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Legal Update

The European Data Protection Board has issued its Opinion on the European Commission’s Draft Adequacy Decision which constitutes a new framework for transatlantic transfers of personal data.
Data Protection and PrivacyLegal Update

The EDPB Issues Opinion on the New EU-U.S. Data Privacy Framework

On the 28th of February 2023, the European Data Protection Board (hereinafter referred to as the “EDPB”) issued its Opinion on the European Commission’s draft adequacy decision regarding the EU-U.S. Data Privacy Framework. Whilst acknowledging the significant improvements made to the Data Privacy Framework such as the improved new redress mechanism under the Executive Order on Enhancing Safeguards for United States Signals Intelligence Activities, the EDPB’s opinion also highlighted some issues of concern which had previously been raised so as to ensure that the new adequacy decision will be long-lasting. The principal issues of concern specifically relate to the data…
Mamo TCV Advocates
3rd March 2023
Corporate and M&ALegal Update

Corporate Legal Update for the Month of February 2023

Over the month of February 2023, a number of Legal Notices have been published within the area of company law. A batch of Legal Notices enumerated L.N. 25 of 2023, L.N. 26 of 2023, L.N. 27 of 2023 and L.N. 28 of 2023 were published on the 7th of February regulating cross-border mergers, divisions and conversions of limited liability companies, respectively. On the 21st of February, L.N. 41 of 2023 was published which repealed the Companies Act (Public Companies – Annual General Meetings) Regulations; a set of regulations published in the context of the Covid-19 pandemic with the aim to…
Mamo TCV Advocates
3rd March 2023
Title [Capitalize the first letter of all words in the title - except short ones like ‘a’, ‘of’ etc.] [Please keep News Update Titles as short as possible} MFSA publishes Consultation Document on Proposed Amendments to the Insurance Business Act and Insurance Distribution Act
Insurance & ReinsuranceLegal Update

Proposed Amendments to the IBA and IDA set out by MFSA in Consultation Document

The MFSA published a Consultation Document on proposed amendments to the Insurance Business Act (hereinafter referred to as the “IBA”) and the Insurance Distribution Act (hereinafter referred to as the “IDA”) on the 22nd of February. The MFSA also made available the draft legislation, as well as a podcast laying down the proposed amendments. The amendments which have been put forward are geared towards allowing insurance undertakings authorised under the IBA, enrolled persons and companies under the IDA forming part of a group of companies, as well as Maltese branches or subsidiaries of multinational groups, to share confidential client information…
Mamo TCV Advocates
24th February 2023
MFSA Issues Circular on Proposed Changes to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations
Insurance & ReinsuranceLegal Update

The MFSA has proposed amendments to the Insurance Distribution Rules

The MFSA commenced a consultation process on its proposed amendments to the Insurance Distribution Rules (hereinafter referred to as the “IDR”). The consultation process began on the 26th of January 2023 and closes on the 8th of March 2023. The following amendments are being proposed: Chapter 1 in relation to Professional Indemnity requirements; Chapter 2, together with a proposed new draft Annex to Chapter 2 and draft Schedules 4 – 8 of Chapter 2 in relation to: (i) the pre-requisite qualifications when submitting an application for registration of individuals in the Agents Register, Managers Register or Brokers Register, (ii) the…
Mamo TCV Advocates
8th February 2023
MFSA Issues Circular on Proposed Changes to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations
Insurance & ReinsuranceLegal Update

MFSA Issues Circular on Proposed Changes to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations

The MFSA issued a Circular on the 22nd of December 2022 in which it proposed amendments to the Companies Act (Cell Companies carrying on business of Insurance) Regulations, Subsidiary Legislation 386.10 (“the PCC Regulations”). The PCC Regulations provide for the creation and regulation of cell companies. Currently, regulation 15 of the PCC Regulations provides that where a cell exclusively carries on business of affiliated re/insurance, the cell company may, by written agreement, provide that only the cellular assets of that cell may be utilized to satisfy the cellular liability of that cell. Hence, regulation 15 allows for the limitation of…
Mamo TCV Advocates
19th January 2023
The Pre-Insolvency Act, Insolvency Practitioners Act and Commercial Code (Amendment) Act have entered into Maltese Law Three new Acts regulating Insolvency Law have entered into Maltese Law
Corporate and M&ALegal Update

The Pre-Insolvency Act, Insolvency Practitioners Act and Commercial Code (Amendment) Act have entered into Maltese Law

The Insolvency Practitioners Act, the Pre-Insolvency Act and the Commercial Code (Amendment) Act were passed by the House of Representatives on the 14th of December 2022 and were assented to by the President on the 23rd of December 2022. For more information, please see our articles on the Proposed Pre-Insolvency Bill, on the Proposed Insolvency Practitioners Bill and on the three proposed Insolvency Bills, collectively. Disclaimer: This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact info@mamotcv.com
Mamo TCV Advocates
29th December 2022