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Equity Release Scheme Legal Updates

Equity Release Scheme

During a press conference on the 22 March 2019, the Minister for Finance, Edward Scicluna, announced that regulations on equity release financial products have been drafted and will soon be issued.The regulations cover equity release financial products to be provided by credit or financial institutions who are licensed by the MFSA. In a nutshell, the equity release financial product will be aimed at pension-age citizens who can take out a loan which will be repaid from the future sale of the borrower's residence. The voluntary scheme will enable pensioners to make use of the value of their property without the…
MamoTCV Advocates
25th March 2019
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MFSA issues Chapter 3 of the VFA Rulebook on VFA Service Providers Legal Updates

MFSA issues Chapter 3 of the VFA Rulebook on VFA Service Providers

Following the feedback collected from the Consultation Paper issued on the 31st August 2018 regarding the rules applicable to VFA Service Providers, the Malta Financial Services Authority issued the final version of Chapter 3 of the VFA Rulebook on the 25th February 2019. The Rules establish the classes of Licences and the application process in relation thereto, as well as detailing a multitude of implications and obligations of being a VFA Service Provider Licence Holder. The full document can be found at this link: https://www.mfsa.com.mt/wp-content/uploads/2019/03/VFAR_Chapter3_Updated.pdf Disclaimer This document does not purport to give legal, financial or tax advice. Should you…
MamoTCV Advocates
15th March 2019
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Re-Domiciliation of Foundations to Malta Trusts, Foundations and Wealth Management

Re-Domiciliation of Foundations to Malta

​This article was written by Dr Dorita Cardona and Dr Joshua Chircop.​Maltese law allows for the continuation of foreign foundations and associations in Malta. This was introduced by the Voluntary Organisations (Amendment) Act, 2018, by virtue of Act No. XXXVI of 2018, which made a number of changes to the Second Schedule of the Civil Code, being the law that regulates organisations in Malta (the 'Second Schedule'). An organisation is defined as a universality of persons who associate, or a universality of things which are appropriated to achieve a lawful purpose having a form recognised by law, and which is…
Dorita Cardona
14th March 2019
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Extension of Consultation Period Legal Updates

Extension of Consultation Period

The MFSA has notified industry participants and interested parties that the Consultation period for the Guidance on Cybersecurity, issued on the 8 February 2019, has been extended to Monday 25 March 2019. The Note may be accessed via the following link:https://www.mfsa.com.mt/wp-content/uploads/2019/03/20190311_CSGCD_Extention_FINAL.pdf Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact info@mamotcv.com 
MamoTCV Advocates
14th March 2019
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Mamo TCV participates at the KSU Careers Expo 2019 News

Mamo TCV participates at the KSU Careers Expo 2019

Mamo TCV Advocates participated for the second consecutive year in the Kunsill Studenti Universitarji (KSU) Careers Expo which was held at the University of Malta between the 5th and 7th March. Lawyers from the Firm met with students at the Firm's stand where they answered questions in relation to the Firm's 2019 student internship program, as well as questions on their prospective careers and life at the Firm in general. Lawyers from Mamo TCV also took part in the Live Interview sessions organised for the first time this year by KSU where students were given the opportunity to ask a…
MamoTCV Advocates
13th March 2019
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Precautionary Measures Adopted by ESMA and Other EU Securities Regulators in the Case of a No-Deal Brexit Scenario Investment Services & Funds

Precautionary Measures Adopted by ESMA and Other EU Securities Regulators in the Case of a No-Deal Brexit Scenario

On the 29th of March 2019 the UK will leave the European Union ('EU') in what is an unprecedented event in modern European history.  As a result of this decision, Europe's biggest capital market will move outside of the EU, raising a number of regulatory challenges across a number of areas, specifically in the sphere of data reporting and clearing and settlement. Therefore, with the prospect of a no-deal Brexit scenario looming, the European Securities and Markets Authority ('ESMA') and other EU securities regulators have adopted a number of precautionary measures which will serve to overcome the arising challenges and…
MamoTCV
8th March 2019