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On 14th March, the MFSA published “A Guidance for Money Laundering Reporting Officers in the Financial Services Sector”, to be read in conjunction with previous guidelines issued in relation to the MLRO function.
Corporate and M&ARegulatory Compliance

MFSA publishes a Guidance for MLROs in the Financial Services Sector

The Malta Financial Services Authority (the “MFSA”) has published a guidance note entitled: “A Guidance for Money Laundering Reporting Officers in the Financial Services Sector” (the “Guidance”) which considers the functions of the Money Laundering Reporting Officer (the “MLRO”). The MFSA stipulates that this Guidance is to be referred to whenever licence holders establish, implement, and sustain their Financial Crime Compliance Framework. This Guidance is intended to be applied in relation to the function of the MLRO even where the responsibilities for AML/CFT compliance management are vested with another official (to the extent applicable). Applicability of the Guidance The Guidance…
Legal UpdatesRegulatory Compliance

MFSA Publishes New Publication Policy, Alongside Feedback Statement

On the 1st of December 2022, the MFSA published a Consultation Document on the New Publication Policy regarding Administrative Measures and Penalties thereby commencing a consultation period which closed on the 15th of January 2023. A subsequent Feedback Document containing the new Publication Policy was issued on the 16th of June 2023 (hereinafter referred to as the ‘Publication Policy’), following feedback received from the market. The Policy is applicable as of the 1st of June 2023 to all administrative measures imposed by the MFSA. By way of background, the Malta Financial Services Act (hereinafter referred to as the ‘MFSA Act’)…
Mamo TCV Advocates
13th July 2023
Corporate and M&ALegal Updates

Corporate Legal Update for the Months of April and May 2023

On the 21st of April, Bill number 53 entitled the Arbiter for Financial Services (Amendment) Act (Chapter 555 of the Laws of Malta) was published among the Government Notices in the Supplement to the Government Gazette. This Bill has reached First Reading stage in Parliament and aims to amend the definitions of “customer” and “eligible customer” so as to enable consumer associations to file complaints before the Arbiter for Financial Services and to bring the Act in line with the provisions of Directive (EU) 2016/97. A subsequent Bill numbered 54 and entitled the Representative Actions (Consumers) Act was published in…
Mamo TCV Advocates
22nd June 2023
Title [Capitalize the first letter of all words in the title - except short ones like ‘a’, ‘of’ etc.] [Please keep News Update Titles as short as possible} MFSA publishes Consultation Document on Proposed Amendments to the Insurance Business Act and Insurance Distribution Act
Insurance & ReinsuranceLegal Updates

Proposed Amendments to the IBA and IDA set out by MFSA in Consultation Document

The MFSA published a Consultation Document on proposed amendments to the Insurance Business Act (hereinafter referred to as the “IBA”) and the Insurance Distribution Act (hereinafter referred to as the “IDA”) on the 22nd of February. The MFSA also made available the draft legislation, as well as a podcast laying down the proposed amendments. The amendments which have been put forward are geared towards allowing insurance undertakings authorised under the IBA, enrolled persons and companies under the IDA forming part of a group of companies, as well as Maltese branches or subsidiaries of multinational groups, to share confidential client information…
Mamo TCV Advocates
24th February 2023
MFSA Issues Circular on Proposed Changes to the Companies Act (Cell Companies Carrying on Business of Insurance) Regulations
Insurance & ReinsuranceLegal Updates

The MFSA has proposed amendments to the Insurance Distribution Rules

The MFSA commenced a consultation process on its proposed amendments to the Insurance Distribution Rules (hereinafter referred to as the “IDR”). The consultation process began on the 26th of January 2023 and closes on the 8th of March 2023. The following amendments are being proposed: Chapter 1 in relation to Professional Indemnity requirements; Chapter 2, together with a proposed new draft Annex to Chapter 2 and draft Schedules 4 – 8 of Chapter 2 in relation to: (i) the pre-requisite qualifications when submitting an application for registration of individuals in the Agents Register, Managers Register or Brokers Register, (ii) the…
Mamo TCV Advocates
8th February 2023
MFSA issues a Consultation Document on the Proposed Notified PIF Framework
Investment Services & Funds

MFSA issues a Consultation Document on the Proposed Notified PIF Framework

On 22 December 2022, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) issued a stakeholder consultation on the proposed establishment of a new framework for Notified Professional Investor Funds (‘NPIFs’). The NPIF framework proposal seeks to introduce a new fund structure, complementing the existing fund frameworks in Malta. The framework will bring about lower barriers to entry for professional investor funds through a risk-based and proportionate approach. On 28 October 2021, the MFSA issued a Discussion Paper on its Asset Management Strategy. The introduction of a NPIF regime was one of the proposals set out in Pillar III –…
Martha Chetcuti
20th January 2023