Nov
23

The Updated FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.

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In 2019, the Financial Action Task Force ("FATF") adopted a Guidance for Risk-Based Approach to Virtual Assets ("VAs") and Virtual Asset Service Providers ("VASPs"). The purpose behind the Guidance was to help national authorities to comprehend and develop regulatory and supervisory responses to VAs activities or operations and VASPs, and to help private sector entities seeking to engage in VAs activities in comprehending their obligations with respect to anti-money laundering and countering the financing of terrorism ("AML/CFT") and how they can successfully comp...
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432 Hits
Nov
04

The Coming into Force of the Investment Firms Regulation and Directive

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The Investment Firms Regulation and Directive (the "IFR/D Package" ) became applicable on the 26 th of June 2021 , introducing a new prudential framework applicable to investment firms. Before the introduction of the new prudential framework, investment firms were subject to the Capital Requirements Regulation and the Capital Requirements Directive. Investment firms must note that certain small firms will still be subject to the Capital Requirements Regulation (" CRR "). Furthermore, investment firms will still be subject to MiFIR and MiFID II irrespective of the ...
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597 Hits
Feb
16

MFSA implements Fast-track Filing Procedure for Offering Documents of Collective Investment Schemes amended to comply with the Sustainable Finance Disclosure Regulations.

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Following the entry into force of the Sustainable Finance Disclosure Regulation (" SFDR ") in December 2020, the provisions of the said Regulations will become effective on the 10 th March 2021. By way of background, the SFDR will require financial market participants and financial advisors to make pre-contractual and ongoing disclosures to investors regarding the integration of sustainability risk, the impacts of adverse sustainability, as well as the promotion of ESG characteristics and sustainable investments (as applicable). In this respect, pursuant to a circ...
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1176 Hits
Apr
09

ESMA Publishes Guidance on Performance Fees in UCITS and Certain AIFs

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On the 3 rd April, 2020, the European Securities and Markets Authority (" ESMA ") published its final guidelines on performance fees in Undertakings for Collective Investments in Transferable Securities (" UCITS ") and certain types of Alternative Investment Funds (" AIFs "). The guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage, including the assessment of the consistency between the performance fee model and the fund's investment objective, policy and strategy, particularly when the fund is...
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2673 Hits
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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3063 Hits