Mar
15

MFSA issues Chapter 3 of the VFA Rulebook on VFA Service Providers

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Following the feedback collected from the Consultation Paper issued on the 31 st August 2018 regarding the rules applicable to VFA Service Providers, the Malta Financial Services Authority issued the final version of Chapter 3 of the VFA Rulebook on the 25 th February 2019. The Rules establish the classes of Licences and the application process in relation thereto, as well as detailing a multitude of implications and obligations of being a VFA Service Provider Licence Holder. The full document can be found at this link: https://www.mfsa.com.mt/wp-content/uploads/2...
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Mar
14

Extension of Consultation Period

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The MFSA has notified industry participants and interested parties that the Consultation period for the Guidance on Cybersecurity, issued on the 8 February 2019, has been extended to Monday 25 March 2019.  The Note may be accessed via the following link: https://www.mfsa.com.mt/wp-content/uploads/2019/03/20190311_CSGCD_Extention_FINAL.pdf Disclaimer This document does not purport to give legal, financial or tax advice. Should you require further information or legal assistance, please do not hesitate to contact This email address is being protected from spambots. You need JavaScript enabled to view it. 
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Mar
01

Human Rights Update – A1-P1 Cases Decided by the ECtHR in February 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 February 2019: Ionescu v. Romania (Application n o . 19788/03 et al.) – the ECtHR declared a breach of A1-P1 in a case where the owners of an expropriated property could not retrieve possession of that property due to the resale of said property by the Romanian state to third parties. Alikhanyan v. Armenia (Application n o . 6818/10) – the ECtHR declared a breach of A1-P1 in a case where the Armenian state earmarked and expropr...
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Feb
21

EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the EU without a withdrawal agreement.

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On the 19 February, the European Insurance and Occupational Pensions Authority (EIOPA) issued Recommendations addressed to the National Competent Authorities (NCAs) providing guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the EU after the withdrawal of the UK from the EU without a withdrawal agreement. The Recommendations will apply as of the date following that on which the European Union's acquis ceases to apply to and in the United Kingdom. In principle, insurance contracts concluded before that d...
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Feb
21

Maltese Lands Authority Fined €5,000 by the IDPC for Personal Data Breach

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On February 18 2019, the Maltese Information and Data Protection Commissioner ('IDPC') issued his decision to the Lands Authority ('the Authority') following the investigation by the IDPC of the data breach which was brought to the IDPC's attention by the local press on 23 rd November 2018 . In the said journalistic piece, it was alleged that the Authority's website contained a serious flaw allowing significant amounts of personal data to be made available to the general public (via search engines). Over the course of his investigation, the Commissioner noted that...
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