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Investment Services & Funds

MFSA launches Supplementary Licence Conditions applicable to Professional Investor Funds investing in Virtual Currencies.

After the Malta Financial Services Authority's ("MFSA") consultation process on the Regulation of Collective Investment Schemes Investing in Virtual Currencies and the subsequent feedback statement issued on such matter, the MFSA has published Supplementary Conditions applicable to Professional Investor Funds ('PIFs') investing in Virtual Currencies ('VCs'). Coupled with the recent discussion paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers, it is clear that the MFSA is seeking to create a strong regulatory framework and ensure high levels of investor protection and market integrity in the ever-expanding digital economy. The supplementary license conditions have introduced new requirements targeted…
Luke Mizzi
30th January 2018
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Intellectual Property

A More Poignant New Year than Usual for French Winemakers After CJEU Ruling on “Champagner Sorbet” Case

Whilst champagne corks were popping all over the world this past New Year's, winemakers in the Northeast of France had little cause for celebration in the wake of the CJEU's decision over Aldi Süd's "CHAMPAGNER SORBET" dessert.Champagne has become somewhat of a posterchild for so-called Protected Designations of Origin (PDOs) – one of three regimes available under EU law whereby food producers across Europe so jealously guard their various namesakes.PDOs are sui generis intellectual property rights available to specific agricultural products originating in particular geographical regions. They can have serious implications for unsuspecting food traders all over the EU, including…
Jonathan Tonna
22nd January 2018
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Employment and Industrial Relations

Sexual Harassment and Discrimination at the Forefront of the News

The topic of discrimination and harassment featured prominently in last week's international news. BBC's former China editor, Carrie Grace, resigned from her post claiming pay discrimination based on gender, giving rise to the #IStandWithCarrie solidarity campaign. Meanwhile in Hollywood, during the Golden Globes, actresses wore black to take a stand against sexual harassment following the Harvey Weinstein scandal, in connection with the Time's Up movement. Locally, in an article published by the Times on the 12th January, it results that three out of every four women are sexually harassed at work. What is more shocking is that the blame-the-victim mentality…
Christine Calleja
17th January 2018
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Antitrust, Competition and Trade

Article on margin squeeze published in the European Competition Journal

The article first traces the origins of the principle found in EU competition law that margin squeeze is a stand-alone type of abuse. This principle means that when determining whether an abusive margin squeeze occurred, there is no need to consider whether the retail price charged by the dominant undertaking is predatory, or whether the wholesale price is excessive, or even whether the dominant undertaking has a duty to deal. The article then considers whether the margin squeeze test adopted in EU competition law is sufficient or whether reference to the tests used for predatory pricing, exploitative pricing and/or refusal…
Annalies Muscat
15th January 2018
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Employment and Industrial Relations

Protection of Employment for those on a minimum wage.

In April of last year, mandatory supplements were introduced for those earning the minimum wage, (and for those who earn slightly more than the minimum wage but less than the new minimum wage with the €3 supplement), by means of amendments to the National Minimum Wage National Standard Order (S.L. 452.71). The supplements are to be paid weekly upon completion of the first year of employment and another supplement is to be paid upon completion of the second year of employment. What is interesting to note is proviso (5) to regulation 4 of the Standard Order which effectively limits the…
Christine Calleja
8th January 2018
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Investment Services & Funds

The Malta Financial Services Authority launches a Discussion Paper on Initial Coin Offerings, Virtual Currencies and Related Service Providers

Following the publication of the European Securities and Markets Authority's statements highlighting the risks posed by Initial Coin Offerings ("ICOs") to investors and investment firms, the Malta Financial Services Authority (the "MFSA"), Malta's single regulator for the financial services industry, has issued a highly awaited discussion paper outlining the local regulatory approach to be taken in connection with ICOs, virtual currencies and market participants operating within the sector.The launch of the discussion paper brings Malta one step closer to the implementation of a framework which would lay to rest the regulatory limbo characterising the field to date and in turn…
Luigi Farrugia
4th December 2017