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Legal Update 2020

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COVID19 MeasuresLegal Updates

MFSA Extends Regulatory Reporting Deadlines for Investment Firms, Funds and Managers

In light of the current pandemic in which we find ourselves, the MFSA has announced that it will be extending the deadlines for submission of regulatory reporting for investment firms, investment funds and fund managers which fall due by March or April 2020. However, with regard to those submissions which fall due by May or June 2020, the MFSA is reluctant to grant extensions for the time-being.1. Investment FirmsCategory 1-4 (excluding credit institutions) - Annual Report, Audited Financial Statements, COREP Return, and Management Letter, Circularisation Exercise ReportDeadlines for submissions due by March or April 2020 shall be extended by two months…
MamoTCV Advocates
27th March 2020
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COVID19 MeasuresLegal Updates

Office for Consumer Affairs Accepting Online Complaint Forms

The Office for Consumer Affairs is now accepting online complaint forms. Consumers that wish to file a complaint against any undertaking for the breach of their rights under consumer law may do so by submitting the complaint form, either in English or in Maltese, provided on the MCCAA's website. This relieves consumers from having to physically submit complaint forms at the Office for Consumer Affairs, particularly in the wake of the recent COVID-19 outbreak. Anyone wanting to make use of the online consumers' complaint form can do so by following the link provided for here. Disclaimer This document does not…
MamoTCV Advocates
23rd March 2020
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COVID19 MeasuresLegal Updates

ESMA Publishes Notice Recommending Particular Action by Financial Market Participants for COVID-19 Impact

In light of the COVID-19 pandemic, the European Securities and Markets Authority ("ESMA") issued a notice on 13th March 2020, urging financial market participants to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality.ESMA together with National Competent Authorities ("NCAs"), including the Malta Financial Services Authority ("MFSA"), have been closely monitoring the impact which this pandemic has had on the financial markets within the European Union ("EU"). The recommendations put forward by ESMA are in relation to the following areas: i.Business Continuity Planning ii.Market Disclosure iii.Financial Reporting iv.Fund…
MamoTCV Advocates
23rd March 2020
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COVID19 MeasuresLitigation & Dispute Resolution

European Court of Human Rights is Taking Exceptional Measures

 The Registrar of the Court has issued a press release dated 16 March 2020 announcing exceptional measures that the Court has put in place. The Press Release states:"The European Court of Human Rights is taking a number of exceptional measures to respond to the unprecedented global health crisis, having regard to the recent decisions of the French authorities and the Council of Europe. The Court's essential activities will in principle be maintained and especially the handling of priority cases. For that purpose, teleworking has been put in place within the Court as a general rule, to ensure the continuity of…
MamoTCV Advocates
23rd March 2020
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Banking & FinanceCOVID19 MeasuresInsurance & ReinsuranceInvestment Services & FundsLegal Updates

FIAU issues circular extending REQ submission deadline

 The Financial Intelligence Analysis Unit (FIAU) has on the 16 March 2020 issued a circular informing all subject persons that the deadline for submission of the REQ has been extended. The current deadline for submission is the 4 May 2020. The late penalty submission penalty fee has also been suspended for REQs submitted by COB 4 May 2020. Additional information including an update on COVID-19 business continuity measures adopted by the FIAU can be accessed here. Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not…
MamoTCV Advocates
18th March 2020
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COVID19 MeasuresLegal UpdatesNews

COVID-19 Update: Extension of Legal Times

Due to the COVID-19 outbreak, the Superintendent of Public Health has issued Legal Notice 75 of 2020 entitled 'Suspension of Legal Times relating to Promise of Sale Agreements, Notarial and other related matters (Epidemics and Infectious Diseases) Order, 2020' on 17 March 2020.The Superintendent of Public Health has ordered the closure of all courts. Through this Legal Notice, the Superintendent of Public Health has also suspended the running of all the legal terms imposed on notaries public by law with regard to the registering of any deed, will, act or private writing, or any period within which notaries public have…
MamoTCV Advocates
18th March 2020