exemptions) Regulations. These amendments are being carried out to ensure that the MFSA adheres to the EU Notice on the adaptation in line with inflation of the amounts laid down in the Solvency II Directive which was published on the 19th October 2021 (hereinafter referred to as “the Notice”) and the Revised Guidelines on the Valuation of Technical Provisions and the Revised Guidelines…
Mamo TCV Advocates
23rd August 2022
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COVID19 MeasuresInsurance & Reinsurance

MFSA Announces Extensions in Reporting and Disclosure Deadlines Due to COVID-19 Outbreak

In response to the challenging conditions which are being faced by the financial services sector as a result of the COVID-19 outbreak, the Malta Financial Services Authority ("MFSA") has announced extensions to certain reporting and disclosure deadlines due by March or April 2020.The MFSA Circular describes the different extensions being granted for each sector.With specific reference to the insurance sector, MFSA announced the following extensions:1. Insurance and Reinsurance UndertakingsFor all supervisory reporting and public disclosure requirements under Solvency II, any extensions would only be entertained in line with direction provided by the European Insurance and Occupation Pensions Authority (EIOPA) to ensure…
MamoTCV Advocates
25th March 2020