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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Dec
11

Applying for a Virtual Financial Asset Licence in order to Operate a Crypto-Exchange

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Malta is the first country in the world to create and implement a fully comprehensive legal and regulatory framework for cryptocurrency and blockchain technology. The stable system and forward approach that Malta offers creates the ideal setting to attract further investment. In fact, Malta has attracted some of the world's largest cryptocurrency exchanges who have relocated or set up offices on the island. The Maltese legal framework consists of three main pieces of legislation, namely: i. The Virtual Financial Assets Act (the " Act "); ii. The Malta Digital Inno...
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Nov
30

Insurance Brokers as Protected Cell Companies

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The continuous growth in popularity of the Protected Cell Company (PCC) structure in Malta is an ongoing trend. This is evidenced by the increase year on year since the legislation came into force in 2004 in the number of insurance undertakings being established as PCCs, reaching 16 as at the end of September 2019 with 55 approved protected cells. This success story is also noticeably emerging in the insurance intermediary sector. Taking advantage of the fact that the Maltese PCC legislation also extends to insurance managers and insurance brokers, Malta is experi...
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3736 Hits
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Nov
27

EIOPA publishes responses to the ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.

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On the 31 st October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued the responses provided by the competent authorities of each individual member state in relation to the 'Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union' which EIOPA had published on the 19 th February 2019 ("the EIOPA Recommendations"). In its response to EIOPA Recommendations, the Maltese financial services regulator, the Malta Financial Services Authority (MFSA), has indicated that it complies or will co...
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Sep
30

Update on the Maltese Temporary Permission Regime for UK Investment Firms and Fund Managers.

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On 24 September 2019 the Government of Malta issued three legal notices with respect to three Regulations, falling under the Investment Services Act, which are to be amended in order to cater for the event of a no-deal Brexit. This comes following a circular which was issued by the MFSA on 28 March 2019 that introduced the possibility of granting temporary permission to UK entities  1 already passporting into Malta. The three Regulations to be amended include the: i. European Passport Rights for Investment Firms Regulations; ii. Investment Services Act (UCITS...
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