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Recent Amendments to CBM Directive 19 Corporate and M&A

Recent Amendments to CBM Directive 19

Introduction Directive No. 19 (the “Directive”), issued by the Central Bank of Malta (the “CBM” or the “Central Bank”) on the 7th July 2021 officially came into effect on 1st January 2022, with amendments issued in September 2024. It applies to all paper-based instruments issued, processed, or encashed within Malta’s jurisdiction, as long as these instruments are denominated in euros. The Directive sets the framework for the safe and effective use of cheques and bank drafts (collectively referred to as "paper-based instruments") where the payer, payee and the regulated institutions servicing the paper-based instruments are all located in Malta. It…
Michael Psaila
19th November 2024
Furthering MiCAR in Malta by Chapter 647
Fintech Insights #8 –
Furthering MiCAR in Malta by Chapter 647 FinTech

Fintech Insights #8 –
Furthering MiCAR in Malta by Chapter 647

Chapter 647 of the Laws of Malta, titled the Markets In Crypto-Assets Act (hereinafter referred to as “Chapter 647”), integrates all aspects of Regulation (EU) 2023/1114 of the European Parliament and Council on markets in crypto-assets (“MiCAR”). MiCAR regulates the issuers of asset-referenced tokens (“ARTs”), electronic money tokens (“EMTs”), other types of tokens, as well as the conduct of crypto asset service providers (“CASPs”). Malta’s presidential assent to Chapter 647 was given on the 5th of November 2024 through  Act No. XXXVI of 2024 (“Act 36 (2024)”); and it was promulgated on the same day. Similar to MiCAR, Act 36…
Mario Mizzi
12th November 2024
AI in Banking
AI in the Banking Sector – a Sword, a Shield or an Achilles’ Heel? Banking & FinanceFinTech

AI in the Banking Sector – a Sword, a Shield or an Achilles’ Heel?

1. Introduction We are not only living in a digital age but also in an age where individuals and businesses increasingly depend on banks for their day-to-day activities. The convergence of these two factors is compounded with the increased use of artificial intelligence (AI) both generally and specifically in the banking sector. From a general perspective, AI start-ups in 2013 received USD 2 bn in investments globally which increased twelvefold in 2018 to USD 24 bn . The European Commission is also planning to invest a total of €112 mm in AI, quantum research and innovation . More specifically, recent…
Matthew Muscat
8th November 2024
Regulatory Compliance Quarterly Update | Q3 2024 Insurance & ReinsuranceInvestment Services & FundsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q3 2024

We are pleased to issue the tenth edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to investment services, CSPs, fintech, insurance undertakings and insurance intermediaries. Our tenth Regulatory Compliance Quarterly Update can be found here .The Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do not hesitate to contact Michael…
Mamo TCV Advocates
5th November 2024
Pink October
Mamo TCV Supporting the Action for Breast Care Foundation News

Mamo TCV Supporting the Action for Breast Care Foundation

As part of our ongoing commitment to Corporate Social Responsibility, the team at Mamo TCV is proud to support the Action for Breast Cancer Foundation. Through a collective effort, our staff members raised proceeds which were donated to fund Cold Caps for patients undergoing chemotherapy. Cold Caps play a crucial role in helping individuals retain their hair during treatment, contributing to a sense of dignity and well-being throughout their journey. We believe that giving back to our community is integral to our firm’s values, and we are honoured to support those affected by breast cancer through this initiative.
Mamo TCV Advocates
31st October 2024
EU AI Act series
AI in Investment Services: MIFID Considerations Investment Services & Funds

AI in Investment Services: MIFID Considerations

This article is part of our EU AI Act series which explores the effect of the AI Act across various industries and sectors.  Investment legislation can be split into two broad categories: investment funds and investment services. The former principally relates to UCITS, AIFMD and local laws which regulate asset management and their service providers. The latter relates to regulating financial instruments and the investment markets thereof. The interplay of AI with investment funds was discussed by our Firm in a series of six insights last year titled “AI and Funds” which can be read here.  Hence, in this article in the ongoing…
Warren Ciantar and Mario Mizzi
25th October 2024