Jul
31

Amendments to the Competition Act and Consumer Affairs Act are now in force

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On 29 July 2019, Legal Notice 179 of 2019 brought the Competition Act and Consumer Affairs Act and other Laws (Amendment) Act ("the Amendment Act") into force. The Act introduced extensive amendments to the Competition Act ( read more here ) and the Consumer Affairs Act ( read more here ). These amendments are a welcome change intended to ensure that the procedure adopted by the relevant administrative authorities in competition and consumer cases comply with the right to a fair hearing enshrined in the Constitution of Malta. Disclaimer This document does not purp...
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  3909 Hits
3909 Hits
Jul
10

MFSA publishes Guidance Document on “Fit & Proper” Assessments

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The MFSA (the "Authority") has issued a guidance document on the fitness and properness assessment which is currently applied by the Authority. This document outlines the high-level principles that must be adhered to in order to safeguard and ensure the integrity of the financial services sector. In assessing the fitness and properness of individuals proposed for, or holding, approved positions, the Authority assesses the following four criteria: i. Competence; ii. Reputation; iii. Conflicts of Interest and Independence of Mind; and iv. Time Commitment. It is impo...
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2713 Hits
Jun
27

Human Rights Update – A1-P1 cases decided in May 2019

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The European Court of Human Rights (the "ECtHR") has decided the following Article 1 of Protocol No. 1 ("A1-P1") cases during the month of May 2019:  Zammit & Vassallo v. Malta  [1] – where the European Court of Human Rights found a breach of applicants' right to property after the Maltese Government carried out a de facto expropriation of their flat in Senglea. The Maltese Government had failed to properly compensate the applicants for their loss, and the amount liquidated by the Constitutional Court was also too low. [1] Application No. 43675/16 de...
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3326 Hits
Jun
20

MFSA and FIAU issue Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs.

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The Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs has been jointly published by the Malta Financial Services Authority and the Financial Intelligence Analysis Unit, following a public consultation issued on the 27 th March 2019. The Guidance Document aims to assist the Institutions in developing a better understanding of the risks concerning customers of the Fintech realm, to allow these Institutions to offer their services to such customers while ensuring full compliance to the Prev...
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  3253 Hits
3253 Hits
Jun
20

Mamo TCV Delivers seminar on Voluntary Organisations and Foundations at Society Education Event

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On the invitation of Society Education, on 13 th June, 2019 Mamo TCV Advocates delivered a seminar regarding recent amendments to the laws regulating voluntary organisations and foundations. On behalf of Mamo TCV Advocates, Dr Dorita Cardona and Dr Joshua Chircop delivered their three-hour presentation titled: 'Amendments to Voluntary Organisations and Foundations'. The presentation was split into two parts, with the first examining certain key amendments to the Voluntary Organisations Act, including major definitions, the rules on non-profit making, mandatory enr...
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  2805 Hits
2805 Hits