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Legal Update 2019

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Legal Updates

Maltese Lands Authority Fined €5,000 by the IDPC for Personal Data Breach

On February 18 2019, the Maltese Information and Data Protection Commissioner ('IDPC') issued his decision to the Lands Authority ('the Authority') following the investigation by the IDPC of the data breach which was brought to the IDPC's attention by the local press on 23rd November 2018. In the said journalistic piece, it was alleged that the Authority's website contained a serious flaw allowing significant amounts of personal data to be made available to the general public (via search engines). Over the course of his investigation, the Commissioner noted that the Authority's online portal indeed lacked the necessary technical and organisational…
MamoTCV Advocates
21st February 2019
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Legal Updates

EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the EU without a withdrawal agreement.

On the 19 February, the European Insurance and Occupational Pensions Authority (EIOPA) issued Recommendations addressed to the National Competent Authorities (NCAs) providing guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the EU after the withdrawal of the UK from the EU without a withdrawal agreement. The Recommendations will apply as of the date following that on which the European Union's acquis ceases to apply to and in the United Kingdom.In principle, insurance contracts concluded before that date by UK insurance undertakings in the EU27 are valid after that date. However, the insurance…
MamoTCV Advocates
21st February 2019
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Legal Updates

Prospectus and Transparency Rules in Case of No-Deal Brexit

On the 31 January 2019, the European Securities and Markets Authority (ESMA) issued three Q&As regarding the Prospectus Directive (PD) and the Transparency Directive (TD).The purpose of the Q&As is to promote common supervisory approaches and practices in the application of the PD and the TD in case of a no-deal Brexit. The Q&As provide the following clarifications in the event of a no-deal Brexit: 1.When issuers of equity securities and non-equity securities below 1,000 EUR who currently have the UK as their PD home Member State choose a new home Member State, they should choose between the EU27 Member…
MamoTCV Advocates
12th February 2019
News_BrexitFlag2.png
Legal Updates

Prospectus and Transparency Rules in Case of No-Deal Brexit

On the 31 January 2019, the European Securities and Markets Authority (ESMA) issued three Q&As regarding the Prospectus Directive (PD) and the Transparency Directive (TD).The purpose of the Q&As is to promote common supervisory approaches and practices in the application of the PD and the TD in case of a no-deal Brexit. The Q&As provide the following clarifications in the event of a no-deal Brexit: 1.When issuers of equity securities and non-equity securities below 1,000 EUR who currently have the UK as their PD home Member State choose a new home Member State, they should choose between the EU27 Member…
MamoTCV Advocates
12th February 2019
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Legal Updates

News Update: MFSA Announces Establishment of Online Trusts UBO Register

Following the transposition of the Fourth Anti-Money Laundering Directive (Directive 2015/849/EU) in Malta, the Malta Financial Services Authority (MFSA) established an ultimate beneficial owner (UBO) register for companies, trusts and other organisations.In this regard, the MFSA has announced that it has developed an online platform for the Trusts Ultimate Beneficial Ownership Register (the Register) which facilitates the electronic submission of beneficial ownership information of trusts, as well as providing online access of this information to entitled parties. Various national competent authorities, such as the Financial Intelligence Analysis Unit (FIAU), national tax authorities, the Police, the Asset Recovery Bureau, the Comptroller…
MamoTCV Advocates
16th January 2019
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Legal Updates

News Update: MFSA Announces Establishment of Online Trusts UBO Register

Following the transposition of the Fourth Anti-Money Laundering Directive (Directive 2015/849/EU) in Malta, the Malta Financial Services Authority (MFSA) established an ultimate beneficial owner (UBO) register for companies, trusts and other organisations.In this regard, the MFSA has announced that it has developed an online platform for the Trusts Ultimate Beneficial Ownership Register (the Register) which facilitates the electronic submission of beneficial ownership information of trusts, as well as providing online access of this information to entitled parties. Various national competent authorities, such as the Financial Intelligence Analysis Unit (FIAU), national tax authorities, the Police, the Asset Recovery Bureau, the Comptroller…
MamoTCV Advocates
16th January 2019