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The Malta Financial Services Authority launches a Consultation Document aimed at regulating Collective Investment Schemes investing in Virtual Currencies Investment Services & Funds

The Malta Financial Services Authority launches a Consultation Document aimed at regulating Collective Investment Schemes investing in Virtual Currencies

The Malta Financial Services Authority (the "MFSA"), Malta's single regulator for the financial services industry, has published a consultation document through which it has formally kick-started the process for the regulation of collective investment schemes having as their investment objective the investment in virtual currencies.The launch of the consultation document foreshadows the regulatory approach to be adopted by the MFSA in relation to this specific faction of the digital economy, and, simultaneously, offers market participants the potential to design a platform tailor made for certain categories of investors willing to invest in virtual currencies.In terms of the draft rulebook issued…
Katya Tua
17th November 2017
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€350,000 in damages for breaching fiduciary obligations Employment and Industrial Relations

€350,000 in damages for breaching fiduciary obligations

In the recent judgment of M.A.I.N. Services Limited et v Albert Galea et (case 1246/07 JZM) delivered on the 28th September 2017, the Court examined in quite extensive detail the nature and the effects of fiduciary duties.The defendant had been a director and a trusted employee of the plaintiff company. Following his resignation from the company, a major foreign supplier ceased its business relationship with the company and started doing business with the defendant. In its judgment, the Court deemed that even following his resignation from the company as employee and director, the defendant had remained a fiduciary of the…
Christine Calleja
27th October 2017
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GDPR Administrative Fines: New Guidelines Recently Adopted Telecoms, Media & Technology

GDPR Administrative Fines: New Guidelines Recently Adopted

On 25 May 2018, Regulation 2016/679, the General Data Protection Regulation (GDPR) will come into effect across the European Union (including Malta). As has been widely reported, infringement of the GDPR may lead to fines as high as €20,000,000 or 4% of an entity's total worldwide annual turnover (whichever is higher). On 3rd October 2017, the Article 29 Working Party adopted guidelines on the application and setting of the said administrative fines under the GDPR. The guidelines are intended for use by supervisory authorities to ensure improved application and enforcement of the GDPR and to encourage its consistent interpretation and…
Claude Micallef Grimaud
25th October 2017
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Michael Psaila moderates securitisation panel during the launch of the Institutional Financial Services Market at the Malta Stock Exchange. Banking & Finance

Michael Psaila moderates securitisation panel during the launch of the Institutional Financial Services Market at the Malta Stock Exchange.

Mamo TCV partner Michael Psaila moderated a panel on "Opportunities within the Securitisation Sector" during an event organized by the Malta Stock Exchange on Wednesday 18th October 2017 to launch the Institutional Financial Services Market.The panel discussed matters recent securitization trends at a domestic and international level, Malta's attractive suite of securitization legislation and the effects of the recently STS/CRR legislative package that was successfully negotiated on at an EU level during Malta's Presidency of the Council of the European Union.
Michael Psaila
20th October 2017
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Blockchain Technology & the Law: Myriad Business Opportunities Telecoms, Media & Technology

Blockchain Technology & the Law: Myriad Business Opportunities

What is Blockchain? Blockchain can be described as a digital database or ledger which is shared between a network of computers. The premise of blockchain, as well as its distinctive feature, is that it works on distributed trustless consensus. Each transaction entered into the ledger (known as a block) is connected to the block before it and the block after it, creating a chain of transactions which is traceable back to the original transaction. In turn, each computer (known as a node) connected to the network has a copy of all the information stored in this database. The data is continuously…
MamoTCV
13th October 2017
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Malta Stock Exchange plc obtains regulatory approval to launch the Institutional Financial Securities Market Banking & FinanceCapital MarketsNews

Malta Stock Exchange plc obtains regulatory approval to launch the Institutional Financial Securities Market

Malta Stock Exchange plc. ("MSE") has obtained regulatory approval to launch the Institutional Financial Securities Market ("IFSM"), a securities market intended for issuers seeking to list securities falling within the scope of the Wholesale Securities Market rules, including but not limited to asset-backed and convertible debt securities, derivatives and insurance-linked notes, having a minimum denomination requirement of €100,000 (or its equivalent in any other currency).The IFSM will be regulated by the Malta Financial Services Authority and market participants will be required to apply to the Listing Authority for the purposes of listing any wholesale securities on the new recognised list…
Michael Psaila
9th October 2017