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All Foundations and Associations to Submit Beneficial Ownership Information by 30th June 2019 Trusts, Foundations and Wealth Management

All Foundations and Associations to Submit Beneficial Ownership Information by 30th June 2019

This article was written by Dr Joshua Chircop and Dr Dorita Cardona.The Registrar for Legal Persons has announced that all foundations and associations are required to submit information on their beneficial ownership by the 30th June, 2019. This announcement follows another recent announcement by the Commissioner for Voluntary Organisations requiring all foundations and associations in Malta which qualify as voluntary organisations to enrol or notify the Commissioner by the 30th June 2019.  Foundations and Associations are required to comply with the Civil Code (Second Schedule) (Register of Beneficial Owners – Foundations) Regulations and the Civil Code (Second Schedule) (Register of…
Joshua Chircop
27th June 2019
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MFSA and FIAU issue Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs. Legal Updates

MFSA and FIAU issue Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs.

The Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs has been jointly published by the Malta Financial Services Authority and the Financial Intelligence Analysis Unit, following a public consultation issued on the 27th March 2019. The Guidance Document aims to assist the Institutions in developing a better understanding of the risks concerning customers of the Fintech realm, to allow these Institutions to offer their services to such customers while ensuring full compliance to the Prevention of Money Laundering and Funding of Terrorism Regulations. The full document can be found here.Disclaimer This document does…
MamoTCV Advocates
20th June 2019
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Mamo TCV Delivers seminar on Voluntary Organisations and Foundations at Society Education Event Legal Updates

Mamo TCV Delivers seminar on Voluntary Organisations and Foundations at Society Education Event

On the invitation of Society Education, on 13th June, 2019 Mamo TCV Advocates delivered a seminar regarding recent amendments to the laws regulating voluntary organisations and foundations. On behalf of Mamo TCV Advocates, Dr Dorita Cardona and Dr Joshua Chircop delivered their three-hour presentation titled: 'Amendments to Voluntary Organisations and Foundations'.The presentation was split into two parts, with the first examining certain key amendments to the Voluntary Organisations Act, including major definitions, the rules on non-profit making, mandatory enrolment, the application to enrol, suspension and cancellation orders, money laundering, and permissible trading activities. The second part explored the amendments brought…
MamoTCV Advocates
20th June 2019
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Extensive Amendments to Maltese Competition and Consumer Law Legal Updates

Extensive Amendments to Maltese Competition and Consumer Law

The Competition Act and Consumer Affairs Act and other Laws (Amendment) Act was enacted on 31 May 2019.This Act extensively amends the Competition Act, the Consumer Affairs Act and other related legislation.It comes in the wake of theAugust 2018 public consultation procedure launched by the Government of Malta (see here) and a reworked draft bill (see here), all intended to ensure that the procedure adopted by the relevant administrative authorities in competition and consumer cases comply with the right to a fair hearing enshrined in the Constitution of Malta, and confirmed in the cases ofFederation of Estate Agents v Direttur Generali…
MamoTCV Advocates
5th June 2019
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Mamo TCV Charity Quiz Night News

Mamo TCV Charity Quiz Night

Yesterday's annual Mamo TCV Quiz Night was a much awaited event at the firm. Quiz Master Andrew Muscat kicked off the proceedings, assisted by Nick Valenzia. Questions ranged from knowledge of ECHR and CJEU case law to identifying office pet owners from a picture of their pet. All teams fought harshly to win the much-coveted trophy, with points being close to a tie during the night. Finally Frank Testa's team prevailed amidst much celebration from this team. The sum of €2,600 was collected during the night with proceedings going to Id-Dar tal-Providenza in Siggiewi.  
MamoTCV Advocates
31st May 2019
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Malta’s Proposition to the Insurance Sector Insurance & Reinsurance

Malta’s Proposition to the Insurance Sector

​One may well ask, with so much competition, what can Malta offer which distinguishes it from other jurisdictions?During the past years, Malta's economy has flourished into one of the most dynamic economies within the European Union (EU). It has recorded positive and strong economic performance.European Commission Spring 2019 Economic Forecast for Malta estimates real GDP growth for 2018 at 6.6% and unemployment rate at 4%.This robust performance has contributed to Malta being re-affirmed with high credit ratings from rating agencies such as Standard and Poor's, and Fitch and Moody's.In the financial services sphere, Malta has been making a name for…
Romina Bonnici
29th May 2019