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Legal Updates

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

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 Updates

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
Mamo TCV Industrial Tribunal on Dismissal During Notice Period
Corporate and M&ALegal Updates

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
Documents still need to be submitted to the MFSA, but digital signatures can replace wet-ink signatures.
Investment Services & FundsLegal Updates

MFSA Issues Circular on Qualified Electronic Signatures

In a circular dated the 15th of November 2022, the Malta Financial Services Authority (“MFSA”) confirmed that electronic signatures which are done with a ‘qualified electronic signature’ shall be accepted by the MFSA. The MFSA made reference to Article 25(2) of Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23rd July 2014 on electronic identification and trust services for electronic transactions in the internal market (“eIDAS”)  which stipulates that digital signatures are only valid in the European Union if they are done with a provider which has been recognised by at least one EU Member…
Mamo TCV Advocates
30th November 2022
EU Legislation
Data Protection and PrivacyLegal Updates

Deadline for Third Country Personal Data Transfers: EU Standard Contractual Clauses

On 27th June 2021, the European Commission unveiled the new set of EU Standard Contractual Causes (‘SCCs’) that are to be used in instances when personal data are to be transferred from the EU/EEA to a third country. These new SCCs replaced an older version and are now required in those instances where the old SCCs were being relied on, as opposed to other derogations that may be applicable, for any contract involving transfers of personal data to third countries, signed after the 27th September 2021. Meanwhile a transitory ‘grace’ period was granted to any contracts which already incorporated the…
Mamo TCV Advocates
31st October 2022
New Insolvency Bills Proposed in Parliament
Corporate and M&ALegal Updates

New Insolvency Bills Proposed in Parliament

Three bills are being read in Parliament proposing new insolvency-related legislation and amendments: The Pre-Insolvency Bill; The Insolvency Practitioners Bill; and The Commercial Code (Amendment) Bill. The Pre-Insolvency Bill is being proposed to partially transpose EU Directive 2019/1023 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, which amends Directive 2017/1132. This proposed legislation provides for an updated legal framework in which emphasis is placed on early warning signs of insolvency and restructuring procedures directed at avoiding insolvency, as opposed to legislation regulating…
Mamo TCV Advocates
25th October 2022