Oct
12

Extension for Reduced Rate of Stamp Duty on the Transfer of a Family Business

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The reduced rate of stamp duty applicable to the transfer of shares in a family business from 2% to 1.5% has been extended further until 31st December 2018, in accordance with Legal Notice 320 of 2018 entitled Duty on Donations of Marketable Securities and Immovable Property Used for Business (Exemption) (Amendment No.2) Order, 2018 which was announced on 9 October 2018. The reduction in stamp duty applies in relation to: the transfer of shares in a Maltese registered company and includes the transfer by means of donation by qualifying family members, which is def...
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Oct
12

The Malta Digital Innovation Authority issues guidelines on Resident Agents

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  The Malta Digital Innovation Authority ("MDIA") has issued the last consultation document on Chapter 4 of its Guidance Notes which is addressed toward resident agents. A resident agent refers to the resident agent defined in the Innovative Technology Arrangements and Services Act [1] ("ITAS"):ITAS provides that a person who makes an application to the MDIA for any form of recognition and who is not ordinarily resident in Malta is required to appoint a resident agent who is: A) Habitually resident in Malta; B) Not interdicted or incapacitated or is an undisc...
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Sep
27

The Malta Digital Innovation Authority to issue a set of guidance notes aimed at assisting service providers and innovative technology arrangements applicants

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The Malta Digital Innovation Authority ("MDIA") was established through Act XXXI of 2018 which has come into force on the 15 th July 2018 [in accordance with Legal Notice 250 of 2018] and is now formally set up. The MDIA shall be responsible for recognising service providers, namely systems auditors and technical administrators as well as certifying innovative technology arrangements ("ITAS") as outlined in the Innovative Technology Arrangement and Services Act, Chapter 592 of the Laws of Malta. The MDIA will be issuing a set of guidance notes aimed at assisting s...
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Sep
27

Virtual Financial Asset Act and Innovative Technology Arrangements and Services Act to come into force on the 1st November 2018

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Legal Notice 307 of 2018 has been published on the 25 th September, 2018 which establishes the 1 st November 2018 as the date of entry into force of the Virtual Financial Asset Act, Chapter 590 of the Laws of Malta. The Virtual Financial Asset Act will regulate the issuing of ICO's in or from within Malta, the operation of exchanges and the provision of VFA services, while safeguarding market integrity, protecting consumers and ensuring a higher degree of investor protection. Legal Notice 306 of 2018 was also published on the 25 th September, 2018 and this Legal N...
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Aug
01

MFSA Issues consultation paper on the Virtual Financial Assets Rules for Issuers of Virtual Financial Assets

MFSA Issues consultation paper on the Virtual Financial Assets Rules for Issuers of Virtual Financial Assets
​ The Malta Financial Services Authority ("MFSA") has issued a consultation paper on the Virtual Financial Assets Rules which will be applicable to Issuers of Virtual Financial Assets to be issued in accordance with the Virtual Financial Asset Act. This consultation document is in line with the MFSA's proposal of issuing a rule book to be titled the "Virtual Financial Assets Rulebook" which will be subdivided into three parts: ​ Chapter 1: Virtual Financial Assets Rules for VFA Agents Chapter 2: Virtual Financial Assets Rules for Issuers of Virtual Financial Asset...
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