Jul
08

MFSA Reminder: Existing CSPs to Comply with new Rules by September

News_BFB
This article was written by Dr Simon Pullicino , Dr Petra Attard , and Dr Laura Spiteri The Malta Financial Services Authority (' MFSA ') has issued a circular directed at authorised company service providers (' CSPs ') that were registered to provide CSP services prior to the entry into force of the new CSP rules . CSPs that offered CSP services on the date of entry of the new rules – 16 March 2021 – could only continue to offer such services if they applied for authorisation with the MFSA by the 16 May 2021. This application for authorisation resulted in the MFS...
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May
06

Navigating the new regulatory landscape for Company Service Providers – Part 2

News_Mamo
This article was written by  Dr. Simon Pullicino  & Dr. Laura Spiteri In this second instalment of our series 'Navigating the new regulatory landscape for Company Service Providers', we take a closer look at the application process for CSPs seeking regulatory authorisation, the appointment of key office holders and applicable exemptions to the new regime. Part 1 of this series can be accessed here . The Application Process Any person operating in or from Malta who acts, or holds himself out as acting as a CSP by way of its business is required t...
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May
04

Navigating the new regulatory landscape for Company Service Providers – Part 1

News_Mamo
This article was written by Dr Simon Pullicino, Dr Petra Attard and Dr Laura Spiteri Following the entry into force of the Company Service Providers (Amendment) Act 2020 (the " Amendments ") on 16 March, 2021 a number of significant amendments have been introduced to the local regulatory framework governing the provision of company services. The most notable amendments consist of the removal of previous exemptions available to warranted professionals and the end of the de minimis rule . The Amendments also introduce a classification system, assigning CSP...
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Apr
07

The inability to pay debts test before the Maltese Courts

News_BOJ
In its recent decision Xuereb v Weber Construction Limited Et (decided 18 March 2021) the Civil Court (Commercial Section) weighed in once more on the appropriate tests to be applied when assessing a company's inability to pay its debts under Maltese corporate insolvency law. One of Weber Construction Limited's ("Weber") shareholders filed an application in court requesting the company's dissolution and consequential winding up on the grounds inter alia that it was unable to continue to pay its debts. Article 214(2)(a)(ii) of the Companies Act, 1995 (the "Act") gr...
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Mar
01

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

News_ESA
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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