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Brexit Blow: Setback for the UK in its Efforts to Join the Lugano Convention. Corporate and M&A

Brexit Blow: Setback for the UK in its Efforts to Join the Lugano Convention.

The European Commission ("Commission") representing the European Union ("EU") has presented the Swiss Federal Council in its capacity as the Depository of the 2007 Lugano Convention ("Convention") with a Note Verbale regarding the United Kingdom's application to accede to the Convention, submitted on 8 April, 2020. Accession to the Convention would only be possible if the United Kingdom ("UK") were to secure the approval of all existing Convention members, being the EU, Iceland, Denmark, Norway and Switzerland. Iceland and Switzerland have already given their formal approval, with Norway also indicating it is in favour of UK membership. In a setback…
Simon Pullicino
3rd August 2021
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The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts Banking & Finance

The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts

This article was written by​ Dr Michael Psaila and Mr Neeraj Bharwani.Directive No 19 on the Use of Cheques and Bank Drafts ('the Directive') was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts ('paper-based instruments') drawn on Maltese banks and financial institutions. Furthermore, institutions which exercise their passporting rights to provide their services in Malta, post office giro payment institutions and the Central Bank of Malta ('Bank') when acting as a payment service provider, and any natural or legal person making use of…
Michael Psaila
21st July 2021
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Proposed Amendments to Companies Act may require Amendments to all current Memorandums and Articles of Associations Corporate and M&A

Proposed Amendments to Companies Act may require Amendments to all current Memorandums and Articles of Associations

Bill No. 233 of 2021 proposes a number of amendments to the Companies Act, Chapter 386 of the Laws of Malta. These amendments relate to the qualifications required for a person to be a director of a company, the registration of electronic addresses and the obligation of every company to have a register of officers' and shareholders' residential addresses.One of these amendments falls under Article 69 of Chapter 386, which reflects the contents which are to be established within the memorandum of association of a company. Currently, Article 69(1)(d) of the Companies Act provides that the memorandum of association is…
Zachary Galea
16th July 2021
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MFSA Reminder: Existing CSPs to Comply with new Rules by September Corporate and M&A

MFSA Reminder: Existing CSPs to Comply with new Rules by September

This article was written by Dr Simon Pullicino, Dr Petra Attard, and Dr Laura SpiteriThe Malta Financial Services Authority ('MFSA') has issued a circular directed at authorised company service providers ('CSPs') that were registered to provide CSP services prior to the entry into force of the new CSP rules. CSPs that offered CSP services on the date of entry of the new rules – 16 March 2021 – could only continue to offer such services if they applied for authorisation with the MFSA by the 16 May 2021. This application for authorisation resulted in the MFSA classifying company service providers…
Simon Pullicino
8th July 2021
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Unfair Trading Practices Regulations in the Food Industry now in Force Legal Updates

Unfair Trading Practices Regulations in the Food Industry now in Force

On 18 June 2021, the Unfair Trading Practices in the Food Supply Chain Regulations (Legal Notice 266 of 2021 and hereinafter the 'UTP Regulations'), transposing Directive 2019/633 of the European Parliament and of the Council of 17 April 2019 on unfair trading practices in business-to-business relationships in the agricultural and food supply chain, came into force.The UTP Regulations aim to combat practices that deviate from commercial conduct that is contrary to good faith and fair dealing and which are unilaterally imposed by one trading party onto another. They list several unfair trading practices that are prohibited in relations between buyers…
MamoTCV Advocates
6th July 2021
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Data Transfers to the UK to Fall Under ‘White-Listing’ Regime Legal Updates

Data Transfers to the UK to Fall Under ‘White-Listing’ Regime

On 28th June 2021, the EU Commission published its adequacy decision concerning the United Kingdom. Consequently, any transfers of personal data from the EU/EEA to the UK will henceforth be considered as if they were intra-EU transfers. The EU Commission periodically issues such adequacy decisions with respect to third countries around the world after assessing such countries' data protection legislation and determining that it is of an equal standard to that of the GDPR.The UK's adequacy decision was issued in an expedited manner since the UK officially exited the EU/EEA on 1st January 2021. A temporary six-month transitionary period for…
MamoTCV Advocates
30th June 2021