Mar
01

ESAs issue joint supervisory statement on the application of the Regulation on Sustainability-related disclosures in the Financial Services Sector (SFDR)

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On 25 February, 2021 the triumvirate of European Supervisory Authorities, the EBA, EIOPA and ESMA (the " ESAs ") published a joint statement on the effective and consistent application and national supervision of the Sustainable Finance Disclosure Regulation (" SFDR "). The joint statement is intended to help mitigate the risks of divergent application of the SFDR, and promote a level playing field to protect investors. In their joint statement, the ESAs recommend that during the interim period between 10 th March, 2021 (the date upon which most of the provisions ...
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Feb
22

Recognition of UK Insolvency Proceedings in Malta Post-Brexit

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Prior to 1 st January, 2021, the cross-border recognition and enforcement of insolvency proceedings and judgements between the European Union (" EU ") and the United Kingdom (" UK ") was largely consolidated within the framework of the European Insolvency (Recast) Regulation (the " EIR ") which generally attributed automatic recognition to such proceedings and/or judgements. Following the end of the Brexit transitional period on the 31 st December 2020, the EIR no longer applies to the UK. Consequently, insolvency proceedings opened in the UK after 31 st December ...
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Feb
08

Future judicial cooperation between the EU & UK: Assessing the implication of a “Hard Brexit” for judicial cooperation in civil and commercial matters.

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The EU-UK Trade and Cooperation Agreement (the " TCA ") concluded on Christmas Eve, 2020 is silent with respect to judicial cooperation in civil and commercial matters (as opposed to cooperation in criminal matters). Consequently, as from 1st January, 2021 the UK is treated as a third state with respect to the application of a number of significant EU legislation regulating matters of cross-border judicial cooperation (e.g. the rules governing the recognition and enforcement of court judgements or the choice of jurisdiction and applicable law clauses). Given the r...
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Aug
29

Publication of FIAU Interpretative Note for Lawyers

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On 26 August 2020, the Malta Financial Intelligence Analysis Unit ( FIAU ) published its 'Interpretative Note: Relevant Activity for Lawyers' (the Interpretative Note) designed to guide legal professionals in determining the conditions under which a 'relevant activity' in terms of Malta's AML/CFT legislative framework may arise. Being able to ascertain these conditions is of paramount importance, given that obligations under the applicable AML legislation will only apply where a legal professional carries out a relevant activity. When the activity in question fall...
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Aug
24

EBA backs EU Commission’s Efforts to Strengthen AML/CFT Framework.

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On 19 August, 2020 the EBA published its response to the European Commission's Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing (ML/FT), largely throwing its support behind the Commission's Action Plan. In its response, the EBA has provided technical input designed to better guide the Commission in its implementation of the Action Plan. In the EBA's view, a comprehensive assessment of the current EU AML/CFT framework is necessary to ensure that the EU and the Member States are well-equipped with an effective set o...
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