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MFSA issues Circular on a proposed Temporary Permission Regime (‘TPR’) for UK Investment Funds, Asset Managers and Investment Firms passporting into Malta in relation to a No-Deal Brexit Scenario Legal Updates

MFSA issues Circular on a proposed Temporary Permission Regime (‘TPR’) for UK Investment Funds, Asset Managers and Investment Firms passporting into Malta in relation to a No-Deal Brexit Scenario

With a no-deal Brexit scenario looming, the Malta Financial Services Authority ('MFSA') has issued a circular which provides a well-needed update to investment funds, investment firms and asset managers licenced in the UK (collectively referred to as "UK entities") passporting into Malta. The intention of the MFSA is to grant temporary permission to UK entities that already passport their services and activities into Malta. Therefore, only existing clients/contracts would be able to benefit from the Temporary Permission Regime (the "TPR"), and such regime will only apply if the UK leaves the European Union without a deal by the relevant date.…
MamoTCV Advocates
29th March 2019
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MFSA & FIAU launch Consultation on Guidance to Credit and Financial Institutions opening accounts for FinTechs Legal Updates

MFSA & FIAU launch Consultation on Guidance to Credit and Financial Institutions opening accounts for FinTechs

The MFSA and the FIAU have jointly issued a consultation document on Guidance for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs. The scope of these Guidelines is to assist institutions in assessing their risks when opening accounts for FinTechs particularly those accepting DLT assets as a means of payment, DLT exchanges, issuers of DLT assets and VFA service providers.Stakeholders are invited to send their feedback by the 30 April 2019.The consultation document may be accessed at:https://www.mfsa.com.mt/fintech/virtual-financial-assets/consultations/  Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or…
MamoTCV Advocates
29th March 2019
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Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act Legal Updates

Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act

In August 2018, the Government of Malta launched a public consultation procedure regarding proposed amendments to the Competition Act (Cap 379 of the laws of Malta), the Consumer Affairs Act (Cap 378 of the laws of Malta), and other related legislation. A draft bill had also been published (you can read about this here.The proposed changes were a reaction to the principles that emerged from the Constitutional Court judgement in Federation of Estate Agents v Direttur Generali (Kompetizzjoni) et of the 3 May 2016 (you can read our article on the judgment here. Following the public consultation process, and the…
MamoTCV Advocates
29th March 2019
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Malta: The Ultimate AI Launchpad Telecoms, Media & Technology

Malta: The Ultimate AI Launchpad

The Malta.AI Taskforce and the Maltese Parliamentary Secretary for Financial Services, Digital Economy and Innovation has invited members of the public, industry and academia to provide feedback on its High-level policy document for public consultation 'Malta: towards an AI Strategy' (the 'Policy Document').The purpose of the Policy Document is to establish Malta as "amongst the top 10 nations with the highest impact national AI programme." The government argues that Malta has the natural and infrastructural qualities to make it "the Ultimate AI launchpad" - Its small population, climate, use of the English language and legislative and regulatory set-up ensure that…
Michael Camilleri
29th March 2019
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Equity Release Scheme Legal Updates

Equity Release Scheme

During a press conference on the 22 March 2019, the Minister for Finance, Edward Scicluna, announced that regulations on equity release financial products have been drafted and will soon be issued.The regulations cover equity release financial products to be provided by credit or financial institutions who are licensed by the MFSA. In a nutshell, the equity release financial product will be aimed at pension-age citizens who can take out a loan which will be repaid from the future sale of the borrower's residence. The voluntary scheme will enable pensioners to make use of the value of their property without the…
MamoTCV Advocates
25th March 2019
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MFSA issues Chapter 3 of the VFA Rulebook on VFA Service Providers Legal Updates

MFSA issues Chapter 3 of the VFA Rulebook on VFA Service Providers

Following the feedback collected from the Consultation Paper issued on the 31st August 2018 regarding the rules applicable to VFA Service Providers, the Malta Financial Services Authority issued the final version of Chapter 3 of the VFA Rulebook on the 25th February 2019. The Rules establish the classes of Licences and the application process in relation thereto, as well as detailing a multitude of implications and obligations of being a VFA Service Provider Licence Holder. The full document can be found at this link: https://www.mfsa.com.mt/wp-content/uploads/2019/03/VFAR_Chapter3_Updated.pdf Disclaimer This document does not purport to give legal, financial or tax advice. Should you…
MamoTCV Advocates
15th March 2019