Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector ( “DORA”) establishes the EU legislative framework for enhancing digital resilience within the EU’s financial industry. Enforcement commences on 17th January 2025 and the EU Commission is tasked with issuing Regulatory Technical Standards (“RTS”) which supplement DORA. The EU Commission publishes the RTS in the Official Journal as Commission Delegated Regulations, but they are largely based on the input of the European Supervisory Authorities (“ESA”) which comprise of ESMA, EBA and EIOPA. The draft RTS submitted to the European…
The Ministry for Home Affairs, Security and Employment (MHSE) published the proposed Maltese draft order for the transposition of the EU Network and Information Systems Directive II (‘NIS 2’) on 6 September 2024. The draft order, titled ‘Measures For A High Common Level Of Cybersecurity Across The European Union (Malta) Order, 2024’ (the ‘Draft Order’) is currently open for public consultation until 7 October, seeking input for the effective implementation of the NIS 2 Directive in Malta, which must be transposed in national law by 17 October 2024. The Draft Order implements the NIS 2 Directive which significantly expands upon…
In recent years, the emphasis on sustainable and responsible investment has grown significantly. This shift is driven by increasing awareness of environmental, social, and governance (“ESG”) issues among investors, regulators, and the public. One of the key regulatory frameworks shaping this landscape is Regulation (EU) 2019/2088 of the 27th November 2019 on the sustainability-related disclosures in the financial services sector (the “SFDR”) which took effect on the 10th March 2021. The SFDR aims to strengthen protection for end investors by enhancing transparency and promoting sustainability in the financial markets. It mandates disclosure obligations on financial market participants and advisors to…
