Oct
01

Proposal to Establish New Building and Construction Regulator

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This article was written by Dorita Cardona and Joshua Chircop The Ministry for Transport, Infrastructure and Capital Projects has published a White Paper proposing the setting up of a Building and Construction Regulator ("the Regulator"), as part of a reorganisation project of the building industry. The Regulator It is proposed that the Regulator will be responsible for harmonising and consolidating current work practices, standards, procedures, regulations and laws currently governing the industry under a single piece of legislation, which will consequently be br...
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Sep
28

MFSA Issues Guidance on the Charging of Negative Interest

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The MFSA has issued a circular addressed to credit institutions licensed in terms of the Banking Act, 1994, whereby, following consultation with the Central Bank of Malta, it expressly prohibits the imposition of negative interest rates on Euro denominated deposits. This stops any emerging practice that may have been recently witnessed in the local banking sector. Credit institutions who have already entered into agreements entailing such negative interest rates, need to rectify their position within a 3-month transition period. Subject to certain conditions, a ma...
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Sep
27

The Malta Digital Innovation Authority to issue a set of guidance notes aimed at assisting service providers and innovative technology arrangements applicants

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The Malta Digital Innovation Authority ("MDIA") was established through Act XXXI of 2018 which has come into force on the 15 th July 2018 [in accordance with Legal Notice 250 of 2018] and is now formally set up. The MDIA shall be responsible for recognising service providers, namely systems auditors and technical administrators as well as certifying innovative technology arrangements ("ITAS") as outlined in the Innovative Technology Arrangement and Services Act, Chapter 592 of the Laws of Malta. The MDIA will be issuing a set of guidance notes aimed at assisting s...
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Sep
27

Virtual Financial Asset Act and Innovative Technology Arrangements and Services Act to come into force on the 1st November 2018

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Legal Notice 307 of 2018 has been published on the 25 th September, 2018 which establishes the 1 st November 2018 as the date of entry into force of the Virtual Financial Asset Act, Chapter 590 of the Laws of Malta. The Virtual Financial Asset Act will regulate the issuing of ICO's in or from within Malta, the operation of exchanges and the provision of VFA services, while safeguarding market integrity, protecting consumers and ensuring a higher degree of investor protection. Legal Notice 306 of 2018 was also published on the 25 th September, 2018 and this Legal N...
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Sep
25

Foundations and Cryptos

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This article was written by Dorita Cardona and Joshua Chircop. Following the introduction of the crypto laws , namely the Virtual Financial Asset Act , the Malta Digital Innovation Authority ("MDIA") Act and the Innovative Technology Arrangements and Services Act , which laid the foundations for Malta's innovative technology sector, Maltese foundations can now be used to issue tokens and carry out trading activities resulting from such operations. [1] A foundation may, subject to such authorisations as may be necessary under applicable laws, issue tokens and carry...
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