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Corporate Legal Update for the Month of August 2023 Corporate and M&ALegal Updates

Corporate Legal Update for the Month of August 2023

On the 9th of August 2023 the MFSA published a circular regarding the Observations from Supervisory Inspections held with Issuers on the Prevention of Financial Market Abuse. Since 2018, the MFSA has been conducting onsite compliance meetings with issuers whose financial instruments are traded on a Maltese trading venue, relating to the Market Abuse Regulation (hereinafter referred to as ‘MAR’). The aim of this was to ensure proper implementation of the MAR.  After conducting numerous onsite compliance meetings, the Authority released a circular on the 16th of March 2020, to communicate the overall findings derived from these meetings. Three years…
Mamo TCV Advocates
11th September 2023
Mamo TCV Advocates: EU flag
CJEU Rules that FDI cannot Restrict Fundamental Freedoms Antitrust, Competition and Trade

CJEU Rules that FDI cannot Restrict Fundamental Freedoms

In a recent response to a request for a preliminary ruling made by a court in Hungary, the Court of Justice of the European Union (the ‘CJEU’) delivered an interesting ruling on the applicability of the Foreign Direct Investment Regulation (the ‘FDI Regulation’). The FDI Regulation establishes a framework for the screening of foreign direct investments into the European Union (the ‘EU’) on the grounds of security or public order by the Member States. In the recent Xella judgment, the Hungarian Court asked the CJEU whether preventing foreign investors – including companies based in the EU but over which a…
Laura Spiteri
6th September 2023
The Distribution of the Life Insurance Proceeds Between Ex-Spouses Insurance & ReinsuranceLitigation & Dispute Resolution

The Distribution of the Life Insurance Proceeds Between Ex-Spouses

The First Hall, Civil Court delivered a judgement on the 13th July 2023 (Rikors Nru: 749/2020FDP) about the manner in which the maturity proceeds of a life policy with profits were to be distributed by the defendant insurer, Eagle Star (Malta) Limited, between the plaintiff and the other defendant (the latter two, collectively referred to as “the ex-spouses”). The life policy was issued in the name and on the life of the plaintiff while said plaintiff was married to the other defendant and their matrimonial regime was regulated by the community of acquests. Before the life policy had matured, the…
Veronica Grixti
6th September 2023
Rainfall or No Rainfall Insurance & ReinsuranceLitigation & Dispute Resolution

Rainfall or No Rainfall

In a judgement dated 25th January 2023 in the names Knightsbridge Developments Limited vs Citadel Insurance plc, Rik. Nru. 978/08 (TA), the Court of Appeal explained how the exclusion in the insurance policy prevailed over the application of the concept of proximate cause, as it is commonly applied. This decision makes an important contribution to the body of Maltese insurance substantive law. This case focused on an insurance claim made by the plaintiff against the defendant insurance company under a ‘Contractors All Risk Policy’ that was issued by the defendant insurance company in favour of the plaintiff  in relation to…
Veronica Grixti
31st August 2023
Mamo TCV Advocates: New Data Protection Law Relating to Third Party rights
New Law enables Third Parties to a Contract to benefit from Data Protection Rights Data Protection and Privacy

New Law enables Third Parties to a Contract to benefit from Data Protection Rights

A recently published Legal Notice (204 of 2023) has created the “Enforcement of the Rights of Data Subjects in relation to Transfers of Personal Data to a Third Country or an International Organisation Regulations” (Subsidiary Legislation 586.12). This marks the first time that an entirely new subsidiary law has been enacted under the auspices of the Data Protection Act (Chapter 586 of the laws of Malta), since June 2018, shortly after the coming into force of the GDPR. S.L. 586.12 resolves a long-standing lacuna in the field of Maltese data protection law. The scope and purpose of this new law…
Mamo TCV Advocates
30th August 2023