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Investment Services & Funds

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COVID19 MeasuresInvestment Services & Funds

MFSA Issues Circular on Contingency Planning in Light of COVID-19

As a result of the current crisis in which we find ourselves, due to the COVID-19 pandemic, the Malta Financial Services Authority ("MFSA") issued a notice on 13th March 2020, urging investment firms, custodians, fund managers and collective investment schemes (collectively referred to as "Licence Holders") to take into account how their operations may be affected by this pandemic. In light of this, the MFSA expects Licence Holders to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality, by having appropriate business continuity and contingency plans in place.…
MamoTCV
25th March 2020
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Banking & FinanceCOVID19 MeasuresInsurance & ReinsuranceInvestment Services & FundsLegal Updates

FIAU issues circular extending REQ submission deadline

 The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not…
MamoTCV Advocates
18th March 2020
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Investment Services & Funds

Update on the Maltese Temporary Permission Regime for UK Investment Firms and Fund Managers.

On 24 September 2019 the Government of Malta issued three legal notices with respect to three Regulations, falling under the Investment Services Act, which are to be amended in order to cater for the event of a no-deal Brexit. This comes following a circular which was issued by the MFSA on 28 March 2019 that introduced the possibility of granting temporary permission to UK entities 1 already passporting into Malta. The three Regulations to be amended include the:i. European Passport Rights for Investment Firms Regulations;ii. Investment Services Act (UCITS Management Company Passport) Regulations; andiii. Investment Services Act (Alternative Investment Fund Manager)…
MamoTCV
30th September 2019
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Investment Services & Funds

The Companies Act (Register of Beneficial Owners) Regulations and Recent Amendments

The Companies Act (Register of Beneficial Owners) Regulations (the "Regulations") introduced the obligation on all companies constituted under the Companies Act, to submit to the Registrar a declaration containing information on all the beneficial owners of the company. This information submitted to the Registrar is used to compile an electronic register of all the beneficial owners of Maltese companies. The Regulations exempt certain entities from the obligations established by the Regulations. Exempted entities are companies listed on a regulated market which are subject to disclosure requirements consistent with EU law, or any equivalent international standards which ensure adequate transparency. Moreover,…
Anna Grech
13th August 2019
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Investment Services & Funds

Precautionary Measures Adopted by ESMA and Other EU Securities Regulators in the Case of a No-Deal Brexit Scenario

On the 29th of March 2019 the UK will leave the European Union ('EU') in what is an unprecedented event in modern European history.  As a result of this decision, Europe's biggest capital market will move outside of the EU, raising a number of regulatory challenges across a number of areas, specifically in the sphere of data reporting and clearing and settlement. Therefore, with the prospect of a no-deal Brexit scenario looming, the European Securities and Markets Authority ('ESMA') and other EU securities regulators have adopted a number of precautionary measures which will serve to overcome the arising challenges and…
MamoTCV
8th March 2019
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Corporate and M&AInvestment Services & Funds

Analysing the major amendments to be brought about by The Fifth Anti-Money Laundering Directive

This article was written by Luke Mizzi and Tessa Borg Bartolo As Europe was still digesting and implementing the provisions of the Fourth Anti-Money Laundering Directive in 2016, a fresh proposal was drawn up by the European Commission for a new legislative initiative to cater for recent economic and political developments throughout the globe which demonstrated crucial loopholes in existing Anti-money laundering legislation. Of particular concern to legislators was the growth and evolution of terrorist financing as well as revelations such as Swiss leaks and the Panama Papers which shed light on a number of key deficiencies in the global…
Luke Mizzi
28th August 2018