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Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act Legal Updates

Parliament Tables Bill Amending the Competition Act and Consumer Affairs Act

In August 2018, the Government of Malta launched a public consultation procedure regarding proposed amendments to the Competition Act (Cap 379 of the laws of Malta), the Consumer Affairs Act (Cap 378 of the laws of Malta), and other related legislation. A draft bill had also been published (you can read about this here.The proposed changes were a reaction to the principles that emerged from the Constitutional Court judgement in Federation of Estate Agents v Direttur Generali (Kompetizzjoni) et of the 3 May 2016 (you can read our article on the judgment here. Following the public consultation process, and the…
MamoTCV Advocates
29th March 2019
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Malta: The Ultimate AI Launchpad Telecoms, Media & Technology

Malta: The Ultimate AI Launchpad

The Malta.AI Taskforce and the Maltese Parliamentary Secretary for Financial Services, Digital Economy and Innovation has invited members of the public, industry and academia to provide feedback on its High-level policy document for public consultation 'Malta: towards an AI Strategy' (the 'Policy Document').The purpose of the Policy Document is to establish Malta as "amongst the top 10 nations with the highest impact national AI programme." The government argues that Malta has the natural and infrastructural qualities to make it "the Ultimate AI launchpad" - Its small population, climate, use of the English language and legislative and regulatory set-up ensure that…
Michael Camilleri
29th March 2019
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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