Insights

Telecoms, Media & Technology

SEC and CFTC hearing on Blockchain and Distributed Ledger Technology

Earlier this month the United States Committee on Banking, Housing, and Urban Affairs met in open session to conduct a hearing entitled 'Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission'. The United States Security and Exchange Commission (SEC) and The Commodities Futures Trading Commission (CFTC) were present as witnesses to discuss their relative roles with respect to Blockchain, ICOs (Initial Coin Offerings) and virtual currency regulation in general. Prior to the hearing, testimonies from each of the parties were released wherein some light was shed on the overall stance…

Paul Felice26th February 2018

Corporate and M&A

Social Networks: When are you a consumer?

In Case C-498/16 Maximilian Schrems v Facebook Ireland Limited (nyr, 25 January 2018), the Court of Justice of the European Union (CJEU) had to decide when an individual who uses a social network for different purposes qualifies as a consumer.Schrems is a privacy activist, particularly against Facebook. He brought an action before the Austrian courts against Facebook alleging various breaches of privacy laws.The issue arose whether (i) Schrems could be considered a 'consumer'; and (ii) whether he could bring an action on the basis of the Brussels I Regulation on behalf of consumers located in different Member States, who had…

Annalies Muscat23rd February 2018

Telecoms, Media & Technology

Proposed regulatory framework in Malta on Blockchain, Distributed Ledger Technology and Virtual Currencies.

The Parliamentary Secretary for Financial Services, Digital Economy and Innovation has issued a public consultation document on the 17th February 2018 regulating the proposed establishment of an Authority to be known as the Malta Digital Innovation Authority ('MDIA'), which will include the introduction of a regime for the registration of technology service providers and the certification of technology arrangements, with the MDIA focusing primarily on innovative technology arrangements. The consultation document also provides a framework for the certification of Distributed Ledger Technology ('DLT') platforms and related service providers, which will see the promulgation into law of three pieces of legislation, namely:the…

Ian Busuttil21st February 2018

Banking & Finance

EU Commission Notices to Stakeholders

On the 8 February 2018, the EU Commission issued two Notices to Stakeholders in connection with the withdrawal of the United Kingdom from the EU, titled "Withdrawal of the United Kingdom and EU rules in the Field of Banking and Payment Services" and "Withdrawal of the United Kingdom and EU rules in the field of Post-Trade Financial Services" respectively.This Article provides highlights of the Notices to Stakeholders which commence with the Commission's statement that, unless a ratified withdrawal agreement, establishes another date, all EU primary and secondary law will cease to apply to the United Kingdom from 30 March 2019,…

Roberta Peresso20th February 2018

Employment and Industrial Relations

Discrimination and Harassment at the Workplace

Dr. Christine Calleja shall be delivering a three-hour presentation, organised by Society Education, on the topic of discrimination and harassment at work. The seminar will give a general overview of Maltese anti-discrimination laws in the field of employment law which are currently in place. The topics of sexual harassment and equal pay will also be examined, together with various case-law related to this topic. The seminar is to be held on Thursday the 22nd February 2018. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not…

Christine Calleja17th February 2018

Shipping, Yachting and Transport

European Commission gives nod of approval to the Maltese Tonnage Tax Scheme

The European Commission has approved the revised Maltese tonnage tax scheme (exemption) under EU State rules for a period of 10 years, after an investigation and review lasting more than five years. The European Commission had initiated an in-depth investigation and review into the Maltese tonnage tax (exemption) scheme in 2012 to examine whether the scheme was compatible with EU State aid rules. The Commission had concerns that the favourable tax treatment allowed by the EU Guidelines on State aid to maritime transport for the transport of passengers and freight by sea may have been extended to other categories of…

MamoTCV16th February 2018