Insights

Investment Services & Funds

Recognised Incorporated Cell Companies

BackgroundBy virtue of the Companies Act (Investment Companies with Variable Share Capital) Regulations, it has been possible, since 2003, to set up a multi-fund company licensed as a collective investment Scheme in Malta. The distinguishing feature of this type of umbrella-structure company is that several sub-funds can be set up within the company, with each sub-fund having its own segregated assets and liabilities. The assets and liabilities of each sub-fund are distinct from the assets and liabilities of the other sub-funds under the same umbrella structure. Furthermore, each sub-fund obtains its own licence as, for instance, a professional investors fund…

Katya Tua21st November 2016

Investment Services & Funds News

Non-Financial Counterparty and Financial Counterparty obligations under EMIR

Each of the following shall be deemed to be Financial Counterparties for the purposes of EMIR: a credit institution, an investment firm, a UCITS, and where relevant, its management company, an AIF managed by AIFM, an insurance, assurance, reinsurance undertaking, or an institution for occupational retirement provision.Non-financial counterparties ("NFCs") are all those counterparties to a derivative contract other than Financial Counterparties, Trade Repositories and Central Counterparties. Until a fund shall remain regulated under the Malta PIF regime, it shall be classified as an NFC (and hence Parts A, B and C below shall apply), however, it is important to note…

Katya Tua21st November 2016

Investment Services & Funds News

Malta: Implications of the Alternative Investment Fund Manager Directive (AIFMD)

1. Background1.1. The deadline for implementation of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers1 ("AIFMD"), by the EU Member States is 22 July 2013. However, there are various transitional provisions and special provisions on the transposition of certain rules in relation to third countries, which make the application of such rules dependent on a positive advice / opinion from ESMA, and a delegated act from the European Commission. For the relevant timeframes, see Annex I.1.2. The AIFMD will concern, essentially:• Fund managers established in the EU managing and / or marketing Alternative Investment Funds ("AIFs"),…

Katya Tua18th November 2016

Real Estate & Construction

The 1979 amendments to Malta’s rent laws held to be in violation of the right to property

The case of Anthony Aquilina v. Malta (Application no. 3851/12) involved proceedings instituted by Mr. Aquilina (hereinafter 'the Applicant') before the European Court of Human Rights, Fifth Section, (hereinafter 'the ECtHR' or 'the Court') wherein he alleged that his rights to property under Article 1 of Protocol No. 1 to the European Convention for the Protection of Human Rights and Fundamental Freedoms (hereinafter 'the Convention') had been infringed by the Maltese State.The Applicant had inherited a maisonette in Gozo following the demise of his mother in 1984. On the 12th January 1960, the property had been registered as a 'decontrolled…

MamoTCV9th November 2016

Banking & Finance

Mamo TCV contributes to Taylor Wessing’s Offshore Security Enforcement Guide

Mamo TCV has contributed to Taylor Wessing's Offshore Security Enforcement Guide, 2016 further cementing its status as to the "go-to" Maltese law firm for several foreign international firms, particularly in the practice areas of banking, corporate finance and security-backed financing. The aim behind this Guide is to offer a handy and easily accessible comparative exercise on a number of key financial jurisdictions (including Malta) with an emphasis on enforcing security. This Guide is intended to serve as an overview and does not purport to replace specialist legal advice and is not intended to act as a substitute for obtaining legal…

Simon Pullicino4th November 2016

Public Procurement and State Aid

New Public Procurement Regulations Issued on the 28th of October 2016

On the 28th of October, 2016, four new legal notices were issued which will significantly change the regime of public procurement law in Malta. The legal notices are meant to transpose into Maltese law the 2014 EU Public Procurement Directives namely:Directive 2014/23 - on the Award of Concession ContractsDirective 2014/24 - on public procurement (repealing Directive 2004/18/EC)Directive 2014/25 - on procurement by entities operating in the water, energy, transport and postal services sectors (repealing Directive 2004/17/EC) - the "Utilities Directive"In line with Directive 2014/23, the Concession Contract Regulations (L.N. 353 of 2016) now specifically regulate the award of works and service…

Joseph Camilleri1st November 2016