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Mamo TCV Advocates - Integration of EU’s MiCAR in Maltese law
FinTech

FinTech Insights #7 –
Integration of EU’s MiCAR in Maltese law

Malta has been a forerunner in regulating digital assets with the introduction of the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta (the “VFA Act”) back in 2018.  Following its approval in 2022 and publication in 2023, Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”) has an 18-month window to become fully enforceable by 30th December 2024. However, MiCAR’s Title III and Title IV on issuing and regulating stablecoins will be applicable from 30th June 2024 according to Article 149 MiCAR.  Rules on crypto-asset service providers in Title V of MiCAR…
Mario Mizzi
26th June 2024
Mamo TCV Advocates: Reporting Obligations on the Flow of Funds by Russian-Owned Entities
Corporate and M&A

Sanctions 8: Reporting Obligations on the Flow of Funds by Russian-Owned Entities

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia. In this eighth article, we shall consider the salient aspects of the guidance provided by the Maltese Sanctions Monitoring Board and European Commission in relation to a recently introduced…
Zachary Galea and Edmond Zammit Laferla
23rd May 2024
Mamo TCV Advocates: The European Parliament has formally endorsed a new AML package. This article provides a brief synopsis of some of the main characteristics of this new legislative package.
Corporate and M&A

European Parliament Formally Endorses New AML Package

As of the 24th April 2024, the European Parliament formally endorsed the upcoming Anti-Money Laundering (‘AML’) Package. This package is anticipated to standardise AML rules across the European Union ('EU'), taking into consideration various potential loopholes which could be utilised by criminals to launder funds. This new package is anticipated to also improve the way national systems within Member States are organised and to promote cooperation between them to tackle money laundering and terrorist financing. This new package will transfer all rules applicable to the private sector to a new Council Regulation (‘AML Regulation’), with the AML Directive (Directive EU…
Zachary Galea
8th May 2024
European Commissions Releases FAQs on Notification and Authorisation of Tanker Sales
Corporate and M&A

Sanctions 7: European Commission Releases FAQs on Notification and Authorisation of Tanker Sales

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia. In this seventh article, we shall consider the salient aspects of the guidance provided by the European Commission from these frequently answered questions. The European Commission has issued a…
Zachary Galea and Edmond Zammit Laferla
10th April 2024
Mamo TCV: To date, Embedded Finance has neither been defined in Maltese nor EU law
FinTech

FinTech Insights #6 –
Embedded Finance in Malta

The concept of embedding a financial service within a non-financial service entails the integration of licensable financial activities into non-financial digital platforms. The embedded services typically encompass payments, lending, investments, and insurance. The financial services are integrated into platforms such as social media and various productivity/lifestyle applications, which would otherwise not be considered as financial products at all. Embedded Finance (commonly abbreviated as “EmFi”) is the term associated with the notion of integrating a regulated financial service within a digital platform that is unregulated for that specific financial service. EmFi raises legal queries relating to compliance, investor protection, and financial…
Mario Mizzi
22nd March 2024
Corporate and M&A

Sanctions 6: SMB Issues Guidance on Sanctions in Relation to Sale of Tanker Vessels

Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions. Through this series of articles, we aim to provide a general overview of the notion of sanctions, consider the local framework through which sanctions function in Malta, illustrate the general obligations which subject persons are required to observe vis-à-vis sanctions and discuss a general overview of the sanctions imposed by the EU against Russia.  In this sixth article, we shall consider the salient aspects on the EU sanctions imposed on Russia in relation to the sale of tanker vessels. On the 18th of…
Edmond Zammit Laferla and Zachary Galea
31st January 2024