Mar
25

MFSA Issues Circular on Contingency Planning in Light of COVID-19

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As a result of the current crisis in which we find ourselves, due to the COVID-19 pandemic, the Malta Financial Services Authority (" MFSA ") issued a notice on 13 th March 2020, urging investment firms, custodians, fund managers and collective investment schemes (collectively referred to as " Licence Holders ") to take into account how their operations may be affected by this pandemic. In light of this, the MFSA expects Licence Holders to take the necessary measures and precautions to deal with the evolving situation and to be able to cater for any eventuality, b...
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Dec
11

Applying for a Virtual Financial Asset Licence in order to Operate a Crypto-Exchange

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Malta is the first country in the world to create and implement a fully comprehensive legal and regulatory framework for cryptocurrency and blockchain technology. The stable system and forward approach that Malta offers creates the ideal setting to attract further investment. In fact, Malta has attracted some of the world's largest cryptocurrency exchanges who have relocated or set up offices on the island. The Maltese legal framework consists of three main pieces of legislation, namely: i. The Virtual Financial Assets Act (the " Act "); ii. The Malta Digital Inno...
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Sep
30

Update on the Maltese Temporary Permission Regime for UK Investment Firms and Fund Managers.

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On 24 September 2019 the Government of Malta issued three legal notices with respect to three Regulations, falling under the Investment Services Act, which are to be amended in order to cater for the event of a no-deal Brexit. This comes following a circular which was issued by the MFSA on 28 March 2019 that introduced the possibility of granting temporary permission to UK entities  1 already passporting into Malta. The three Regulations to be amended include the: i. European Passport Rights for Investment Firms Regulations; ii. Investment Services Act (UCITS...
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Mar
08

Precautionary Measures Adopted by ESMA and Other EU Securities Regulators in the Case of a No-Deal Brexit Scenario

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On the 29 th of March 2019 the UK will leave the European Union (' EU ') in what is an unprecedented event in modern European history.  [1] As a result of this decision, Europe's biggest capital market will move outside of the EU, raising a number of regulatory challenges across a number of areas, specifically in the sphere of data reporting and clearing and settlement. Therefore, with the prospect of a no-deal Brexit scenario looming, the European Securities and Markets Authority (' ESMA ') and other EU securities regulators have adopted a number of precauti...
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