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EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. Insurance & Reinsurance

EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.

On the 31st October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued the responses provided by the competent authorities of each individual member state in relation to the 'Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union' which EIOPA had published on the 19th February 2019 ("the EIOPA Recommendations"). In its response to EIOPA Recommendations, the Maltese financial services regulator, the Malta Financial Services Authority (MFSA), has indicated that it complies or will comply with the recommendations included in the EIOPA Recommendations.In particular, in its response, MFSA indicated that a communication…
Romina Bonnici
27th November 2019
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Private Residential Leases Act 2019 Real Estate & Construction

Private Residential Leases Act 2019

Overview and scopeThe Private Residential Leases Act has been enacted by virtue of Act No. XXVIII of 2019, hereinafter referred to as "the Act". The object of this Act is to promote the development of the private rented sector by ensuring standards of fairness, clarity and predictability in contractual relations between lessors and lessees, and to safeguard and protect the right to adequate accommodation.ApplicationThe Act shall apply to private residential leases that are entered into or renewed after the entry into force of the Act. This rests on the proviso that leases which were granted after 1st June 1995 and…
Veronica Grixti
20th November 2019
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The Single-Use Plastics Products Strategy for Malta 2020-2030 Planning & Environment

The Single-Use Plastics Products Strategy for Malta 2020-2030

This article was written by​ Dr Annalies Muscat and Dr Laura Spiteri.​The Maltese Government issued the Single-Use Plastic Products Strategy for Malta 2020-2030 (the 'Strategy') in May 2019, just before the Directive 2019/904 of the European Parliament and of the Council of 5 June 2019 on the reduction of the impact of certain plastic products on the environment (the 'Directive') was brought into force. The Strategy's stated aim is to aid Malta's move towards a more circular economy in the light of the work carried out by the European Commission towards this end. It highlights measures to be taken to eliminate…
Annalies Muscat
28th October 2019
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Malta Budget 2020 News

Malta Budget 2020

Below are the salient points of the Malta Budget for the year 2020, which was presented to the House of Representatives by the Hon. Prof. Edward Scicluna, Minister of Finance, on 14 October 2019. For a review of the salient points of the Malta budget for the year 2019, please click here.To view and download the report, please click here.Economic Performance Malta registered a surplus – A surplus of 1.4% is forecasted for 2020 and GDP is projected to grow by 4.3%. Government debt has been reduced to 43% of GDP in 2019 and is expected to be further reduced…
MamoTCV Advocates
15th October 2019
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All Foundations and Associations to Submit Beneficial Ownership Information by 30th June 2019 Trusts, Foundations and Wealth Management

All Foundations and Associations to Submit Beneficial Ownership Information by 30th June 2019

This article was written by Dr Joshua Chircop and Dr Dorita Cardona.The Registrar for Legal Persons has announced that all foundations and associations are required to submit information on their beneficial ownership by the 30th June, 2019. This announcement follows another recent announcement by the Commissioner for Voluntary Organisations requiring all foundations and associations in Malta which qualify as voluntary organisations to enrol or notify the Commissioner by the 30th June 2019.  Foundations and Associations are required to comply with the Civil Code (Second Schedule) (Register of Beneficial Owners – Foundations) Regulations and the Civil Code (Second Schedule) (Register of…
Joshua Chircop
27th June 2019
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Mandatory Enrolment or Listing of all Voluntary Organisations in Malta Trusts, Foundations and Wealth Management

Mandatory Enrolment or Listing of all Voluntary Organisations in Malta

This article was written by Dorita Cardona and Joshua ChircopRecent amendments to the Voluntary Organisations Act in Malta have introduced new provisions requiring foundations, trusts, associations and other organisations which qualify as Voluntary Organisations to mandatorily enrol or enlist as Voluntary Organisations with the Commissioner for Voluntary Organisations.The Commissioner has announced that all Voluntary Organisations are required to bring themselves in line with the Act by the 30th June 2019.The Administrators of Voluntary Organisations who fail to enrol or enlist by the deadline shall be guilty of an offence and shall be liable on conviction to a fine of not…
Dorita Cardona
22nd May 2019